INVESTOR PRESENTATION FOR UBS INVESTOR CONFERENCE

13 November 2017

Client Market Services
NZX Limited
Level 1, NZX Centre
11 Cable Street
WELLINGTON


Copy to:

ASX Market Announcements
Australian Stock Exchange
Exchange Centre
Level 6
20 Bridge Street
Sydney NSW 2000
AUSTRALIA


RE: SKYCITY ENTERTAINMENT GROUP LIMITED (SKC)
INVESTOR PRESENTATION FOR UBS INVESTOR CONFERENCE


Please find attached a copy of the investor presentation to be delivered by the
company at the UBS Investor Conference in Sydney, Australia, today.

The investor presentation includes a trading update for the 4 month period to
31 October 2017 on page 6.

For any further information concerning the investor presentation, please contact:

Ben Kay
GM Corporate Development & Investor Relations
Email:
ben.kay@skycity.co.nz
Phone: + 64 (9) 363 6067


Yours faithfully



Jo Wong
Company Secretary

SKYCITY
Entertainment
Group Limited
SKYCITY
Entertainment
Group Limited

Investor Presentation
UBS Investor Conference
13 November 2017

2
SKYCITY Overview
Owner and operator of casino and entertainment facilities in NZ and Australia
Key activities – gaming, hotels, convention facilities, F&B, entertainment and out-catering services
Long-term exclusive casino licences
Diversified revenue and earnings base by geography and business activity
Two major growth projects – NZICC & Hobson St hotel and Adelaide expansion
Primary listing on NZX (secondary listing on ASX), with current market capitalisation of ~$2.6bn
Investment grade BBB- credit rating from S&P
Leading employer with around 5,500 employees across the group
Strong focus on corporate social responsibility

3
Property Summary
Exclusive casino licence to 2031
(for top 700kms of NT)
600 gaming machines, 30 tables, 152 hotel rooms / suites, ~800 employees
Exclusive casino licence to 2035 (for entire
state of SA)
900 gaming machines (allowance for 1,500), 70 tables (allowance for 200),
~1,200 employees. A$330m casino and hotel expansion to be completed by
Q3 2020
Exclusive casino licence to 2048
(1)
1,877 gaming machines, 150 tables, 240 ATGs, ~630
hotel rooms / suites, ~3,000 employees. $700m NZICC
& Hobson St hotel project to be completed by mid-
2019

Exclusive casino licence to 2027
(1)
339 gaming machines, 23 tables, ~400 employees

Exclusive casino licences to
2024 (Wharf)
(1)
and 2025
(Queenstown)
(1)
156 gaming machines, 18 tables, ~100 employees
(1) 15 year right of renewal / legislative cap on number of casino licences in NZ

4
Recent Financial Performance: FY15-FY17
Record normalised NPAT achieved in FY17
Policy of distributing at least 80% of normalised NPAT in dividends to shareholders per annum (subject to a
minimum of 20.0 cps)


FY15-FY17: Normalised EBITDA and NPAT (NZ$m)
FY15-FY17: Dividend Per Share (NZ$cps)
304.9
330.1
321.5
134.1
152.7
154.6
0
50
100
150
200
250
300
350
FY15FY16FY17
Normalised EBITDANormalised NPAT
20.0
21.0
20.0
10
12
14
16
18
20
22
FY15FY16FY17
Dividend Per Share

5
Recent Financial Performance: Geographic Mix
FY17 EBITDA (pre corporate costs)
(NZ$m unless stated otherwise)
FY17 Normalised Revenue
(incl Gaming GST) (NZ$m) (% of total)

SKYCITY Auckland (NZ) represented 81%
(1)
of FY17 group normalised EBITDA

Group-wide IB represented 6%
(2)
of FY17 group normalised EBITDA (10%

for FY16)
Properties predominately service customers from local populations and communities
277
60
33
288
48
20
0
50
100
150
200
250
300
350
NZ (excl IB)Australia (A$m) (excl IB)Normalised IB
FY16FY17FY17FY16
FY17
FY16
3.9%18.6%
41.6%
638
(62%)
89
(9%)
276
(27%)
28
(3%)
NZ (excl IB)
NZ IB
Australia (excl IB)
Australia IB
(1)Auckland EBITDA (excl IB) / Group normalised EBITDA for FY17
(2)Group IB normalised EBITDA / Group normalised EBITDA for FY17

6
YTD Trading Update
Group
In the four months to 31 October 2017, group normalised revenue was up 1.7% on the pcp, with domestic revenue
(which excludes IB) up 3.1% on the pcp
International Business
Momentum is building in the business with particularly strong activity levels over the Golden Week holiday period
in October. However, IB turnover was slightly weaker on the pcp which largely pre-dated the Crown arrests in
China
YTD win rate of 1.47%, slightly above the theoretical of 1.35%
New Zealand
NZ properties are performing well, particularly in Auckland due to successful marketing and promotional initiatives
which have helped counter the impact of disruption in the CBD
Hamilton continuing to benefit from a strong macroeconomic environment in the Waikato region, but growth
rates have moderated slightly due to stronger comparable periods
Outlook
Based on YTD performance, remain on-track to achieve modest growth in group EBITDA in FY18, in-line with
previous guidance
Australia
Improved premium gaming activity in Adelaide following implementation of new gaming concessions helping to
offset impact of construction disruption from early works
Impact of increased competitive pressures in Darwin stabilising, but trading environment remains soft overall

7
Update On Key Initiatives – NZICC & Hobson St Hotel
SKYCITY is investing ~$700m in Auckland to deliver the NZICC, a 300 room 5 star hotel, a retail laneway, and 1,327
additional car parks
Car park and hotel basement construction well advanced, and steel structures being erected on site
Remain comfortable with contractual position with Fletcher Construction, with 90% of project costs fixed or
capped under a GMP
Fletcher Construction now has an experienced team in place, resulting in a positive shift in programme
momentum over the past 3 months
Project remains on-budget, with completion targeting mid-2019 and first major NZICC bookings in early 2020
The NZICC will be a landmark and iconic building for Auckland and NZ, and is expected to be a significant demand
driver for the Auckland precinct
The Hobson St hotel will provide much needed hotel infrastructure for Auckland and complement the NZICC and
broader Auckland business

8
Update On Key Initiatives – NZICC & Hobson St Hotel
NZICC & Hobson St hotel (Artist impression)

9
NZICC & Hobson St hotel site (as at November 2017)
Update On Key Initiatives – NZICC & Hobson St Hotel

10
Update On Key Initiatives – Adelaide Expansion
Vision to transform the Adelaide Casino into a world-class casino and entertainment complex
Expansion includes additional gaming capacity (~30% increase post opening), IB gaming suites and villas, a 123 room
all-suite hotel, and signature restaurants and bars
Total project costs expected to be ~A$330m (including an appropriate contingency)
Tender process for the construction contract has commenced – seeking a fixed price, lump sum contract
Main works expected to commence in Q1 2018 following completion of early works by the SA Government, with
final completion expected in Q3 2020
Confident in the investment thesis for Adelaide, supported by regulatory concessions agreed with the SA
Government
Riverbank precinct will be the entertainment centre of Adelaide and a significant demand driver for the property
post expansion

11
Update On Key Initiatives – Adelaide Expansion
Adelaide Riverbank Precinct
New Adelaide
Convention Centre
Upgraded Adelaide
Festival Centre
Festival Plaza with
retail / F&B precinct
Adelaide Oval, via
bridge across the
Torrens
Adelaide Casino &
Hotel expansion
New 20-storey office
tower
Existing heritage
building
1,500 space car park
below ground

12
Update On Key Initiatives – Adelaide Expansion
Early works progress (as at November 2017) – Grade separation

13
Update On Key Initiatives – Adelaide Expansion
Early works progress (as at November 2017) – Station Road works

14
Update On Key Initiatives – Other Recent Achievements
Acquired NPT’s interest in the AA Centre for $47m on 12 October 2017 (settlement: July 2018)
Acquisition consistent with intention to consolidate control over the Auckland precinct as part of the
Auckland master planning being undertaken
Acquisition expected to be marginally earnings accretive from FY19, and funded from existing bank
debt
Potential for additional investment in the Auckland precinct over the remainder of FY18
Auckland Master Plan

Innovation

Acquired an interest in Let’s Play Live Media, NZ’s leading e-sports entertainment and broadcasting
company during October 2017
Investment will support the development of NZ’s first purpose-built e-sports broadcasting studio and
provide an exposure to a new, exciting form of entertainment which complements our core business
e-sports is one of the fastest growing forms of entertainment globally, which has strong appeal with
both millennials and Asian audiences

15
Update On Key Initiatives – Other Recent Achievements
Michael Ahearne appointed group COO effective from 1 January 2018, to replace John Mortensen who
intends to retire to Australia
Mr Ahearne joins from Paddy Power Betfair, and was previously COO of Star Sydney and COO of
Aristocrat’s Australian & NZ operations
Recent Management
Appointments

Funding

Reached agreement on US$150m issue of USPP debt on 1 November 2017
USPP issue priced at an attractive margin and extends average debt maturity out to 4.6 years
Transaction remains subject to execution of final documentation with drawdown in March 2018 to
coincide with the maturity of existing USPP debt of US$75m

16
Key Focus For Remainder Of FY18
Improve operating performance of all business segments
Finalise and commence implementation of medium-term group strategy to further leverage existing
assets, pursue new opportunities and enhance technology and digital capability
Monitor progress on NZICC & Hobson St hotel project in coordination with Fletcher Construction
Complete tender process for Adelaide expansion construction contract and commence main works

17
Disclaimer
All information included in this presentation is provided as at 13 November 2017
This presentation includes a number of forward-looking statements
Forward-looking statements, by their nature, involve inherent risks and uncertainties. Many of those risks and
uncertainties are matters which are beyond SKYCITY’s control and could cause actual results to differ from
those predicted. Variations could either be materially positive or materially negative
This presentation has not taken into account any particular investors investment objectives or other
circumstances. Investors are encouraged to make an independent assessment of SKYCITY

SKYCITY
Entertainment
Group Limited
SKYCITY
Entertainment
Group Limited