INTERIM RESULT (FOR THE SIX MONTHS ENDED 31 DECEMBER 2017)

9 February 2018

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

Dear Sir/Madam

RE : SKYCITY ENTERTAINMENT GROUP LIMITED ( SKC)
1H18 INTERIM RESULT (FOR THE SIX MONTHS ENDED 31 DECEMBER 2017)

Please find attached the following information relating to SKYCITY Entertainment
Group Limited’s interim result for the six months ended 31 December 2017:

1. NZX Appendix 1 (as required by NZX Listing Rule 10.3.2 ) detailing the
preliminary announcement;

2. 1H18 Result - Investor Presentation;

3. NZX Appendix 7 (as required by NZX Listing Rule 7.12.2) detailing the interim
dividend of NZ 10.0 cents per ordinary share to be paid on 16 March 2018 to
those shareholders on the company’s share register as at 5pm (NZ time) on 2
March 2018. The company’s Dividend Reinvestment Plan will be activated in
respect of the interim dividend, with a 2% discount being offered;

4. Interim Report, including the financial statements and notes; and

5. Market Release.


SKYCITY is hosting a conference call for equity analysts, institutional investors and
fund managers at 12pm noon (NZ time) today where Graeme Stephens, CEO, and
Rob Hamilton, CFO, will present the key information of the result and provide an
overview of the status of SKYCITY’s major growth projects in Auckland and
Adelaide. Details for this call were released on the NZX and ASX on 15 January
2018.

Yours faithfully

Rob Hamilton
Chief Financial Officer

---

SKYCITY Entertainment Group Limited
Results for announcement to the market
Reporting Period 1 July 2017 to 31 December 2017
Previous Reporting Period 1 July 2016 to 31 December 2016

Reported
Amount (millions) Percentage change
Reported revenue including
gaming GST from ordinary
activities
NZ$554.7 4.0%
Reported revenue from ordinary
activities
1

NZ$504.6 4.2%
Reported profit (loss) from
ordinary activities after tax
attributable to security holders
NZ$93.5 11.6%
Reported net profit (loss)
attributable to security holders
NZ$93.5 11.6%

Normalised
Amount (millions) Percentage change
Normalised revenue including
gaming GST from ordinary
activities
NZ$545.0 3.6%
Normalised revenue from ordinary
activities
NZ$495.5 3.7%
Normalised profit (loss) from
ordinary activities after tax
attributable to security holders
NZ$90.3 7.9%
Normalised net profit (loss)
attributable to security holders
NZ$90.3 7.9%



.








Notes:
- ‘Reported’ information is per the financial statements
- ‘Normalised’ results sets International Business win to theoretical win rate of 1.35% and adjusts for
certain revenue and expense items. Reconciliation between reported and normalised financial
information is provided at the end of this document
- ‘EBITDA’ = Earnings before interest, tax, depreciation and amortisation
- ‘EBIT’ = Earnings before interest and tax
- ‘NPAT’ = Net profit after tax
- Certain totals, subtotals and percentages may not agree due to rounding




1
On the Income Statement this is the total of Revenue, Other income and Share of net loss of associate

Interim Dividend Amount per security Imputed amount per security
NZ$ 0.10 $0.038889

Record Date 2 March 2018
Payment Date 16 March 2018

Comments: SKYCITY’s FY18 interim performance is set out in
the Company’s Result Presentation which is attached
to this announcement. It provides detail and
explanatory comment on operating and financial
performance for each business unit and the Group as a
whole and various other relevant aspects of the
financial performance for the six months ended 31
December 2017.

The Result Presentation will be available on the
Company’s website from 9 February 2018.


NTA Backing
2017 2016

Net tangible asset backing per ordinary share

$0.444

$0.354

Auditors
This report is based on accounts that have been the subject of a review by the company’s
auditor. Their review report is provided with this report.

Earnings per share

Amount (cents per
share)
Percentage change
Reported 13.9 9.4%
Normalised 13.5 6.3%

Reported earnings per share for the six months to 31 December 2017 were 13.9 cents per share
(31 December 2016: 12.7 cents per share). Normalised earnings per share for the six months
to 31 December 2017 were 13.5 cents per share (31 December 2016: 12.7 cents per share).
“Normalised” eliminates certain revenue and expense items and adjusts International VIP
commission business win rate to theoretical.

Dividends
100% of the March 2018 dividend will be imputed at the company’s New Zealand tax rate of
28% and not franked for Australian purposes.

The company’s Dividend Reinvestment Plan will be activated in respect of the interim
dividend, with a 2% discount being offered.

Elections to participate in the company’s Dividend Reinvestment Plan for the interim dividend
close at 5pm (NZ time) on Friday 2 March 2018.

Reconciliation between Reported and Normalised Financial Information




SKYCITY’s objective of producing normalised financial information is to provide data that is
useful to the investment community in understanding the underlying operations of the Group.

Total revenues are gaming win plus non-gaming revenues.

Application of the group’s non-GAAP financial information policy is consistent with the
approach adopted in FY17.


1H18 Adjustments
• Actual win rate on International Business of 1.55% vs. the theoretical win rate of 1.35%


1H17 Adjustments
• Actual win rate on International Business of 1.52% vs. the theoretical win rate of 1.35%

---

SKYCITY
Entertainment
Group Limited
SKYCITY
Entertainment
Group Limited


1H18 Results –
Investor
Presentation

9 February 2018

2
2
Disclaimer
All information included in this presentation is provided as at 9 February 2018
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

3
3
Important Information
Average NZ$ vs. A$ cross-rate for 1H18 = 0.9141 and 1H17 = 0.9492
Weighted average number of shares for 1H18 = 671,423,386 and 1H17= 659,565,210
Revenue (incl Gaming GST), calculated as gaming win (incl GST) plus non gaming revenue (excl GST), is shown
to facilitate Australasian comparisons
Normalised revenue is adjusted for IB at the theoretical win rate of 1.35% versus an actual win rate of 1.55% in
1H18 (1H17: 1.52%)
EBITDA margin is calculated as a % of revenue (incl Gaming GST) to facilitate Australasian comparisons
Normalised EBITDA is adjusted for IB at the theoretical win rate of 1.35% (see page 33 for more details)
Certain totals, subtotals and percentages may not agree due to rounding

4
4
Results Overview
Contents
Other Financial Information
Major Growth Projects & Other Initiatives
Outlook
Appendices
5
15
21
26
28
Property Updates
9

5
5
Results Overview
1H18 1H17 Movement
$m $m $m %
Normalised Revenue (incl Gaming GST) 545.0 525.8 19.2 3.6%
Normalised EBITDA 175.8 168.9 6.9 4.1%
Normalised NPAT
(1)
90.3 83.7 6.6 7.9%
Normalised EPS 13.5cps 12.7cps 0.8cps 6.3%
)
1H18 1H17 Movement
$m $m $m %
Reported Revenue (incl Gaming GST) 554.7 533.1 21.6 4.0%
Reported EBITDA 180.6 169.1 11.5 6.8%
Reported NPAT 93.5 83.8 9.7 11.6%
Reported EPS 13.9cps 12.7cps
1.2cps 9.4%
Interim Dividend NZ$cps 10.0cps 10.0cps 0.0cps 0.0%
(1) When adjusted for post-tax accounting impact of interest currently being capitalised on major growth projects, 1H18 Normalised NPAT up 4.3% on the pcp to $82.5m (vs. $79.1m in
1H17)

6
6
Geographic Performance
1H18 EBITDA (pre corporate costs)
(NZ$m unless stated otherwise)
1H18 Normalised Revenue
(incl Gaming GST) (NZ$m) (% of total)

1H18 EBITDA (excl IB) increased 3.8% in NZ and 1.3% in Australia (down 2.3% in A$ terms) on the pcp
SKYCITY Auckland represented 75% of 1H18 Group normalised EBITDA

Group-wide IB represented 8% of 1H18 Group normalised EBITDA (6% for FY17)
140
30
7
146
30
14
0
20
40
60
80
100
120
140
160
NZ (excl IB)Australia (A$m) (excl IB)Normalised IB
1H171H181H18
1H17
1H18
1H17
3.8%2.3%
87.1%
327
(60%)
43
(8%)
153
(28%)
22
(4%)
NZ (excl IB)
NZ IB
Australia (excl IB)
Australia IB

7
7
Key Highlights

NZ – Revenue (excl IB) 2.3%; EBITDA (excl IB) 3.8%
Auckland achieved modest earnings growth vs. a record pcp, despite reduced premium gaming activity during
2Q18 and the impact of required changes to smoking decks
Hamilton continued to benefit from increased gaming activity and robust macroeconomic conditions, but with
growth rates moderating due to stronger comparable periods



Group
Key drivers of performance were modest growth in combined NZ properties, growth in IB, stable performance
from combined Australian properties, lower net interest expense due to increased capitalised interest on major
growth projects and stronger A$ vs. NZ$
Australia – A$ Revenue (excl IB) 0.5%; A$ EBITDA (excl IB) 2.3%
Adelaide achieved some growth during the period with new premium gaming concessions and cost efficiencies
helping to offset the impact of disruption from the early works programme
Darwin’s earnings impacted by the Keno 10-spot won during the period, but flat on the pcp on a like-for-like basis
– competitive pressures stabilising and lift in visitation to the property


IB – Normalised Revenue 9.4%; Normalised EBITDA 87.1%
IB achieved growth during the period due to an increased focus on key customers – particularly strong activity
over October (Golden Week holiday period) and November
Operating margins significantly improved (21.6% vs. 12.6%) due to benefits of operational review and modest bad
debt provisions vs. the pcp

8
8
Key Highlights

Funding
Net hedged debt / LTM normalised EBITDA of 1.3x as at December 2017
Reached agreement on US$150m of USPP debt in November – replaces US$75m of USPP debt maturing in March
2018
Remain confident of retaining BBB- S&P credit rating during peak gearing periods in FY19 / 20
Dividend – DPS 10.0cps — No change
Fully-imputed interim dividend of 10.0cps, in-line with existing payout policy
Dividend Reinvestment Plan available, with 2% discount
Major Growth Projects
Positive change in construction on-site for NZICC and Hobson St hotel projects over the past 6 months – Fletcher
Construction targeting completion in mid-2019
Tender process for Adelaide expansion construction contract well advanced and main construction works
expected to commence by end of FY18





New Board and Management Appointments
Rob Campbell commenced as Chairman on 1 January, following retirement of Chris Moller
Michael Ahearne commenced as Group COO (with direct responsibility for SKYCITY Auckland) during December,
and Liza McNally as CMO during January (with responsibility for group-wide customer, loyalty & marketing
initiatives and communications)

9
9
1H18
$m
1H17
$m
Movement
%
Revenue
Gaming Machines 125.7 124.4 1.0%
Tables 81.1 77.7 4.3%
Gaming Revenue (incl GST) 206.7 202.1 2.3%
Non-Gaming Revenue 83.2 81.8 1.7%
Total Revenue
(incl gaming GST) (excl IB)
289.9 283.9 2.1%
Gaming GST (26.7) (26.0) (2.7%)
Total Revenue
(excl gaming GST) (excl IB)
263.2 257.9 2.0%
Expenses (132.2) (131.5) (0.5%)
EBITDA (excl IB) 131.0 126.4 3.6%
EBITDA Margin (excl IB) 45.2% 44.5%
Depreciation & Amortisation

(25.2) (25.5) 1.2%
EBIT (excl IB) 105.8 100.9 4.8%
Normalised EBITDA (incl IB) 137.6 131.3 4.8%
Normalised EBITDA Margin (incl IB) 42.3% 40.6%
SKYCITY Auckland
SKYCITY Auckland achieved modest earnings growth vs. a
record pcp, in-line with previous guidance

2.3% growth in local gaming revenue with marketing and
promotional initiatives helping to offset impact of reduced
premium gaming activity in 2Q18 and required changes to
smoking decks (implemented during 2H17)
Non-gaming revenue up ~4.0% on a like-for-like basis
(1)
–
hotels continue to trade strongly with RevPAR growth of
~10%
Operating margins improved due to cost efficiencies and
operating leverage
Master planning exercise commenced – will incorporate
opportunities for further accommodation, F&B and
entertainment facilities in order to offer an integrated
mixed-use entertainment precinct
(1) Reflects loss of Air NZ Koru contract during 1Q17 which generated revenue of ~$2m per quarter but at a low margin

10
10
SKYCITY Hamilton

1H18
$m
1H17
$m
Movement
%
Revenue
Gaming Machines 21.3 20.9 2.2%
Tables 4.8 4.9 (2.1%)
Gaming Revenue (incl GST) 26.1 25.8 1.4%
Non-Gaming Revenue 4.5 3.9 16.0%
Total Revenue
(incl gaming GST) (excl IB)
30.6 29.6 3.3%
Gaming GST (3.4) (3.4) (1.0%)
Total Revenue
(excl gaming GST) (excl IB)
27.2 26.3 2.6%
Expenses (13.6) (13.2) (2.6%)
EBITDA (excl IB) 13.7 13.1 4.6%
EBITDA margin (excl IB) 44.6% 44.1%
Depreciation & Amortisation (2.1) (2.2) 5.0%
EBIT (excl IB) 11.5 10.8 6.6%
Normalised EBITDA (incl IB) 13.7 13.1 4.4%
Normalised EBITDA margin
(incl IB)
44.6% 44.1%
SKYCITY Hamilton delivered a solid performance during
1H18 vs. a record pcp, driven by:
•Modest growth in gaming machines (with
implementation of TITO and new products during 2Q18
having a positive impact), partially offset by lower hold
on tables
•Strong non-gaming revenue due to increased activity in
‘Bowl & Social’
•Operating leverage and a focus on cost efficiencies
•On-going favourable macroeconomic conditions in the
Waikato region
Growth rates moderating following consecutive years of
record performances
Master planning exercise commenced to review
opportunities for enhancing existing property

11
11
SKYCITY Queenstown / Wharf Casino
1H18
$m
1H17
$m
Movement
%
Revenue
Gaming Machines 3.3 2.8 16.8%
Tables 2.3 2.6 (10.8%)
Gaming Revenue (incl GST) 5.6 5.4 3.5%
Non Gaming Revenue 0.8 0.7 19.9%
Total Revenue
(incl gaming GST) (excl IB)
6.4 6.1 5.3%
Gaming GST (0.7) (0.7) (3.1%)
Total Revenue
(excl gaming GST) (excl IB)
5.7 5.4 5.6%
Expenses (4.7) (4.5) (2.7%)
EBITDA (excl IB) 1.0 0.9 20.7%
EBITDA margin (excl IB) 16.1% 14.0%
Depreciation & Amortisation (0.5) (0.5) (1.8%)
EBIT (excl IB) 0.5 0.3 50.5%
Normalised EBITDA (incl IB) 2.7 1.3 106.3%
Normalised EBITDA margin (incl IB) 19.6% 14.0%
Combined Queenstown operations returned to growth
during the period, driven by:
•Improved local visitation and increased IB / premium
activity
•Improvements in operating margins due to operating
leverage and a focus on cost efficiencies
Considering strategic options to better leverage the
potential of the 2 casino licences and improve offering
to appeal to a broader customer base

12
12
1H18
A$m
1H17
A$m
Movement
%
Revenue
Gaming Machines 26.1 27.0 (3.5%)
Tables 40.8 38.5 5.9%
Gaming Revenue (incl GST) 66.8 65.5 2.0%
Non Gaming Revenue 11.3 11.6 (3.0%)
Total Revenue
(incl gaming GST) (excl IB)
78.1 77.1 1.3%
Gaming GST (6.1) (5.9) (1.9%)
Total Revenue
(excl gaming GST) (excl IB)
72.1 71.2 1.2%
Expenses

(59.0) (58.4) (1.1%)
EBITDA (excl IB)

13.0 12.8 2.0%
EBITDA margin (excl IB) 16.7% 16.6%
Depreciation & Amortisation (8.3) (8.2) (1.1%)
EBIT (excl IB) 4.7 4.6 3.4%
Normalised EBITDA (incl IB) 14.7 14.1 3.9%
Normalised EBITDA margin (incl IB) 16.5% 15.8%
Adelaide Casino
Adelaide Casino achieved some growth during the
period, in-line with previous guidance, driven by:
•Increased visitation despite disruption from early
works programme
•Improved premium gaming activity following
implementation of new gaming concessions
•Solid growth in tables with hold rates normalising vs.
the pcp
•Stable operating margins due to cost efficiencies and a
lower average gaming tax rate
Total gaming machine market in SA down ~4% over LTM –
casino market share stable at around 7% over same
period
Momentum building in premium gaming business
•Increased visitation to premium gaming rooms during
the period
•Premium gaming rooms recently expanded to
accommodate increased demand during peak periods

13
13

1H18
A$m
1H17
A$m
Movement
%
Revenue
Gaming Machines 28.6 29.0 (1.2%)
Tables 9.6 10.0 (3.7%)
Keno 8.0 8.3 (3.7%)
Gaming Revenue (incl GST) 46.2 47.2 (2.2%)
Non-Gaming Revenue 15.8 15.1 5.1%
Total Revenue
(incl gaming GST) (excl IB)
62.0 62.3 (0.4%)
Gaming GST (4.1) (4.3) 3.3%
Total Revenue
(excl gaming GST) (excl IB)
57.9 58.0 (0.2%)
Expenses (41.2) (40.3) (2.1%)
EBITDA (excl IB) 16.7 17.7 (5.4%)
EBITDA Margin (excl IB) 27.0% 28.4%
Depreciation & Amortisation

(6.3) (6.6) 4.9%
EBIT (excl IB) 10.5 11.1 (5.8%)
Normalised EBITDA (incl IB) 20.2 18.3 10.4%
Normalised EBITDA margin (incl IB) 28.3% 27.8%
SKYCITY Darwin

EBITDA impacted by Keno 10-spot won during the
period (~A$1m reseed), but flat vs. the pcp on a like-for-
like basis. Result driven by:
•Impact of competitive pressures stabilising – no
material change in number of gaming machines in NT
pubs & clubs over the period
•Increased visitation on the pcp with positive
response to broadening on-site entertainment
•Increased non-gaming revenue, helping to offset
weaker local gaming activity
•Stable operating margins on a like-for-like basis
Casino licence extended to 2036 (with exclusivity for
top 700kms in the NT)
Continue to evaluate options for the property as part
of strategic review which commenced in July 2017

14
14
Group International Business
1H18 1H17 Movement 1H18 1H17
Turnover $bn $bn % Actual Win %
Auckland 2.6 2.9 (10.1%)
Other NZ 0.5 0.2 125.0%
Adelaide (A$) 0.8 0.9 (12.3%)
Darwin (A$) 0.7 0.3 162.8%
Total Turnover 4.8 4.4 9.4% 1.55% 1.52%
Total Normalised
Revenue ($m)
64.8 59.3 9.4%
1H18 1H17 Movement 1H18 1H17
Normalised EBITDA $m $m % Margin %
Auckland 6.6 4.9 35.3%
Other NZ 1.6 0.5 248.3%
Adelaide (A$) 1.7 1.4 22.3%
Darwin (A$) 3.5 0.6 445.1%
Total Normalised
EBITDA
14.0 7.5 87.1% 21.6% 12.6%
Total Reported EBITDA 18.8 7.6 146.5%
IB achieved growth in both turnover and EBITDA
during the period, underpinned by:
•Increased focus on key customers
•Particularly strong activity over October (Golden
Week holiday period) and November
•Increased junket play vs. the pcp – junkets
represented ~50% of total turnover during the
period (up from ~40% in 1H17)
•Significant improvement in operating margins due
to benefits of operational review and reduced bad
debt provisions vs. the pcp
YTD win rate of 1.55%, slightly above the theoretical
win rate of 1.35%
New management team (led by Stewart Neish)
making positive impact

15
15
Dividend
Fully-imputed interim dividend of 10.0cps, in-line
with existing payout policy
•Represents a payout ratio of 82% of adjusted 1H18
NPAT
(1)
•Represents a cash dividend yield of 5.0%, based on
a share price of NZ$4.03
Dividend Reinvestment Plan available for the interim
dividend, with a 2% discount
Dividend policy continues to offer shareholders an
attractive yield
Interim dividend per share
10.0cps
– No Change





Key dividend dates
Record date: 2 March 2018
DRP election date: 2 March 2018
Payment date: 16 March 2018

(1) Payout calculation for dividends adjusted for post-tax accounting impact of capitalised interest on major growth projects

16
16
Corporate cost reallocations (~$11m per annum) effective from start of
FY18 (see appendix)
On a like-for-like basis
(1)
corporate costs up 14% on the pcp due to
investment in IT / innovation and new executive positions (consistent
with previous guidance)
Expect corporate costs for FY18 to be around $35m
Cost savings from recent restructuring and management departures
to be realised from FY19 – will more than offset recent executive hires
Corporate costs, D&A, interest and tax expense
Corporate costs: $15.1m
49.8%







D&A: $47.1m
0.4%





D&A flat on the pcp due to recent capex in Auckland (Huami
development, refurbishment of Orbit), offset by certain group IT
systems coming to end of life
Expect D&A in 2H18 to be slightly higher than 1H18
Net interest expense down significantly on the pcp, reflecting higher
gross funding costs, offset by increased capitalised interest (~$11m)
from major growth projects
Expect net interest expense in 2H18 to be slightly higher than 1H18 due
to higher average debt, offset by increased capitalised interest
(~$13m)
Net interest expense: $6.2m
23.6%





(1) Adjusting for $5.4m of cost reallocations and $2.4m increase in LTI accruals and bonus provisions (due to reversals in 1H17)

17
17
Corporate costs, D&A, interest and tax expense

Normalised tax expense: $32.2m
8.0%

Normalised tax expense up on the pcp due to higher profit before tax
and stable effective tax rate (26.3%)
Expect the effective tax rate in 2H18 to be broadly similar to that in
1H18
Proposed changes to tax legislation in NZ and Australia would increase
the effective tax rate in FY19, but largely offset from FY20 due to
accounting treatment associated with completion of major growth
projects

18
18
Capital Expenditure

1H18 capital expenditure (NZ$m)
Maintenance capex of $25m
Growth project capex of $121m primarily related to the
NZICC and Hobson St hotel projects, Adelaide Casino
expansion and investment in Auckland precinct
1H18 capex
FY18 maintenance capex expected to be ~$70m, in-line with
previous guidance
No change to prevous guidance on timing and quantum of
future capex from major growth projects
Potential for additional investment in Auckland precinct
during 2H18 as part of Auckland master planning
Capex outlook
26
25
39
121
0
20
40
60
80
100
120
140
160
1H171H18
Growth projectsMaintenance capex
$65m
$146m

19
19
Funding and Capital Management

Movement in gross hedged debt (NZ$m)
Gross hedged debt up ~$115m over the
period primarily due to increased capex on
major growth projects
Expect total debt to peak during FY20 at
around $1bn, in-line with previous guidance
Considering opportunities to release capital
from existing assets to repay debt and fund
future growth opportunities
Remain confident of retaining BBB- S&P
credit rating during peak gearing periods in
FY19 / 20


361
475
181
41
146
15
51
42
0
50
100
150
200
250
300
350
400
450
500
Opening
debt
(June 2017)
Cash
earnings
Dividends
(net of
DRP)
CapexGross
funding
costs
Cash
movement
/ working
capital /
other
Tax paidClosing
debt
(December
2017)

20
20
Debt Maturity Profile

Hedged debt maturity profile (as at December 2017)
(NZ$m)
Committed debt facilities (at hedged
exchange rates) of $1.2bn as at December
2017, with $475m currently drawn
•Average interest rate on existing debt is
6.4% (almost all fixed rate debt)
•Net hedged debt / LTM normalised
EBITDA of 1.3x as at December 2017
Cash at bank of $62m as at December 2017
Reached agreement on US$150m issue of
USPP debt during November 2017
•Extends average debt maturity out to
4.3 years from March 2018
•Drawdown to coincide with $98m
(US$75m) note maturing in March 2018

$98
$21
$111
$125
$120
$120
$308
$147
$72
FY18FY19FY20FY21FY22FY23FY24FY25FY26FY27FY28
USPPNZ BondBank -Drawn
Bank -UndrawnUSPP -Undrawn
$80

21
21
NZICC and Hobson St Hotel

Positive change in construction on-site over the
past 6 months – experienced Fletcher
Construction team now in place
Fletcher Construction still targeting completion in
mid-2019 (~6 month delay from contracted dates)
Construction contracts provide for liquidated
damages which should mitigate losses to SKYCITY
through delay
Expect investment in the projects to be in-line with
original budget
Remain comfortable with contractual
arrangements, but legal challenges from Fletcher
Construction are possible
Increased focus on marketing and promoting the
NZICC – 6 major bookings confirmed for 2020
First stage of NZICC car park (~600 spaces) due to
be completed in 2H18
NZICC – view from Nelson St (looking east)

22
22
NZICC and Hobson St Hotel – Progress On Site
NZICC and Hobson St hotel site as at February 2018

23
23
Adelaide Casino Expansion



Tender process for construction contract well advanced
Total project costs expected to be ~A$330m (including
appropriate contingency), in-line with previous guidance
Main construction works to commence before end of
FY18 following completion of early works by the SA
Government
Good progress being made by Walker Corporation on
development of Festival Plaza – expect car park to be
opened contemporaneous with expansion in early FY21
Festival Plaza rejuvenation
Expansion – view from Station Road

24
24
Adelaide Casino Expansion



Early works programme progress as at end of January 2018

25
Other Initiatives
Auckland Car Parks

Colliers appointed to sell Federal St car park
•Considered non-core following opening of NZICC car parks
•Expect to conclude process by end of FY18
Evaluating options to monetise main site car parks in Auckland
Acquired NPT’s interest in the AA Centre for $47m in October 2017 (settlement in July 2018)
•Acquisition consistent with intention to consolidate control over the Auckland precinct
•To be funded from a combination of existing bank debt and proceeds from sale of Federal St car park
Intention to introduce development partners to assist in unlocking value in the precinct
Auckland Master
Plan

All Blacks Experience to open at SKYCITY Auckland from 2019 – aligns SKYCITY with an iconic global
brand and consistent with strategy to enhance entertainment experiences
Acquired a 40% interest in Let’s Play Live Media, NZ’s leading e-sports entertainment and broadcasting
company during October 2017 – broadcasting studio recently opened in SKY Tower which will provide
an exposure to a new, exciting form of entertainment
Entertainment

26
26
Outlook
Adelaide expected to deliver earnings growth in 2H18 on the pcp due to increased premium gaming activity,
margin improvements and the property cycling a weaker comparative period. Disruption from early works
and main construction works expected to continue to impact the property
Darwin to deliver improved performance in 2H18 on the pcp due to the property cycling a weaker
comparative period
Auckland expected to deliver earnings growth in 2H18 on the pcp with a focus on new initiatives to improve
the operating performance of the business and deliver efficiencies
Hamilton expected to deliver modest earnings growth in 2H18 on the pcp
IB inherently difficult to predict, however turnover expected to improve in 2H18 vs. the pcp with positive
forward bookings for Chinese New Year period – continue to target $10bn in turnover for FY18
Operating margins in 2H18 expected to be broadly consistent with 1H18
NZ


Australia


IB


Based on YTD performance, remain on-track to achieve modest growth in Group EBITDA in FY18 on the pcp
Key drivers of 2H18 performance to be growth in combined NZ properties, improved performance in
combined Australian properties and on-going recovery in IB, offset by increased corporate costs (primarily IT
investment)
Group

27
27

Key Focus Areas For Remainder Of FY18
Improve operating performance of all business segments (new Group COO has commenced)
Progress NZICC and Hobson St hotel projects in coordination with Fletcher Construction
Finalise and commence implementation of refreshed group strategy
Complete tender process for Adelaide expansion construction contract and commence main works
Complete strategic review of SKYCITY Darwin

Appendices

29
29
1H18 Results Overview – Normalised
Normalised
1H18
$m
1H17
$m
Movement
$m %
Normalised Revenue (including Gaming GST)
545.0 525.8 19.2 3.6%
Gaming GST (49.5) (47.9) (1.6) (3.3%)
Normalised Revenue 495.5 477.9 17.6 3.7%
Expenses (319.7) (309.0) (10.7) (3.5%)
Normalised EBITDA 175.8 168.9 6.9 4.1%
Depreciation and Amortisation (47.1) (47.3) 0.2 0.4%
Normalised EBIT 128.7 121.6 7.1 5.8%
Net Interest (6.2) (8.1) 1.9 23.6%
Normalised NPBT 122.5 113.5 9.0 7.9%
Tax (32.2) (29.8) (2.4) (8.0%)
Normalised NPAT 90.3 83.7 6.6 7.9%
Normalised EPS 13.5cps 12.7cps 0.8cps 6.3%

30
30
1H18 Results Overview – Reported
Reported
1H18
$m
1H17
$m
Movement
$m %
Reported Revenue (including Gaming GST) 554.7 533.1 21.6 4.0%
Gaming GST (50.1) (48.9) (1.2) (2.5%)
Reported Revenue 504.6 484.2 20.4 4.2%
Expenses (324.0) (315.1) (8.9) (2.8%)
Reported EBITDA 180.6 169.1 11.5 6.8%
Depreciation and Amortisation (47.1) (47.3) 0.2 0.4%
Reported EBIT 133.5 121.7 11.7 9.6%
Net Interest (6.2) (8.1) 1.9 23.6%
Reported NPBT 127.2 113.6 13.6 12.0%
Tax (33.8) (29.8) (4.0) (13.3%)
Reported NPAT 93.5 83.8 9.7 11.6%
Reported EPS
13.9cps 12.7cps 1.2cps 9.4 %
Interim Dividend NZ$ cps 10.0cps 10.0cps 0.0cps 0.0%

31
31
1H18 Revenue Summary by Business (incl Gaming GST)
1H18
$m
1H17
$m
Movement
%
New Zealand Casinos (excl IB)
 Auckland 289.9 283.9 2.1%
 Hamilton 30.6 29.6 3.3%
 Queenstown, Other 6.3 6.1 4.8%
Total New Zealand Revenue 326.9 319.6 2.3%
Australian Casinos (excl IB)
 Adelaide (A$) 78.1 77.1 1.3%
 Darwin (A$) 62.0 62.3 (0.4%)
Total Australia (A$) 140.2 139.4 0.5%
Total Australia Revenue at 1H17 exchange rate (NZ$) 147.7 146.9 0.5%
Normalised IB Revenue at 1H17 exchange rate (for A$ revenue)
63.9 59.3
7.8%
Normalised Revenue at constant currency 538.5 525.8
2.4%
Exchange rate impact at 1H17 exchange rate 6.5
Normalised Revenue at actual currency 545.0 525.8
3.6%
Adjust International Business to actual win rate 9.7 7.3
Reported Revenue at actual currency 554.7 533.1 4.0%

32
32
1H18 EBITDA Summary by Business
1H18
$m
1H17
$m
Movement
%
New Zealand Casinos (excl IB)
 Auckland 131.0 126.4 3.6%
 Hamilton 13.7 13.1 4.6%
 Queenstown, Other 0.9 0.9 12.2%
Total New Zealand EBITDA 145.6 140.3 3.7%
Australian Casinos (excl IB)
 Adelaide (A$) 13.0 12.8 2.0%
 Darwin (A$) 16.7 17.7 (5.4%)
Total Australia (A$) 29.7 30.5 (2.3%)
Total Australia EBITDA at 1H17 exchange rate (NZ$) 31.3 32.1 (2.3%)
Normalised IB EBITDA at 1H17 exchange rate (for A$ revenue)
13.8 7.5 83.9%
Corporate Costs (15.1) (10.1) (49.8%)
NZICC operating costs (1.2) (0.9) (32.3%)
Normalised EBITDA at constant currency 174.4 168.9 3.2%
Exchange rate impact at 1H17 exchange rate 1.5
Normalised EBITDA at actual currency 175.8 168.9 4.1%
International Business adjustments 4.7 0.1
Reported EBITDA at actual currency 180.6 169.1 6.8%

33
33
SKYCITY’s objective of producing normalised financial information is to provide data that is useful to the
investment community in understanding the underlying operations of the Group
Application of the Group’s non-GAAP financial information policy is consistent with the approach adopted in
FY17
1H18 adjustments
•Actual win rate on IB of 1.55% vs. the theoretical win rate of 1.35%
1H17 adjustments
•Actual win rate on IB of 1.52% vs. the theoretical win rate of 1.35%

Reported and Normalised Earnings

1H18 1H17
Revenue
$m
EBITDA
$m
EBIT
$m
NPAT
$m
Revenue
$m
EBITDA
$m
EBIT
$m
NPAT
$m
Normalised
545.0 175.8 128.7 90.3 525.8 168.9 121.6 83.7
IB at theoretical
9.7 4.7 4.7 3.2 7.3 0.1 0.1 0.1
Reported
554.7 180.6 133.5 93.5 533.1 169.1 121.7 83.8

34
34
Certain intra-group costs have been reallocated from the start of FY18
These costs primarily relate to IT and sponsorships, formerly included within Corporate
Reallocation intended to allocate costs to the businesses receiving the associated benefits
1H17 corporate costs and property-by-property operating expenses have been restated on the following page to
enable comparability to 1H17 investor presentation

Corporate Costs / Operating Expenses

35
35
Corporate Costs / Operating Expenses
1H17
Reported
(1)
$m
1H17
After reallocations
$m
Movement
$m
New Zealand Casino Expenses (excl IB)
 Auckland (127.3) (131.5) (4.2)
 Hamilton (12.9) (13.3) (0.4)
 Queenstown, Other

(5.3) (5.4) (0.1)
Total New Zealand Expenses (145.5) (150.2) (4.8)
Australian Casinos Expenses (excl IB)
 Adelaide (A$) (57.7) (58.4) (0.7)
 Darwin (A$) (40.0) (40.3) (0.3)
Total Australia (A$) (97.7) (98.7) (1.0)
Total Australia Expenses (NZ$) (102.9) (104.0) (1.1)
Normalised IB Expenses (44.8) (44.4) 0.4
Group Corporate Costs (15.5) (10.1) 5.4
Total Group Expenses (including Corporate Costs)
(309.0) (309.0) 0.0
(1) As reported in the 1H17 investor presentation

SKYCITY
Entertainment
Group Limited
SKYCITY
Entertainment
Group Limited

---

APPENDIX 7 – NZSX Listing Rules
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EMAIL: announce@nzx.com
Notice of event affecting securities
1
SKYCITY Entertainment Group Limited
Jo Wong
Directors' resolution
(09) 363 6000(09)363 6140
922018
Ordinary Shares
NZSKCE0001S2
In dollars and cents
Profit
$0.1000
Enter N/A if not
applicable
$
$0.006944$0.038889
$
NZ Dollars$0.017647
$67,433,562
Date Payable
16 March, 2018
2 March, 201816 March, 2018

---

FOR THE SIX-MONTH PERIOD
ENDED 31 DECEMBER 2017
interim
REPORT

This interim report is dated 9 February 2018
and is signed on behalf of the Board of Directors
of SKYCITY Entertainment Group Limited by:

Rob Campbell Bruce Carter
Chairman Chairman of the Audit and
Financial Risk Committee
Unless otherwise stated, all dollar amounts in this interim report are expressed in New Zealand dollars.
An electronic copy of the interim report and the FY18 interim result presentation are available in the
Investor Centre section of the company’s website at www.skycityentertainmentgroup.com.
GENERAL
Chief Executive Officer’s Review
FINANCIAL STATEMENTS
Independent Review Report
Income Statement
Statement of Comprehensive Income
Balance Sheet
Statement of Changes in Equity
Statement of Cash Flows
Notes to the Financial Statements
OTHER DISCLOSURES
Reconciliation
Directory
3
10
12
13
14
15
16
17
26
27

SKYCITY ENTERTAINMENT GROUP LIMITED | SKYCITYENTERTAINMENTGROUP.COM3
SKYCITY’s FY18 interim results deliver growth
on the prior year and are largely in-line with our
expectations and previous market guidance.
We continue to make progress on our current
strategic initiatives and the significant developments
underway in Auckland and Adelaide position the
company for earnings growth and creation of
shareholder value over the medium-term.
The executive leadership of the organisation has
been restructured over the past few months and
bolstered by key appointments to the Group Chief
Operating Officer and Chief Marketing Officer
roles. I believe we now have an energised team that
represents a good balance of corporate memory and
fresh ideas. The SKYCITY Board has also recently
transitioned with the appointment of Rob Campbell
as Chairman from 1 January 2018 and is closely
engaged with management in setting the strategic
direction for the next few years.
Although macro economic tailwinds which have
supported the growth of our New Zealand
properties have slowed over recent times and
construction from capital works in both Auckland
and Adelaide is disruptive in the near term, there is
plenty happening internally that makes us confident
that we can continue to deliver growth from our
existing assets as well as the new projects in
the pipeline.
KEY FEATURES OF FY18 INTERIM RESULTS
• The key drivers of our performance over the
interim period were growth from our combined
New Zealand properties, a recovery in our
International Business, stable performance from
our combined Australian properties, a lower net
interest expense due to increased capitalised
interest from our major growth projects and a
stronger A$ versus the NZ$.
GRAEME STEPHENS
CHIEF EXECUTIVE OFFICER

INTERIM REPORT | SIX-MONTH PERIOD ENDED 31 DECEMBER 20174
CHIEF EXECUTIVE OFFICER’S REVIEW
• Normalised NPAT was $90.3 million up 7.9% on
the previous corresponding period, normalised
EBITDA up 4.1% to $175.8 million and
normalised revenue up 3.6% to $545.0 million.
• Reported NPAT was up 11.6% to $93.5 million
on the previous corresponding period due to a
favourable win rate on International Business
(1.55%) relative to the theoretical win rate
(1.35%). Reported EBITDA was up 6.8% to
$180.6 million and reported revenue up 4.0%
to $554.7 million.
• Normalised earnings per share was up 6.3% to
13.5 cents per share with growth in net earnings
offset by increased shares on issue during the
period due to participation in the company’s
Dividend Reinvestment Plan. Reported
earnings per share was up 9.4% to 13.9 cents
per share.
• A fully imputed interim dividend of 10 cents per
share has been declared by the Board, which is
consistent with our existing dividend policy.
PROPERTY RESULTS IN SUMMARY
SKYCITY Auckland achieved modest earnings
growth relative to a record previous corresponding
period, in-line with previous guidance. Revenue
(excluding International Business) was up 2.1%
to $289.9 million and EBITDA (excluding
International Business) up 3.6% to $131.0 million
on the previous corresponding period. 2.3% growth
in local gaming revenue was achieved despite
reduced premium gaming activity during 2Q18
and a reduction in (and other modifications to)
our smoking areas implemented from late FY17.
Non-gaming revenue was up 4.0% on a
like-for-like basis over the period, with our hotels
continuing to trade strongly and achieving ~10%
growth in RevPAR (revenue per available room).
SKYCITY Hamilton delivered a solid performance,
although growth rates have moderated following
consecutive years of record performances. Revenue
(excluding International Business) was up 3.3% to
$30.6 million and EBITDA (excluding International
Business) up 4.6% to $13.7 million. The positive
result was primarily due to increased non-gaming
activity (particularly from Bowl and Social, our
tenpin bowling entertainment zone) and a focus on
cost efficiencies.
Our combined Queenstown properties returned to
growth during the period, but remain relatively
immaterial to the Group’s results.
Adelaide Casino achieved some growth during
the period, in-line with previous guidance.
Revenue (excluding International Business) was
up 1.3% to A$78.1 million and EBITDA (excluding
International Business) up 2.0% to A$13.0 million.
New premium gaming concessions implemented
during the period and cost efficiencies have
helped to offset the impact of construction disruption
from the early works programme. The premium
gaming business continues to build with more
visitors to the premium gaming rooms during the
period and those rooms being expanded recently
to accommodate increased demand during peak
trading periods.

SKYCITY ENTERTAINMENT GROUP LIMITED | SKYCITYENTERTAINMENTGROUP.COM5
SKYCITY Darwin achieved a stable performance on
the previous corresponding period on a like-for-like
basis. Revenue (excluding International Business)
was roughly flat at A$62.0 million and EBITDA
(excluding International Business) down 5.4% to
A$16.7 million, largely due to the A$1 million
Keno 10-spot being won during the period.
Overall, increased non-gaming revenue and
visitation from broadening on-site entertainment
helped to offset weaker gaming activity. Adjusting
for the Keno 10-spot win, EBITDA would have
been flat relative to the previous corresponding
period.
Our International Business has recovered after a
challenging FY17 and achieved growth during the
period, with turnover up 9.4% to $4.8 billion and
normalised EBITDA up 87.1% to $14.0 million.
This performance was underpinned by an increased
focus on key customers and a significant
improvement in operating margins following an
operational review during 2H17. We continue
to believe in the long-term prospects for our
International Business and our management team,
now led by Stewart Neish, has been making a
positive impact on the business.
MAJOR GROWTH PROJECTS
We have seen a positive change in construction
on-site for the New Zealand International
Convention Centre (NZICC) and Hobson Street
hotel projects over the last six months. The overall
programme is well advanced with the core of the
Hobson Street hotel now up to the eighth floor
(of thirteen) and the slab for the final floor in the
NZICC nearing completion.
Fletcher Construction continues to target
completion of the projects around the middle of
2019, which is a six-month delay from the contracted
dates. We remain comfortable with our contractual
arrangements, which provide for liquidated damages
that should mitigate our losses through delay, but
legal challenges from Fletcher Construction are
possible. Overall, we expect our investment in the
projects to be in-line with our original budget.
We continue to escalate our sales and marketing
efforts to confirm the pipeline of convention
bookings and, pleasingly, we have secured six major
international conferences for 2020.
Our expansion of the Adelaide Casino precinct
continues to progress well following the signing
of our Development Agreement with the
South Australian Government in late July 2017.
The process for selecting a construction firm, via a
competitive tender, is well advanced and the total
budget expected for the project remains around
A$330 million. The early works programme being
delivered by Lend Lease on behalf of the
Government is nearing completion. We expect to
commence our main works before the end of FY18,
with completion and operationalisation of the
new facilities expected in early FY21. Walker
Corporation’s development of Festival Plaza remains
on-track with its 1,500 car parks (of which we have
agreement to lease 750 spaces for exclusive use)
expected to be completed contemporaneously with
our expansion. We remain excited by the
medium-term potential for our Adelaide property
and its prime location adjacent to key leisure,
tourism and entertainment infrastructure throughout
the broader Riverbank Precinct.
CHIEF EXECUTIVE OFFICER’S REVIEW

INTERIM REPORT | SIX-MONTH PERIOD ENDED 31 DECEMBER 20176
OTHER INITIATIVES
As I indicated at the time of our FY17 full-year
results, in addition to our major growth projects,
I can see the potential for us to further leverage our
existing assets and strong market positions
underpinned by long-term exclusive casino licences.
To this end, we have commenced master planning
work for both our Auckland and Hamilton
properties - we believe both properties present future
opportunities for development which will create
value for shareholders. We also continue to evaluate
strategic options in Queenstown with a view to
better leveraging the potential of our two casino
licences and improving our offering to appeal to a
broader customer base.
Another area of focus for me continues to be
ensuring that SKYCITY is well positioned to
respond to changes in technological and digital
platforms and the preferences of existing and new
customer groups. We continue to invest in our IT
infrastructure to ensure the customer experience at
SKYCITY becomes best-in-class and that we can
engage via digital and social media. We are excited
by our recent investment in Let’s Play Live Media
which has seen the establishment of New Zealand’s
first esports broadcasting studio in the Sky Tower in
Auckland. This is one of the fastest growing forms of
entertainment globally with strong appeal for both
millennial and Asian audiences. Similarly, we are
looking forward to working with New Zealand
Rugby and Nga ̄i Tahu Tourism to deliver the
All Blacks Experience at SKYCITY Auckland from
2019. Having the All Blacks Experience at
SKYCITY aligns us with an iconic global brand and
will enhance the family and tourism entertainment
experience on the precinct.
We are continuing to evaluate a range of options for
our Darwin property as part of a strategic review
which commenced in July 2017 following the
impairment of the book value for the property.
A full (or partial) sale of our interest in the property
remains a possibility at the right price, but there is
no urgent time pressure given that the property is
profitable and cash generative - particularly with
the recent stabilisation and slightly improved
performance. Pleasingly, we have recently secured a
five-year extension of our exclusive casino licence in
Darwin out to 2036.
FUNDING
Total committed facilities as at 31 December 2017
were $1.20 billion (at hedged exchange rates), of
which $475 million has been drawn. We reached
agreement on US$150 million of USPP debt in
November 2017 and plan to draw down this new debt
in March 2018 to coincide with the maturity of
existing USPP debt of US$75 million.
As previously flagged, we continue to evaluate
opportunities to release capital from our existing
assets to repay bank debt and/or fund strategic
opportunities as they arise. To this end, we have
recently appointed Colliers to manage the sale of
our Federal Street car park in Auckland, which is
considered non-core following the opening of the
NZICC car parks. We are also evaluating options
to monetise our main site car parks in Auckland.
We continue to believe that SKYCITY is well
positioned to fund its major growth projects and
retain its investment grade credit rating with
Standard & Poor’s during peak gearing periods.
Consistent with previous guidance, we expect total
debt to peak during FY20 at around $1.0 billion.
CHIEF EXECUTIVE OFFICER’S REVIEW

SKYCITY ENTERTAINMENT GROUP LIMITED | SKYCITYENTERTAINMENTGROUP.COM7
INTERIM DIVIDEND
The SKYCITY Board has declared a fully imputed
interim dividend of 10 cents per share payable on
16 March 2018. The SKYCITY Dividend
Reinvestment Plan will be available for this dividend
with a 2% discount applying, in-line with prior
periods. Elections to participate in the company’s
Dividend Reinvestment Plan for the interim
dividend close at 5pm (NZ time) on 2 March 2018.
The interim dividend is consistent with our existing
policy which we believe continues to offer
shareholders an attractive yield.
MANAGEMENT CHANGES
I continue to be impressed by the calibre and quality
of the management team at SKYCITY and am
pleased that we have been able to add to this
capability during the period with the appointment of
Michael Ahearne as Group Chief Operating Officer
and Liza McNally as Chief Marketing Officer.
Michael joined us in December 2017 from
Paddy Power Betfair in Ireland and brings a wealth
of experience from senior operational roles in
land-based casinos, gaming machine manufacturers
and, more recently, online sports betting and
gaming. In addition to his Group role, Michael has
assumed direct responsibility for our key Auckland
property. Liza joined us in January 2018 from
NZME and will oversee our Group marketing and
loyalty initiatives, in addition to being responsible
for Group communications. We are delighted to
have both Michael and Liza onboard and look
forward to introducing them to shareholders in
due course.
During the interim period, we announced the
departures of John Mortensen, Group Chief
Operating Officer, and Sonya Crosby, Chief
Innovation Officer. In January 2018, we announced
the departure of Peter Treacy, Group General
Manager Corporate Affairs & Chief Risk Officer.
We thank each of them for their significant
contribution to the business and wish them all the
best for their future endeavours.
OUTLOOK FOR REMAINDER OF FY18
Based on the financial performance during the
interim period, we remain on-track to achieve
modest growth in Group EBITDA for FY18 on
the previous corresponding period, in-line with
previous guidance.
Key contributors to this outlook during 2H18
are expected to be growth from our combined
New Zealand properties, improved performance
from our combined Australian properties and an
on-going recovery in our International Business,
offset by higher corporate costs as the company
continues to invest in technology and returns to a
more normal period of executive remuneration and
incentive payments.
We expect Auckland to deliver growth in 2H18 on
the previous corresponding period and note there
will be a strong focus on new initiatives to improve
the operating performance of the business and to
deliver efficiencies.
SKYCITY Hamilton is expected to deliver modest
earnings growth in 2H18 on the previous
corresponding period.
Adelaide Casino is expected to deliver earnings
growth in 2H18 on the previous corresponding
period due to increased premium gaming activity,
margin improvements and the property cycling a
weaker comparative period. Disruption from the
early works programme followed by our main
CHIEF EXECUTIVE OFFICER’S REVIEW

INTERIM REPORT | SIX-MONTH PERIOD ENDED 31 DECEMBER 20178
construction works is expected to continue to impact
the property.
Darwin is expected to deliver improved performance
in 2H18 on the previous corresponding period due
to the property cycling a weaker comparative period.
Whilst inherently difficult to predict, turnover in
our International Business is expected to improve
in 2H18 on the previous corresponding period
with positive forward bookings secured for the
Chinese New Year period during February 2018.
We continue to target $10 billion in International
Business turnover for FY18 for the Group.
Operating margins in 2H18 are expected to be
broadly consistent with 1H18.
CONCLUSION
In concluding, I would like to thank my Board,
management and staff for all the extremely hard
work that goes into making this business
incrementally better every year. As a team, we are
invigorated by the challenges and opportunities that
lie ahead.
GRAEME STEPHENS
CHIEF EXECUTIVE OFFICER
CHIEF EXECUTIVE OFFICER’S REVIEW

FOR THE SIX-MONTH PERIOD
ENDED 31 DECEMBER 2017

INTERIM REPORT | SIX-MONTH PERIOD ENDED 31 DECEMBER 201710
INDEPENDENT REVIEW REPORT
REPORT ON THE INTERIM FINANCIAL STATEMENTS
We have reviewed the accompanying interim financial statements of SKYCITY Entertainment Group
Limited (“the Company”), including its subsidiaries (“the Group”) on pages 12 to 25, which comprise the
balance sheet as at 31 December 2017, and the income statement, the statement of comprehensive income,
the statement of changes in equity and the statement of cash flows for the period ended on that date, and the
notes to the financial statements which include a summary of significant accounting policies and selected
explanatory notes.
DIRECTOR’S RESPONSIBILITY FOR THE INTERIM FINANCIAL STATEMENTS
The Directors are responsible on behalf of the Group for the preparation and presentation of these interim
financial statements in accordance with International Accounting Standard 34 Interim Financial Reporting
(IAS 34) and New Zealand Equivalent to International Accounting Standard 34 Interim Financial
Reporting (NZ IAS 34) and for such internal controls as the Directors determine are necessary to enable the
preparation of interim financial statements that are free from material misstatement, whether due to fraud
or error.
OUR RESPONSIBILITY
Our responsibility is to express a conclusion on the accompanying interim financial statements based on our
review. We conducted our review in accordance with the New Zealand Standard on Review Engagements
2410 Review of Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410).
NZ SRE 2410 requires us to conclude whether anything has come to our attention that causes us to believe
that the interim financial statements, taken as a whole, are not prepared in all material respects, in accordance
with IAS 34 and NZ IAS 34. As the auditors of the Group, NZ SRE 2410 requires that we comply with the
ethical requirements relevant to the audit of the annual financial statements.
A review of interim financial statements in accordance with NZ SRE 2410 is a limited assurance engagement.
The auditor performs procedures, primarily consisting of making enquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures. The procedures
performed in a review are substantially less than those performed in an audit conducted in accordance with
International Standards on Auditing (New Zealand) and International Standards on Auditing. Accordingly,
we do not express an audit opinion on these interim financial statements.

SKYCITY ENTERTAINMENT GROUP LIMITED | SKYCITYENTERTAINMENTGROUP.COM11
INDEPENDENT REVIEW REPORT
We are independent of the Group in accordance with Professional and Ethical Standard 1 (Revised) Code
of Ethics for Assurance Practitioners (PES 1) issued by the New Zealand Auditing and Assurance Standards
Board and the International Ethics Standards Board for Accountants’ Code of Ethics for Professional
Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with
these requirements.
Our firm carries out other services for the Group in the areas of tax compliance, tax advisory, accounting
assistance and executive remuneration benchmarking. The provision of these other services has not impaired
our independence as auditor of the Group.
CONCLUSION
Based on our review, nothing has come to our attention that causes us to believe that these interim financial
statements of the Group are not prepared, in all material respects, in accordance with IAS 34 and NZ IAS 34.
WHO WE REPORT TO
This report is made solely to the Company’s shareholders, as a body. Our review work has been undertaken
so that we might state to the Company’s shareholders those matters which we are required to state to them
in our review report and for no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Company’s shareholders, as a body, for our review
procedures, for this report, or for the conclusion we have formed.
For and behalf of:
Chartered Accountants
Auckland
8 February 2018

INTERIM REPORT | SIX-MONTH PERIOD ENDED 31 DECEMBER 201712
INCOME STATEMENT
UNAUDITED UNAUDITED AUDITED
6 MONTHS 6 MONTHS 12 MONTHS
31 DECEMBER 31 DECEMBER 30 JUNE
2017 2016 2017
FOR THE SIX-MONTH PERIOD ENDED 31 DECEMBER 2017 NOTES $’000 $’000 $’000
Total receipts including GST 570,372 548,461 1,052,145
Less non-gaming GST (16,227) (15,762) (30,886)
Gaming win plus non-gaming revenue 554,145 532,699 1,021,259
Less gaming GST (50,096) (48,898) (93,959)
Revenue 4 504,049 483,801 927,300
Other income 650 439 767
Share of net loss of associate (75) – –
Employee benefits expense (158,062) (150,794) (306,513)
Other expenses 5 (85,123) (81,764) (152,486)
Directors’ fees (692) (558) (1,161)
Gaming taxes (21,523) (21,870) (41,860)
Direct consumables (35,253) (35,867) (69,155)
Marketing and communications (13,459) (14,486) (29,453)
Community contributions, levies and sponsorships (9,935) (9,840) (20,429)
Earnings Before Interest, Taxes, Depreciation
and Amortisation Expenses (EBITDA) 180,577 169,061 307,010
Depreciation and amortisation expense 5 (47,123) (47,322) (95,049)
Impairment of goodwill – – (99,486)
Earnings Before Interest and Taxes (EBIT) 133,454 121,739 112,475
Net finance costs 7 (6,225) (8,146) (16,712)
Profit Before Income Tax 127,229 113,593 95,763
Income tax expense (33,769) (29,812) (50,901)
Profit for the Period Attributable to Shareholders
of the Company 93,460 83,781 44,862
Earnings per share for Profit Attributable
to the Shareholders of the Company
CENTS CENTS CENTS
Attributable to continuing operations:
Basic earnings per share 13.9 12.7 6.8
Diluted earnings per share 13.9 12.7 6.7
The above income statement should be read in conjunction with the accompanying notes.

CONSOLIDATED

SKYCITY ENTERTAINMENT GROUP LIMITED | SKYCITYENTERTAINMENTGROUP.COM13
STATEMENT OF COMPREHENSIVE INCOME
UNAUDITED UNAUDITED AUDITED
6 MONTHS 6 MONTHS 12 MONTHS
31 DECEMBER 31 DECEMBER 30 JUNE
2017 2016 2017
FOR THE SIX-MONTH PERIOD ENDED 31 DECEMBER 2017 NOTES $’000 $’000 $’000
Profit for the Period 93,460 83,781 44,862
Other Comprehensive Income
Items that may be Reclassified Subsequently to Profit or Loss
Exchange differences on translation of overseas subsidiaries 10,917 (3,439) 2,154
Cashflow Hedge Reserve:
‑ Cash flow hedges ‑ revaluations (4,604) 15,141 (11,092)
‑ Cash flow hedges ‑ transfer to finance costs 569 (9,099) 10,952
‑ Cash flow hedges ‑ income tax 1,179 (1,677) 89
Cost of Hedging Reserve:
- Cost of hedging reserve - costs incurred (2,828) – –
- Cost of hedging reserve - income tax 792 – –
Other Comprehensive (Expense) / Income for the Period, Net of Tax 6,025 926 2,103
Total Comprehensive Income for the Period
Attributable to Shareholders of the Company 99,485 84,707 46,965
The above statement of comprehensive income should be read in conjunction with the accompanying notes.
CONSOLIDATED

INTERIM REPORT | SIX-MONTH PERIOD ENDED 31 DECEMBER 201714
BALANCE SHEET
UNAUDITED UNAUDITED AUDITED
31 DECEMBER 31 DECEMBER 30 JUNE
2017 2016 2017
AS AT 31 DECEMBER 2017 NOTES $’000 $’000 $’000
ASSETS
Current Assets
Cash and bank balances 115,774 100,450 56,727
Receivables and prepayments 21,279 25,302 17,363
Inventories 8,584 8,628 7,037
Current tax receivables 5,149 8,505 2,068
Derivative financial instruments 9,448 3,930 8,097
Total Current Assets 160,234 146,815 91,292
Non-current Assets
Property, plant and equipment 1,467,947 1,255,528 1,324,577
Intangible assets 831,681 916,258 819,025
Investment in associate 2,562 – –
Derivative financial instruments 38,245 69,553 43,417
Total Non-current Assets 2,340,435 2,241,339 2,187,019
Total Assets 2,500,669 2,388,154 2,278,311
LIABILITIES
Current Liabilities
Payables 179,525 130,225 136,570
Current tax liabilities 2,088 5,262 13,741
Derivative financial instruments 1,844 509 2,554
Interest-bearing liabilities 8 105,678 38,749 102,375
Total Current Liabilities 289,135 174,745 255,240
Non-current Liabilities
Interest-bearing liabilities 9 403,643 394,108 289,404
Provisions 3,166 2,813 2,943
Deferred tax liabilities 84,922 87,787 80,021
Derivative financial instruments 26,232 24,606 24,307
Deferred licence value 562,274 553,676 555,459
Total Non-current Liabilities 1,080,237 1,062,990 952,134
Total Liabilities 1,369,372 1,237,735 1,207,374
Net Assets 1,131,297 1,150,419 1,070,937
EQUITY
Share capital 10 1,127,877 1,076,864 1,100,792
Reserves (57,345) (64,547) (63,370)
Retained earnings 60,765 138,102 33,515
Total Equity 1,131,297 1,150,419 1,070,937
The above balance sheet should be read in conjunction with the accompanying notes.
CONSOLIDATED

SKYCITY ENTERTAINMENT GROUP LIMITED | SKYCITYENTERTAINMENTGROUP.COM15
STATEMENT OF CHANGES IN EQUITY
FOREIGN
CASHFLOW CURRENCY COST OF
SHARE HEDGING TRANSLATION RETAINED HEDGING TOTAL
CAPITAL RESERVE RESERVE EARNINGS RESERVE EQUITY
FOR THE SIX-MONTH PERIOD NOTES $’000 $’000 $’000 $’000 $’000 $’000
ENDED 31 DECEMBER 2017
CONSOLIDATED
Balance as at 1 July 2017 1,100,792 (14,481) (48,889) 33,515 – 1,070,937
Total comprehensive
income / (expense) – (2,856) 10,917 93,460 (2,036) 99,485
Dividends provided for or paid 6 – – – (66,210) (66,210)
Share rights issued for
employee service 10 1,489 – – – – 1,489
Share rights issued under
Dividend Reinvestment Plan 10 25,596 – – – – 25,596
Balance as at 31 December 2017 1,127,877 (17,337) (37,972) 60,765 (2,036) 1,131,297
Balance as at 1 July 2016 1,055,737 (14,430) (51,043) 122,778 – 1,113,042
Total comprehensive
income / (expense) – 4,365 (3,439) 83,781 – 84,707
Dividends provided for or paid 6 – – – (68,457) – (68,457)
Share rights issued for
employee service 10 288 – – – – 288
Share rights issued under
Dividend Reinvestment Plan 10 21,031 – – – – 21,031
Net purchase of treasury shares 10 (192) – – – – (192)
Balance as at 31 December 2016 1,076,864 (10,065) (54,482) 138,102 – 1,150,419
Balance as at 1 July 2016 1,055,737 (14,430) (51,043) 122,778 – 1,113,042
Total comprehensive
income / (expense) – (51) 2,154 44,862 – 46,965
Dividends provided for or paid 6 – – – (134,125) – (134,125)
Share rights issued for
employee service 10 736 – – – – 736
Share rights issued under
Dividend Reinvestment Plan 10 44,511 – – – – 44,511
Net purchase of treasury shares 10 (192) – – – – (192)
Balance as at 30 June 2017 1,100,792 (14,481) (48,889) 33,515 – 1,070,937
The above statement of changes in equity should be read in conjunction with the accompanying notes.

INTERIM REPORT | SIX-MONTH PERIOD ENDED 31 DECEMBER 201716
UNAUDITED UNAUDITED AUDITED
6 MONTHS 6 MONTHS 12 MONTHS
31 DECEMBER 31 DECEMBER 30 JUNE
2017 2016 2017
FOR THE SIX-MONTH PERIOD ENDED 31 DECEMBER 2017 NOTES $’000 $’000 $’000
Cash Flows from Operating Activities
Receipts from customers 499,296 485,715 938,820
Payments to suppliers and employees (262,465) (291,096) (567,951)
236,831 194,619 370,869
Dividends received 5 5 –
Gaming taxes paid (30,731) (29,579) (60,933)
Income taxes paid (41,530) (18,582) (30,412)
Net Cash Inflow from Operating Activities 14 164,575 146,463 279,524
Cash Flows from Investing Activities
Purchase of property, plant and equipment (146,438) (62,271) (154,617)
Payment for investment in associate (2,637) – –
Payments for intangible assets (3,059) (3,182) (3,970)
Net Cash Outflow from Investing Activities (152,134) (65,453) (158,587)
Cash Flows from Financing Activities
Cash flows associated with derivatives (7,697) (7,832) (5,028)
New borrowings 110,000 – 10,000
Repayment of borrowings – – (38,972)
Net issue / (purchase) of treasury shares – (192) (192)
Dividends paid to company shareholders (40,614) (47,426) (89,614)
Interest paid (15,083) (15,419) (30,713)
Net Cash Inflow / (Outflow) from Financing Activities 46,606 (70,869) (154,519)
Net Movement in Cash and Bank Balances 59,047 10,141 (33,582)
Cash and bank balances at beginning of the period 56,727 90,309 90,309
Cash and Cash Equivalents at End of the Period 115,774 100,450 56,727
The above statement of cash flows should be read in conjunction with the accompanying notes.
STATEMENT OF CASH FLOWS
CONSOLIDATED

SKYCITY ENTERTAINMENT GROUP LIMITED | SKYCITYENTERTAINMENTGROUP.COM17
NOTES TO THE FINANCIAL STATEMENTS
1 GENERAL INFORMATION
SKYCITY Entertainment Group Limited (SKYCITY or the company and its subsidiaries or the Group)
operates in the gaming/entertainment, hotel and convention, hospitality, recreation, and tourism sectors.
The Group has operations in New Zealand and Australia.
SKYCITY is a limited liability company incorporated and domiciled in New Zealand. The address of its
registered office is Federal House, 86 Federal Street, Auckland. The company is dual listed on the
New Zealand and Australian stock exchanges.
The interim financial statements of the Group have been prepared in accordance with the requirements of
the Financial Reporting Act 2013, the Companies Act 1993 and the New Zealand Stock Exchange (NZX).
SKYCITY Entertainment Group Limited is a company registered under the Companies Act 1993 and is an
FMC Reporting Entity under part 7 of the Financial Markets Conduct Act 2013.
These financial statements have been approved for issue by the Board of Directors on 8 February 2018.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
These general purpose financial statements for the interim half-year reporting period ended 31 December
2017 have been prepared in accordance with generally accepted accounting practice in New Zealand,
International Accounting Standard 34 and NZ IAS 34 Interim Financial Reporting.
The preparation of interim financial statements in accordance with NZ IAS 34 Interim Financial Reporting
requires management to make judgements, estimates and assumptions that affect the application of policies
and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions
are based on historical experience and various other factors that are believed to be reasonable under the
circumstances, the results of which form the basis of making the judgements about carrying values of assets
and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
These financial statements have been prepared under the historical cost convention except for the revaluation
of certain financial instruments (including derivative instruments). The Group is designated as a
profit-oriented entity for financial reporting purposes.
The Group has a negative working capital balance which includes US$75 million of US private placement
debt that matures in March 2018 (refer to note 8). The Group has significant available undrawn committed
banking facilities totalling $508 million as at 31 December 2017 (refer to note 9) and has the ability to fully
pay all debts as they fall due.

INTERIM REPORT | SIX-MONTH PERIOD ENDED 31 DECEMBER 201718
The accounting policies that materially affect the measurement of the Income Statement, Statement of
Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the Statement of Cash Flows
have been applied on a basis consistent with those used in the audited financial statements for the year ended
30 June 2017 and the unaudited financial statements for the six months ended 31 December 2016.
These interim financial statements do not include all the notes of the type normally included in an annual
financial report. Accordingly, this report is to be read in conjunction with the annual report for the year
ended 30 June 2017.
Changes in accounting policies
There have been no significant changes in accounting policies during the current period.
Certain comparative information within expenses has been reclassified, where required, for consistency with
the current period’s presentation.
3 SEGMENT INFORMATION
Management has determined the operating segments based on the reports reviewed by the Chief Executive
Officer that are used to assess performance and allocate resources.
The Group is organised into the following main operating segments:
SKYCITY Auckland
SKYCITY Auckland includes casino operations, hotels and convention, food and beverage, car parking,
Sky Tower and a number of other related activities, and excludes International Business customers.
Rest of New Zealand
Rest of New Zealand includes the Group's operations at SKYCITY Hamilton, SKYCITY Queenstown and
SKYCITY Wharf, and excludes International Business customers. The Group's interest in the New Zealand
International Convention Centre and associates are also included here.
Adelaide Casino
Adelaide Casino includes casino operations and food and beverage, and excludes International Business
customers.
SKYCITY Darwin
SKYCITY Darwin includes casino operations, food and beverage and hotel, and excludes International
Business customers.
International Business
The International Business segment is made up of international customers sourced mainly from Asia.
The revenue is generated at SKYCITY’s Auckland, Darwin, Adelaide, Queenstown and Hamilton locations.
The results of the segment include commission and complimentary play.
NOTES TO THE FINANCIAL STATEMENTS

SKYCITY ENTERTAINMENT GROUP LIMITED | SKYCITYENTERTAINMENTGROUP.COM19
Corporate / Group
Head office and group-wide functions including legal and regulatory, group finance, human resources,
information technology, innovation, the Chief Executive Officer's office and Directors.
SKYCITY REST OF ADELAIDE SKYCITY INTERNATIONAL CORPORATE/
AUCKLAND NEW ZEALAND CASINO DARWIN BUSINESS GROUP TOTAL
$’000 $’000 $’000 $’000 $’000 $’000 $’000
Six Months Ended 31 December 2017
Revenue from external customers
and other income 263,150 32,845 78,832 63,331 66,466 – 504,624
Expenses (132,169) (19,440) (64,586) (45,047) (47,706) (15,099) (324,047)
Depreciation and amortisation (25,187) (2,681) (9,087) (6,847) – (3,321) (47,123)
Segment profit / (loss) (EBIT) 105,794 10,724 5,159 11,437 18,760 (18,420) 133,454
Net finance costs (6,225)
Profit before income tax 127,229
Six Months Ended 31 December 2016
Revenue from external customers
and other income 257,892 31,628 75,011 61,169 58,540 – 484,240
Expenses (131,461) (18,670) (61,562) (42,516) (50,930) (10,040) (315,179)
Depreciation and amortisation (25,502) (2,777) (8,650) (6,923) – (3,470) (47,322)
Segment profit / (loss) (EBIT) 100,929 10,181 4,799 11,730 7,610 (13,510) 121,739
Net finance costs (8,146)
Profit before income tax 113,593
Year Ended 30 June 2017
Revenue from external customers
and other income 514,642 63,056 144,832 110,712 94,825 – 928,067
Expenses (263,349) (37,884) (123,691) (82,646) (89,164) (24,323) (621,057)
Impairment of goodwill – – – (99,486) – – (99,486)
Depreciation and amortisation (50,817) (5,690) (17,809) (13,809) – (6,924) (95,049)
Segment profit/(loss) (EBIT) 200,476 19,482 3,332 (85,229) 5,661 (31,247) 112,475
Net finance costs (16,712)
Profit before income tax 95,763
NOTES TO THE FINANCIAL STATEMENTS

INTERIM REPORT | SIX-MONTH PERIOD ENDED 31 DECEMBER 201720
4 REVENUE
6 MONTHS 6 MONTHS 12 MONTHS
31 DECEMBER 31 DECEMBER 30 JUNE
2017 2016 2017
$’000 $’000 $’000
Total receipts including GST 570,372 548,461 1,052,145
Less non-gaming GST (16,227) (15,762) (30,886)
Gaming win plus non-gaming revenue 554,145 532,699 1,021,259
Less gaming GST (50,096) (48,898) (93,959)
Total revenue 504,049 483,801 927,300
Gaming 386,478 369,590 704,854
Non-gaming 117,571 114,211 222,446
Total revenue 504,049 483,801 927,300
Gaming win represents the gross cash inflows associated with gaming activities. “Total receipts including
GST” and “Gaming win plus non-gaming revenue” do not represent revenue as defined by NZ IAS 18
“Revenue”. The Group has decided to disclose these amounts as they give shareholders and interested parties
a better appreciation for the scope of the Group’s gaming activities and is consistent with industry practice
adopted by casino operations in Australia.
5 EXPENSES
6 MONTHS 6 MONTHS 12 MONTHS
31 DECEMBER 31 DECEMBER 30 JUNE
2017 2016 2017
$’000 $’000 $’000
Other expenses includes:
Utilities, insurance and rates 12,555 11,545 23,584
Property expenses 7,262 7,179 15,039
Other items (including International Business commissions) 62,133 51,417 101,616
Lease payments relating to operating leases 2,336 2,301 4,587
Provision for bad and doubtful debts 837 9,322 7,660
85,123 81,764 152,486
Depreciation 40,967 41,027 82,766
Casino licence amortisation (Adelaide) 2,856 2,747 5,533
Computer software amortisation 3,300 3,548 6,750
Total depreciation and amortisation 47,123 47,322 95,049
NOTES TO THE FINANCIAL STATEMENTS

SKYCITY ENTERTAINMENT GROUP LIMITED | SKYCITYENTERTAINMENTGROUP.COM21
6 DIVIDENDS
6 MONTHS 6 MONTHS 12 MONTHS
31 DECEMBER 31 DECEMBER 30 JUNE
2017 2016 2017
$’000 $’000 $’000
Prior year's final dividend 66,210 68,457 68,457
Interim dividend – – 65,668
Total dividends provided for or paid 66,210 68,457 134,125
Cents per share
Prior year's final dividend 10.0 10.5 10.5
Interim dividend 10.0
Subsequent to balance date the Board of Directors has resolved to pay an interim dividend of 10 cents per share.
7 NET FINANCE COSTS
6 MONTHS 6 MONTHS 12 MONTHS
31 DECEMBER 31 DECEMBER 30 JUNE
2017 2016 2017
$’000 $’000 $’000
Finance costs
Interest and finance charges 17,260 15,835 32,303
Exchange (gains) / losses 61 (578) (534)
Interest income (137 ) (739) (1,187)
Capitalised interest (10,959) (6,372) (13,870)
Net finance costs 6,225 8,146 16,712
NOTES TO THE FINANCIAL STATEMENTS

INTERIM REPORT | SIX-MONTH PERIOD ENDED 31 DECEMBER 201722
8 CURRENT LIABILITIES – INTEREST-BEARING LIABILITIES
31 DECEMBER 31 DECEMBER 30 JUNE
2017 2016 2017
$’000 $’000 $’000
Unsecured
United States Private Placement (USPP) notes 105,678 38,749 102,375
Total current interest-bearing borrowings 105,678 38,749 102,375
Refer to note 9 for details of the USPP notes.
9 NON-CURRENT LIABILITIES – INTEREST-BEARING LIABILITIES
31 DECEMBER 31 DECEMBER 30 JUNE
2017 2016 2017
$’000 $’000 $’000
Unsecured
USPP notes 162,032 272,275 157,627
Syndicated bank facility 120,000 – 10,000
NZ bond 125,000 125,000 125,000
Deferred funding expenses (3,389) (3,167) (3,223)
Total unsecured non-current interest-bearing borrowings 403,643 394,108 289,404
(a) United States Private Placement (USPP) Notes
The USPP fixed rate US dollar borrowings have been converted to New Zealand and Australian dollar
floating rate borrowings by using cross-currency interest rate swaps to eliminate foreign exchange exposure
to the US dollar within the Income Statement.
USPP notes mature between March 2018 and March 2021.
The movement in the USPP amount from 30 June 2017 relates to foreign exchange movements.
In November 2017, agreement was reached with USPP investors to issue further USPP notes in March 2018
(delayed drawdown). These notes are composed of US$100.0 million maturing March 2025 and
A$65.4 million maturing March 2028. As at 31 December 2017 these notes have not been issued so
are not recognised on the Balance Sheet.
NOTES TO THE FINANCIAL STATEMENTS

SKYCITY ENTERTAINMENT GROUP LIMITED | SKYCITYENTERTAINMENTGROUP.COM23
(b) Syndicated Bank Facility
The syndicated banking facility is provided by ANZ (New Zealand and Australia), Commonwealth Bank of
Australia, Bank of New Zealand, National Australia Bank and Westpac (New Zealand and Australia).
As at 31 December 2017, SKYCITY had in place revolving credit facilities of:
• NZ$200.0 million maturing 30 June 2020
• NZ$120.0 million maturing 15 March 2021
• A$280.0 million maturing 31 March 2022
(c) New Zealand Bond
$125 million of unsubordinated, unsecured, redeemable fixed rate bonds were issued on 28 September 2015
with a maturity of seven years.
10 SHARE CAPITAL



31 DECEMBER
2017
SHARES
31 DECEMBER
2017
$’000
31 DECEMBER
2016
SHARES
31 DECEMBER
2016
$’000
30 JUNE
2017
SHARES
30 JUNE
2017
$’000
Opening balance of ordinary shares issued 667,376,523 656,986,761 656,986,761 1,100,792 1,055,737 1,055,737
Share rights issued for employee services – – – 1,489 288 736
Employee share entitlements issued – 204,689 204,689 – – –
Treasury shares issued – (204,689) (204,689) – – –
Net movement in treasury shares value – – – – (192) (192)
Shares issued under
Dividend Reinvestment Plan
6,959,092 4,475,798 10,389,762 25,596 21,031 44,511
674 , 3 3 5 , 615 661,462,559 667,376,523 1,12 7, 87 7 1,076,864 1,10 0,792
Included within the number of shares are treasury shares of 5,515,841 (31 December 2016: 5,515,841 and
30 June 2017: 5,515,841) held by the company. Treasury shares may be used to issue shares under the
company's employee incentive plan or upon the exercise of share rights/options.
NOTES TO THE FINANCIAL STATEMENTS

INTERIM REPORT | SIX-MONTH PERIOD ENDED 31 DECEMBER 201724
11 CONTINGENCIES
There are no significant contingent liabilities or assets (31 December 2016 and 30 June 2017: none).
12 COMMITMENTS
(a) Capital commitments
Capital expenditure contracted for at the reporting date but not recognised as liabilities is as follows:
31 DECEMBER 31 DECEMBER 30 JUNE
2017 2016 2017
$’000 $’000 $’000
Property, plant and equipment 352,036 441,663 390,912
The majority of the capital commitments relate to the construction of the New Zealand International
Convention Centre, Hobson Street hotel and the purchase of the strata title interests in the AA Centre in
Auckland.
(b) Operating lease commitments
31 DECEMBER 31 DECEMBER 30 JUNE
2017 2016 2017
$’000 $’000 $’000
Commitments for minimum lease payments in relation
to non-cancellable operating leases are payable as follows:
Within one year 4,666 4,569 4,266
Later than one year but not later than five years 12,359 12,701 11,754
Later than five years 338,818 288,365 329,565
355,843 305,635 345,585
NOTES TO THE FINANCIAL STATEMENTS

SKYCITY ENTERTAINMENT GROUP LIMITED | SKYCITYENTERTAINMENTGROUP.COM25
13 EVENTS OCCURRING AFTER THE BALANCE SHEET DATE
Dividend
On 8 February 2018, the Directors resolved to provide for an interim dividend to be paid in respect of the
six months ended 31 December 2017. The unfranked, fully imputed dividend of 10 cents per share will be
paid on 16 March 2018 to all shareholders on the company's register at the close of business on 2 March 2018.
14 RECONCILIATION OF PROFIT AFTER INCOME TAX TO NET
CASH INFLOW FROM OPERATING ACTIVITIES
6 MONTHS 6 MONTHS 12 MONTHS
31 DECEMBER 31 DECEMBER 30 JUNE
2017 2016 2017
$’000 $’000 $’000
Profit for the period 93,460 83,781 44,862
Depreciation, amortisation and asset write-offs 47,123 47,322 95,049
Net finance costs 6,225 8,146 16,712
Current period employee share entitlement 1,489 288 736
Share of net loss of associate 75 – –
Gain on sale of property, plant and equipment (644) (434) (762)
Impairment of goodwill – – 99,486
Change in operating assets and liabilities:
Change in receivables and prepayments (3,916) 11,236 19,175
Change in inventories (1,547) (923) 668
Change in tax payable (11,653) 5 , 262 13 , 741
Change in payables and accruals 42,955 (7,693) (1,348)
Change in deferred tax liability 4,901 9,099 1,333
Change in net tax receivable - current (3,081) (1,590) 4,847
Change in provisions 223 (1,312) (1,182)
Capital items included in working capital movements (11,035) (6,719) (13,793)
Net Cash Inflow from Operating Activities 164,575 146,463 279,524
NOTES TO THE FINANCIAL STATEMENTS

INTERIM REPORT | SIX-MONTH PERIOD ENDED 31 DECEMBER 201726
1H181H17
REVENUE
$M
EBITDA
$M
EBIT
$M
NPAT
$M
REVENUE
$M
EBITDA
$M
EBIT
$M
NPAT
$M
Normalised545.0175.8128.790.3525.8168.9121.683.7
International Business at Theoretical9.74.74.73.27.30.10.10.1
Reported554.7180.6133.593.5533.1169.1121.783.8
SKYCITY’s objective of producing normalised financial information is to provide data that is useful to the
investment community in understanding the underlying operations of the Group.
Total revenues are gaming win plus non-gaming revenues.
Application of the Group’s non-GAAP financial information policy is consistent with the approach adopted
i n F Y17.
Certain totals and subtotals may not agree due to rounding.
1H18 Adjustments
• Actual win rate on International Business of 1.55% vs. the theoretical win rate of 1.35%.
1H17 Adjustments
• Actual win rate on International Business of 1.52% vs. the theoretical win rate of 1.35%.
RECONCILIATION
RECONCILIATION BETWEEN REPORTED AND NORMALISED FINANCIAL INFORMATION

SKYCITY ENTERTAINMENT GROUP LIMITED | SKYCITYENTERTAINMENTGROUP.COM27
REGISTERED OFFICE
SKYCITY
Entertainment
Group Limited
Level 6
Federal House
86 Federal Street
PO Box 6443
Wellesley Street
Auckland
New Zealand
Telephone:
+64 9 363 6000
Facsimile:
+64 9 363 6140
Email: sceginfo@skycity.co.nz
www.skycityentertainmentgroup.com
Registered Office in Australia
c/o Finlaysons
81 Flinders Street
GPO Box 1244
Adelaide
South Australia
Telephone:
+61 8 8235 7400
Facsimile:
+61 8 8232 2944
AUDITOR
PricewaterhouseCoopers
188 Quay Street
Private Bag 92162
Auckland
SOLICITORS
Russell McVeagh
Vero Centre
48 Shortland Street
PO Box 8
Auckland
Bell Gully
Vero Centre
48 Shortland Street
PO Box 4199
Auckland
Webb Henderson
110 Customs Street West
PO Box 105–426
Auckland
SUPERVISOR FOR BONDS
The New Zealand Guardian Trust
Company Limited
Dimension House
99–105 Customhouse Quay
PO Box 3845
Wellington
REGISTRARS
NEW ZEALAND
Computershare
Investor Services
Limited
Level 2
159 Hurstmere Road
Takapuna
Private Bag 92119
Auckland
Telephone:
+64 9 488 8700
Facsimile:
+64 9 488 8787

Email: enquiry@computershare.co.nz
AUSTRALIA
Computershare
Investor Services
Pty Limited
Level 4
60 Carrington Street
Sydney NSW 2000
GPO Box 7045
Sydney NSW 2000
Telephone:
+61 2 8234 5000
Facsimile:
+61 2 8234 5050

Email: enquiry@computershare.co.nz
DIRECTORY

skycityentertainmentgroup.com

---

MARKET RELEASE
9 February 2018
SKYCITY Entertainment Group Limited
Interim results for the six months to 31 December 2017
SKYCITY Entertainment Group Limited (NZX/ASX:SKC) today announced its interim
results for the six months to 31 December 2017. On the interim result, SKYCITY’s Chief
Executive Officer Graeme Stephens commented:
“SKYCITY’s FY18 interim results deliver growth on the prior year and are largely in-line
with our expectations and previous market guidance. We continue to make progress on
our current strategic initiatives and the significant developments underway in Auckland
and Adelaide position the company for earnings growth and creation of shareholder
value over the medium-term. Despite ongoing disruption from capital works in Auckland
and Adelaide and a slightly less favourable New Zealand economic environment, we
remain confident we can continue to deliver growth from our existing assets as well as
the new projects in the pipeline”, he says.
Key Features Of Interim Result

 The key drivers of our performance over the interim period were growth from our
combined New Zealand properties, a recovery in our International Business, stable
performance from our combined Australian properties, a lower net interest expense
due to increased capitalised interest from our major growth projects and a stronger
A$ vs the NZ$.

 Normalised NPAT was $90.3 million up 7.9% on the previous corresponding period,
normalised EBITDA up 4.1% to $175.8 million and normalised revenue up 3.6% to
$545.0 million.

 Reported NPAT was up 11.6% to $93.5 million on the previous corresponding period
due to a favourable win rate on International Business (1.55%) relative to the
theoretical win rate (1.35%). Reported EBITDA was up 6.8% to $180.6 million and
reported revenue up 4.0% to $554.7 million.

 Normalised earnings per share was up 6.3% to 13.5 cents per share with growth in
net earnings offset by increased shares on issue during the period due to participation
in the company’s Dividend Reinvestment Plan. Reported earnings per share was up
9.4% to 13.9 cents per share.

 A fully imputed interim dividend of 10 cents per share has been declared by the
Board, which is consistent with our existing dividend policy.


Property Results In Summary
SKYCITY Auckland achieved modest earnings growth relative to a record previous
corresponding period, in-line with previous guidance. Revenue (excluding International
Business) was up 2.1% to $289.9 million and EBITDA (excluding International Business)

up 3.6% to $131.0 million on the previous corresponding period. 2.3% growth in local
gaming revenue was achieved despite reduced premium gaming activity during 2Q18
and a reduction in (and other modifications to) our smoking areas implemented from late
FY17. Non-gaming revenue was up 4.0% on a like-for-like basis over the period, with
our hotels continuing to trade strongly and achieving ~10% growth in RevPAR (revenue
per available room).
SKYCITY Hamilton delivered a solid performance, although growth rates have moderated
following consecutive years of record performances. Revenue (excluding International
Business) was up 3.3% to $30.6 million and EBITDA (excluding International Business)
up 4.6% to $13.7 million. The positive result was primarily due to increased non-gaming
activity (particularly from Bowl and Social, our tenpin bowling entertainment zone) and a
focus on cost efficiencies.
Our combined Queenstown properties returned to growth during the period, but remain
relatively immaterial to the Group’s results.
Adelaide Casino achieved some growth during the period, in-line with previous guidance.
Revenue (excluding International Business) was up 1.3% to A$78.1 million and EBITDA
(excluding International Business) up 2.0% to A$13.0 million. New premium gaming
concessions implemented during the period and cost efficiencies have helped to offset
the impact of construction disruption from the early works programme. The premium
gaming business continues to build with more visitors to the premium gaming rooms
during the period and those rooms being expanded recently to accommodate increased
demand during peak trading periods.
SKYCITY Darwin achieved a stable performance on the previous corresponding period on
a like-for-like basis. Revenue (excluding International Business) was roughly flat at
A$62.0 million and EBITDA (excluding International Business) down 5.4% to A$16.7
million, largely due to the ~A$1.0 million Keno 10-spot being won during the period.
Overall, increased non-gaming revenue and visitation from broadening on-site
entertainment helped to offset weaker gaming activity. Adjusting for the Keno 10-spot
win, EBITDA would have been flat relative to the previous corresponding period.
Our International Business has recovered after a challenging FY17 and achieved growth
during the period, with turnover up 9.4% to $4.8 billion and normalised EBITDA up
87.1% to $14.0 million. This performance was underpinned by an increased focus on key
customers and a significant improvement in operating margins following an operational
review during 2H17. We continue to believe in the long-term prospects for our
International Business and our management team, now led by Stewart Neish, has been
making a positive impact on the business.
Major Growth Projects
We have seen a positive change in construction on-site for the New Zealand
International Convention Centre (NZICC) and Hobson Street hotel projects over the last
six months. The overall programme is well advanced with the core of the Hobson Street
hotel now up to the eighth floor (of thirteen) and the slab for the final floor in the NZICC
nearing completion. Fletcher Construction continues to target completion of the projects
around the middle of 2019, which is a six month delay from the contracted dates. We
remain comfortable with our contractual arrangements, which provide for liquidated
damages that should mitigate our losses through delay, but legal challenges from

Fletcher Construction are possible. Overall, we expect our investment in the projects to
be in-line with our original budget. We continue to escalate our sales and marketing
efforts to confirm the pipeline of convention bookings and, pleasingly, we have secured
six major international conferences for 2020.
Our expansion of the Adelaide Casino precinct continues to progress well following the
signing of our Development Agreement with the South Australian Government in late
July 2017. The process for selecting a construction firm, via a competitive tender, is well
advanced and the total budget expected for the project remains around A$330 million.
The early works programme being delivered by Lend Lease on behalf of the Government
is nearing completion. We expect to commence our main works before the end of FY18,
with completion and operationalisation of the new facilities expected in early FY21.
Walker Corporation’s development of Festival Plaza remains on-track with its 1,500 car
parks (of which we have agreement to lease 750 spaces for exclusive use) expected to
be completed contemporaneously with our expansion. We remain excited by the
medium-term potential for our Adelaide property and its prime location adjacent to key
leisure, tourism and entertainment infrastructure throughout the broader Riverbank
Precinct.
Other Initiatives
As indicated at the time of our FY17 full-year results, in addition to our major growth
projects, we can see the potential to further leverage our existing assets and strong
market positions underpinned by long-term exclusive casino licences. To this end, we
have commenced master planning work for both our Auckland and Hamilton properties –
we believe both properties present future opportunities for development which will
create value for shareholders. We also continue to evaluate strategic options in
Queenstown with a view to better leveraging the potential of our two casino licences and
improving our offering to appeal to a broader customer base.
Another area of focus for the company continues to be ensuring that SKYCITY is well
positioned to respond to changes in technological and digital platforms and the
preferences of existing and new customer groups. We continue to invest in our IT
infrastructure to ensure the customer experience at SKYCITY becomes best-in-class and
that we can engage via digital and social media. Our recent investment in Let’s Play Live
Media, which has seen the establishment of New Zealand’s first e-gaming studio in the
Sky Tower in Auckland, provides an exposure to one of the fastest growing forms of
entertainment globally with strong appeal for both millennial and Asian audiences.
Similarly, we look forward to working with New Zealand Rugby and Ngāi Tahu Tourism to
deliver the All Blacks Experience at SKYCITY Auckland from 2019. Having the All Blacks
Experience at SKYCITY aligns us with an iconic global brand and will enhance the family
and tourism entertainment experience on the precinct.
We are continuing to evaluate a range of options for our Darwin property as part of a
strategic review which commenced in July 2017 following the impairment of the book
value for the property. A full (or partial) sale of our interest in the property remains a
possibility at the right price, but there is no urgent time pressure given that the property
is profitable and cash generative – particularly with the recent stabilisation and slightly
improved performance. Pleasingly, we have recently secured a five-year extension of our
exclusive casino licence in Darwin out to 2036.

Funding
Total committed facilities as at 31 December 2017 were $1.20 billion (at hedged
exchange rates), of which $475 million has been drawn. We reached agreement on
US$150 million of USPP debt in November 2017 and plan to drawdown this new debt in
March 2018 to coincide with the maturity of existing USPP debt of US$75 million.
As previously flagged, we continue to evaluate opportunities to release capital from our
existing assets to repay bank debt and/or fund strategic opportunities as they arise. To
this end, we have recently appointed Colliers to manage the sale of our Federal Street
car park in Auckland, which is considered non-core following the opening of the NZICC
car parks. We are also evaluating options to monetise our main site car parks in
Auckland.
We continue to believe that SKYCITY is well positioned to fund its major growth projects
and retain its investment grade credit rating with Standard & Poor’s during peak gearing
periods. Consistent with previous guidance, we expect total debt to peak during FY20 at
around $1.0 billion.
Interim Dividend
The SKYCITY Board has declared a fully imputed interim dividend of 10 cents per share
payable on 16 March 2018. The SKYCITY Dividend Reinvestment Plan will be available
for this dividend with a 2% discount applying, in-line with prior periods. Elections to
participate in the company’s Dividend Reinvestment Plan for the interim dividend close
at 5pm (NZ time) on 2 March 2018. The interim dividend is consistent with our existing
policy which we believe continues to offer shareholders an attractive yield.
Outlook For Remainder Of FY18
Based on the financial performance during the interim period, we remain on-track to
achieve modest growth in Group EBITDA for FY18 on the previous corresponding period,
in-line with previous guidance.
Key contributors to this outlook during 2H18 are expected to be growth from our
combined New Zealand properties, improved performance from our combined Australian
properties and an on-going recovery in our International Business, offset by higher
corporate costs as the company continues to invest in technology and returns to a more
normal period of executive remuneration and incentive payments.
We expect Auckland to deliver growth in 2H18 on the previous corresponding period and
note there will be a strong focus on new initiatives to improve the operating performance
of the business and to deliver efficiencies. SKYCITY Hamilton is expected to deliver
modest earnings growth in 2H18 on the previous corresponding period.
Adelaide Casino is expected to deliver earnings growth in 2H18 on the previous
corresponding period due to increased premium gaming activity, margin improvements
and the property cycling a weaker comparative period. Disruption from the early works
programme followed by our main construction works is expected to continue to impact
the property.
Darwin is expected to deliver improved performance in 2H18 on the previous
corresponding period due to the property cycling a weaker comparative period.

Whilst inherently difficult to predict, turnover in our International Business is expected to
improve in 2H18 on the previous corresponding period with positive forward bookings
secured for the Chinese New Year period during February. We continue to target $10
billion in International Business turnover for FY18 for the Group. Operating margins in
2H18 are expected to be broadly consistent with 1H18.
ENDS
For more information please contact:
Media Investors & analysts
Rebecca Foote
Senior Communications Advisor
DDI: + 64 9 363 7126
Mobile +64 2138 9150
E-mail: Rebecca.foote@skycity.co.nz
Ben Kay
GM, Corporate Development & Investor
Relations
DDI: +64 9 363 6067
E-mail: ben.kay@skycity.co.nz
Notes to editors:
 Not all numbers in this release are audited. Further information on adjustments
between normalised and reported information is available in SKYCITY’s investor
presentation at: http://www.skycityentertainmentgroup.com.
Reported vs. Normalised Results


SKYCITY’s objective of producing normalised financial information is to provide data that
is useful to the investment community in understanding the underlying operations of the
Group.

Application of the Group’s non-GAAP financial information policy is consistent with the
approach adopted in FY17.


1H18 adjustments

 Actual win rate on IB of 1.55% vs. the theoretical win rate of 1.35%.

1H17 adjustments

 Actual win rate on IB of 1.52% vs. the theoretical win rate of 1.35%.
1H181H17
Revenue
$m
EBITDA
$m
EBIT
$m
NPAT
$m
Revenue
$m
EBITDA
$m
EBIT
$m
NPAT
$m
Normalised545.0175.8128.790.3525.8168.9121.683.7
IB at theoretical9.74.74.73.27.30.10.10.1
Reported554.7180.6133.593.5533.1169.1121.783.8