ANNUAL RESULT FOR THE YEAR ENDED 30 JUNE 2018

8 August 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)
ANNUAL RESULT FOR THE YEAR ENDED 30 JUNE 2018

Please find attached the following information relating to SKYCITY Entertainment
Group Limited’s result for the year ended 30 June 2018:

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

2. FY18 Result - Investor Presentation;

3. Audited financial statements and notes; and

4. NZX Appendix 7 (as required by NZX Listing Rule 7.12.2) detailing the final
dividend of NZ 10.0 cents per ordinary share to be paid on 14 September 2018
to those shareholders on the company’s share register as at 5pm (NZ time) on
31 August 2018. The company’s Dividend Reinvestment Plan will be activated
in respect of the final dividend, with no discount being offered.

For the purposes of ASX Listing Rule 1.15.3, SKYCITY Entertainment Group Limited
confirms that it continues to comply with the listing rules of its home exchange, the
NZX Main Board.

SKYCITY is hosting a conference call for investors and analysts today at 12.00 noon
(NZ time) to discuss the FY18 result. Details for this call were released on the NZX
and ASX on 10 July 2018.

Yours faithfully

Rob Hamilton
Chief Financial Officer

---

SKYCITY Entertainment Group Limited
Results for announcement to the market
Reporting Period 1 July 2017 to 30 June 2018
Previous Reporting Period 1 July 2016 to 30 June 2017

Reported Amount (millions) Percentage change
Reported revenue including
gaming GST from ordinary
activities
NZ$1,096.8 7.3%
Reported revenue from ordinary
activities
1

NZ$996.8 7.4%
Reported profit (loss) from
ordinary activities after tax
attributable to security holders
NZ$169.5 277.9%
Reported net profit (loss)
attributable to security holders
NZ$169.5 277.9%


Normalised Amount (millions) Percentage change
Normalised revenue including
gaming GST from ordinary
activities
NZ$1,100.8 7.0%
Normalised revenue from ordinary
activities
NZ$998.6 6.9%
Normalised profit (loss) from
ordinary activities after tax
attributable to security holders
NZ$169.9 10.4%
Normalised net profit (loss)
attributable to security holders
NZ$169.9 10.4%













Notes:
- ‘Reported’ information is per the audited 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
- Comparative data changed as per adjustment to IB turnover announced 1 May 2018


1
On the Income Statement this is the total of Revenue, Other Income and Share of losses from associates.

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

Record Date 31 August 2018
Payment Date 14 September 2018

Comments: SKYCITY’s FY18 performance is set out in the
Company’s Investor 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 year ended 30 June 2018.

The Investor Presentation will be available on the
Company’s website from 8 August 2018.


NTA Backing
2018 2017
Net tangible asset backing per ordinary
share
$0.483 $0.377


Auditors
This report is based on accounts that have been audited. The audit report is provided with the
accounts which accompany this announcement.


Discontinued Operations
None.


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

For the September 2018 dividend, Dividend Reinvestment Plan will be effective with no
discount. Elections to participate in the DRP for the September 2018 dividend close on 31
August 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.

Normalisation adjustments have been calculated in a consistent manner in FY18 and FY17.


FY18 adjustments
• None

FY17 adjustments
• Impairment of Darwin goodwill, A$94.6m (NZ$99.5 million)


The actual win rate on IB was 1.32% for FY18 (FY17: 1.27%).

---

SKYCITY
Entertainment
Group Limited
SKYCITY
Entertainment
Group Limited
FY18 Results –
Investor
Presentation
8August 2018

2
2
Important Information
Average NZ$ vs. A$ cross-rate for FY18 = 0.9199 and FY17 = 0.9433
Weighted average number of shares
(1)
for FY18 = 669,112,499and FY17= 656,691,523
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
1.32% in FY18 (FY17: 1.27%)
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% and certain other items (see
page 27 for more details)
Certain totals, subtotals and percentages may not agree due to rounding
(1) Excludes treasury shares

3
3
Contents
Appendices
4
24
Group Strategy Update
13
FY18 Key Achievements
FY19 Outlook
14
FY18 Results
5

4
4
FY18 Key Achievements
Record financial performance −
NormalisedNPAT up 10.4%
Improved operational
performance at all properties
Completed refresh of
group strategy
Successfullyprogressed
key strategic initiatives
Increased focus on CSR
initiatives and sustainability
New Chairman / management team
on-boardand focused on
executing strategic plan

FY18 Results

6
6
Results Overview
FY18FY17Movement
$m$m$m%
Normalised Revenue (incl Gaming GST)1,100.81,028.971.97.0%
Normalised EBITDA338.2320.417.85.5%
Normalised NPAT
(1)
169.9153.816.110.4%
Normalised EPS25.4cps23.4cps2.0cps8.5%
)
FY18FY17Movement
$m$m$m%
Reported Revenue (incl Gaming GST)1,096.81,022.074.87.3%
Reported EBITDA338.7307.031.710.3%
Reported NPAT169.544.9124.6277.9%
Reported EPS25.3cps6.8cps
18.5cps272.1%
Final Dividend NZ$ DPS10.0cps10.0cps0.0cps0.0%
(1) When adjusted for post-tax accounting impact of interest currently being capitalised on major projects, FY18 Normalised NPAT up 6.7% on the pcp to $153.6m (vs. $144.0m in FY17)

7
7
FY18 Revenue by Business
(1)
FY18
$m
FY17
$m
Movement
%
New Zealand Casinos (excl IB)
▪Auckland584.7566.73.2%
▪Hamilton60.659.42.1%
▪Queenstown / other12.711.87.2%
Total New Zealand Revenue 658.0637.83.2%
Australian Casinos (excl IB)
▪Adelaide (A$)149.0148.00.6%
▪Darwin(A$)110.8112.2(1.3%)
Total Australia (A$)259.8260.3(0.2%)
Total Australia Revenue (NZ$)282.6275.92.4%
Normalised IB Revenue
160.3115.1
39.2%
Normalised Revenue 1,100.81,028.9
7.0%
Adjust International Business to actual win rate(4.0)(6.9)
Reported Revenue1,096.81.022.07.3%
(1) Including gaming GST

8
8
FY18 EBITDA by Business
FY18
$m
FY17
$m
Movement
%
New Zealand Casinos (excl IB)
▪Auckland260.7251.33.7%
▪Hamilton26.925.84.3%
▪Queenstown / other2.11.356.5%
Total New Zealand EBITDA289.7278.54.0%
Australian Casinos (excl IB)
▪Adelaide (A$)22.520.012.5%
▪Darwin(A$)25.126.5(5.3%)
Total Australia (A$)47.646.52.3%
Total Australia EBITDA (NZ$)51.849.25.3%
Normalised IB EBITDA
32.619.171.2%
Corporate Costs(33.0)(24.4)(35.4%)
NZICC Operating Costs(3.0)(1.9)(54.1%)
Normalised EBITDA338.2320.45.5%
Adjust International Business to actual win rate 0.5(13.4)
Reported EBITDA338.7307.010.3%

9
9
Results Commentary
New Zealand Properties
▪Auckland: Record EBITDA with improved 2H18 EGMs growth (+5.4% vs. pcp) and another positive hotel
performance, offset by 2H18 tables performance impacted by lower hold %
▪Hamilton: Record EBITDA with modest EGM growth and strong non-gaming performance
▪Queenstown: Higher visitation, especially from premium customers and tourists
Group
▪Record annual normalised and reported EBITDA and NPAT
▪Normalised EBITDA growth of 5.5% vs. pcp (+9.5% in 2H18 vs. pcp), ahead of previous guidance
▪Key drivers were strong growth in IB, continued growth in Auckland, improved performance in Adelaide
and effective cost management at the properties, offset by increase in corporate costs
Australian Properties
▪Adelaide: EBITDA growth achieved despite construction disruption, with improved 2H18 EGMs
performance (+4.5% vs. pcp) and increased premium gaming activity
▪Darwin: Recent competitive pressures stabilised, visitation increased and EBITDA growth achieved if
normalise for Keno 10-spot jackpots (three in FY18 vs. none in FY17)

10
10
Results Commentary
Dividends
▪Fully-imputed final dividend of 10cps, payable 14 September 2018
▪Total FY18 dividend of 20cps (fully-imputed), in-line with existing policy
▪Dividend Reinvestment Plan available for final dividend, but no discount (previously 2%)
Corporate Costs and Other Expenses
▪Higher corporate costs due to increased investment in ICT and return to normal level of incentive
remuneration
▪D&A flat due to increased capex offset by certain assets now being fully depreciated
▪Reduced net interest expense reflecting higher average debt offset by lower average interest rate and
increased capitalised interest (~$23m) from major projects
▪Stable effective tax rate of 26.6% (normalised) − as previously flagged, changes in tax legislation will
increase effective tax rate to ~29% in FY19
International Business
▪Strong growth achieved with full-year turnover of $11.9bn and actual win rate of 1.32%
▪Record normalised EBITDA with increased margins due to operating efficiencies and low bad debts

11
11
Capital Expenditure
Growth capex primarily related to NZICC and
Horizon Hotel project, Adelaide expansion
and Auckland property acquisitions
Timing of capex on NZICC and Horizon Hotel
project slightly delayed due to changes to
construction programme
FY18 capital expenditure (NZ$m)
(1)
Projected capex for major projects ($m)
398
253
42
9
56
72
165
37
0
50
100
150
200
250
300
350
400
450
Spent to FY18FY19FY20FY21+
NZICC & Horizon hotel projects (NZ$)Adelaide expansion (A$)
(1) Includes accruals for capital expenditure incurred, but not yet paid
55
64
104
196
0
50
100
150
200
250
300
FY17FY18
Growth projectsMaintenance capex
$159m
$261m

12
12
Funding and Capital Management
Movement in net hedged debt (NZ$m)
Gross hedged debt of $474m at
year-end, with no bank debt drawn
Cash at bank of $27m at year-end
Net hedged debt up ~$100m
reflecting increased capex from
major projects and Auckland
property acquisitions
Average interest rate of 6.21%,
reflecting higher cost USPP debt
issued in 2011
Remain committed to maintaining
BBB-credit rating
349
447
(
339
)
35
63
85
7
(
7
)
254
0
50
100
150
200
250
300
350
400
450
500
Opening
net debt
(June 2017)
Cash
EBITDA
Gross
funding
costs
Cash tax
Dividends
(net of
DRP)
Cash in
house /
other
Working
capital
Cash
capex
Closing net
debt
(June
2018)

13
13
FY19 Outlook
▪Corporate costs expected to be around $37m, reflecting further investment in ICT and group
marketing function, and higher incentive remuneration
▪NZICC operating costs expected to be around $6m
▪Net interest expense expected to be around $15m, with ~$30m of capitalised interest
▪D&A expected to be around $100m
▪Effective tax rate expected to be around 29% (was 26.6% in FY18)
▪Combined NZ properties expected to achieve similar EBITDA growth to that achieved in FY18
▪Further growth expected in Adelaide EBITDA, despite continued construction disruption
▪Improved operating performance in Darwin expected to continue
▪IB turnover expected to improve vs. pcp
Properties
Corporate / Other
▪Expect to achieve modest growth in normalised group EBITDA in FY19 vs. pcp
▪Trading YTD in-line with expectations following positive finish to FY18
▪Key drivers of FY19 performance expected to be further growth in Auckland and IB, offset by higher
corporate costs
▪After increase in effective tax rate, normalised group NPAT expected to be slightly below pcp
▪Plan to continue existing dividend policy with minimum annual dividend of 20cps
▪Maintenance capex expected to be around $80-85m
Group

Group Strategy Update

15
15
Refreshed Group Strategic Plan

16
Improve Our Operating Performance
New events and more effective marketing driving visitation
growth at all properties − greater focus on data analytics
Invested in new EGM product across the group − focus on
floor mix, layout and bonusing
Focus on growing IB and premium gaming (both tables and
EGMs)
Managing disruption during Riverbank precinct
development in Adelaide
Significant ongoing investment in ICT and digital capability
Commenced group-wide review of brand, CRM and loyalty
programme
Strong operating cost focus driving margin growth at all
properties
Starting to see benefits from group-wide coordination and
removal of property silos (Group COO)

17
Optimise Our Existing Portfolio
Pursuing ‘capital-lighter’ approach to enhance
returns on capital
•Sold Federal St car park for $40m
•Commenced marketing process for potential
sale of Auckland main site car parks
Process for potential sale of Darwin nearing
conclusion − indicative bids above book value
Property acquisitions in Auckland completed as
part of broader master planning
Developing plans to enhance IB and premium
gaming offerings in Auckland
Continue to evaluate master planning
opportunities in Hamilton
Exploring options to create improved VIP /
premium facility in Queenstown
Major projects progressing satisfactorily
(NZICC / Horizon Hotel and Adelaide)

18
NZICC and Horizon Hotel Project
Positive momentum on project over recent
months
Strong alignment with Fletcher Construction
to complete by December 2019
Remain comfortable with contractual
arrangements
Expect SKYCITY’s investment in the project
to be in-line with original budget
Additional SKYCITY costs due to delays
expected to be covered by liquidated
damages
Litigation risk will be evaluated in year
ahead
Major conventions secured for 2020 and
pursuing strong pipeline of leads
First tranche of NZICC car parks (~600
spaces) expected to be available for use in
September
NZICC and Horizon Hotel development site
(as at July 2018)

19
Adelaide Expansion
Hansen Yuncken appointed as building
contractor
•Largely fixed price, lump sum, build-only
contract
•Commercial terms provide significant
risk protection
Total project costs remain at A$330m
(including contingency)
Main construction works commenced in
June
Expect car park to be opened
contemporaneous with expansion in 1H21
(Q3 2020)
SA Government has commenced regulatory
review with focus on ‘level playing field’ for
SA vs. other states
Adelaide expansion development site
(as at July 2018)

20
Grow and Diversify Our Business
Progressing strategy to grow hotels business
•Second largest EBITDA contributor after gaming
•Capitalises on existing hotel portfolio and
operational expertise
•Potential to be highly scalable asset class –
positive hotel outlook in key NZ market
•Actively seeking investment partner for future
developments and / or acquisitions
Exploring options to develop online casino offering
•Offshore based online casinos are already
operating in NZ (taking business from land-
based)
Broadening entertainment offering to attract new
customers and ensure long-term relevance (e.g.
LPL and All Blacks Experience)

21
21
Character and Culture Goals
Offer a great and safe place to
work
Always put customers first
Be responsible leaders in our
communities
Committed to minimum
wage in NZ of $20 by 2020
Focused on diversity, health
and wellbeing
Principal partner of Global
Women initiative in NZ
‘Rainbow Tick’ and ‘White
Ribbon’ certified
Investing in training
programmes and youth
employment initiatives
Focused on talent
identification and succession
planning
Developed new executive
performance incentive plan
Continued investment in host
responsibility programme
Investing in customer-focused
digital initiatives
Developing new CRM and
loyalty programme
Initiated customer journey
mapping
Developed strategy and
programme to ensure
relevance in fast growing
Asian markets
Leveraging ‘co-lab’ customer
survey panel
Recognised as industry leader
in sustainability practices
(1)
Signatory to Climate Leaders
Statement in NZ (target to be
carbon neutral by 2050)
Focused on local and ethical
sourcing in procurement
Focused on supporting youth
development / employment
Distributed over $3m to local
communities through trusts
Helped raise over $1.5m for
Leukaemia & Blood Cancer
Expanded and upweighted Health & Safety strategy and focus
(1) ACSI report, 2018

22
22
Creating Long-Term Value

23
23
Maintaining Social Licence To Operate

Appendices

25
25
FY18 Results Overview –Normalised
Normalised
FY18
$m
FY17
$m
Movement
$m %
Normalised Revenue (including Gaming GST)
1,100.81,028.971.97.0%
Gaming GST(102.2)(94.4)(7.9)(8.3%)
Normalised Revenue998.6934.564.06.9%
Expenses(660.4)(614.1)(46.3)(7.5%)
Normalised EBITDA338.2320.417.85.5%
Depreciation and Amortisation(94.4)(95.0)0.70.7%
Normalised EBIT243.8225.418.48.2%
Net Interest(12.5)(16.7)4.325.5%
Normalised NPBT231.4208.722.710.9%
Tax(61.5)(54.8)(6.7)(12.2%)
Normalised NPAT169.9153.816.110.4%
Normalised EPS
25.4cps23.4cps2.0cps8.5%

26
26
FY18 Results Overview –Reported
Reported
FY18
$m
FY17
$m
Movement
$m %
Reported Revenue (including Gaming GST)1,096.81,022.074.87.3%
Gaming GST(100.0)(93.9)(6.1)(6.5%)
Reported Revenue996.8928.168.87.4%
Expenses(658.1)(621.1)(37.1)(6.0%)
Reported EBITDA338.7307.031.710.3%
Impairment of Darwin goodwill-(99.5)99.5n/a
Depreciation and Amortisation(94.4)(95.0)0.70.7%
Reported EBIT244.4112.5131.9117.2%
Net Interest(12.5)(16.7)4.325.5%
Reported NPBT231.995.8136.1142.2%
Tax(62.4)(50.9)(11.5)(22.5%)
Reported NPAT169.544.9124.6277.9%
Reported EPS
25.3cps6.8cps
18.5cps272.1%
Final Dividend NZ$ cps10.0cps10.0cps0.0cps0.0%

27
27
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
FY18 adjustments
•Actual win rate on IB of 1.32% vs. theoretical win rate of 1.35%
FY17 adjustments
•Actual win rate on IB of 1.27% vs. theoretical win rate of 1.35%
•A$95m (NZ$99.5m) write-off of goodwill at Darwin following annual impairment review
Reported and Normalised Earnings
FY18FY17
Revenue
$m
EBITDA
$m
EBIT
$m
NPAT
$m
Revenue
$m
EBITDA
$m
EBIT
$m
NPAT
$m
Normalised
1,100.8338.2243.8169.91,028.9320.4225.4153.8
IB at theoretical
(4.0)0.50.5(0.4)(6.9)(13.4)(13.4)(9.4)
Asset write-offs
------(99.5)(99.5)
Reported
1,096.8338.7244.4169.51,022.0307.0112.544.9

28
28
FY18
$m
FY17
$m
Movement
%
Revenue
Gaming Machines252.2244.53.2%
Tables161.9159.21.7%
Gaming Revenue (incl GST)414.2403.72.6%
Non-Gaming Revenue170.5163.04.6%
Total Revenue
(incl gaming GST) (excl IB)
584.7566.73.2%
Gaming GST(53.6)(52.0)(3.1%)
Total Revenue
(excl gaming GST) (excl IB)
531.0514.63.2%
Expenses(270.3)(263.3)(2.6%)
EBITDA (excl IB)260.7251.33.7%
EBITDA Margin (excl IB)44.6%44.3%-
Depreciation & Amortisation(50.4)(50.8)0.8%
EBIT (excl IB)210.3200.54.9%
Normalised EBITDA (incl IB)284.4264.67.5%
Normalised EBITDA Margin (incl IB)40.9%40.8%-
SKYCITY Auckland
Record EBITDA performance
Improved 2H18 performance from EGMs with
revenue up 5.4% vs. pcp
Flat 2H18 performance from tables due to lower
hold % in premium rooms
Positive hotels performance
•Occupancy ~90%
•RevPAR growth of 6% vs. pcp
Restaurant and bar covers up 2%
Sky Tower visitation up 7% and now #1 Auckland
attraction on Trip Advisor

29
29
SKYCITY Hamilton
FY18
$m
FY17
$m
Movement
%
Revenue
Gaming Machines42.942.11.8%
Tables9.49.7(3.8%)
Gaming Revenue (incl GST)52.251.80.8%
Non-Gaming Revenue8.47.611.1%
Total Revenue
(incl gaming GST) (excl IB)
60.659.42.1%
Gaming GST(6.8)(6.8)(0.8%)
Total Revenue
(excl gaming GST) (excl IB)
53.852.62.3%
Expenses(26.9)(26.8)(0.4%)
EBITDA (excl IB)26.925.84.3%
EBITDA margin (excl IB)44.4%43.5%-
Depreciation & Amortisation(4.3)(4.6)6.0%
EBIT (excl IB)22.621.36.5%
Normalised EBITDA (incl IB)27.125.94.6%
Normalised EBITDA margin
(incl IB)
44.5%43.5%
Record EBITDA performance
Growth rates moderating following consecutive
years of record performances
Modest growth in EGMs, but maintaining
average win per unit comparable to that in
Auckland
Slightly weaker tables performance due to
lower hold %
TITO and cashless technology introduced in
1H18
Non-gaming performance driven by increased
activity in ‘Bowl & Social’

30
30
SKYCITY Queenstown / Wharf Casino
FY18
$m
FY17
$m
Movement
%
Revenue
Gaming Machines6.75.912.0%
Tables4.84.73.4%
Gaming Revenue (incl GST)11.510.68.2%
Non Gaming Revenue1.51.321.0%
Total Revenue
(incl gaming GST) (excl IB)
13.011.99.6%
Gaming GST(1.5)(1.4)(8.0%)
Total Revenue
(excl gaming GST) (excl IB)
11.510.59.8%
Expenses (9.5)(9.2)(3.0%)
EBITDA (excl IB)2.11.356.5%
EBITDA margin (excl IB)16.0%11.2%
Depreciation & Amortisation(1.1)(1.1)(1.6%)
EBIT (excl IB)1.00.3285.3%
Normalised EBITDA (incl IB)5.42.1154.1%
Normalised EBITDA margin (incl IB)20.2%11.8%
Improved performance driven by higher
visitation, especially from premium customers
and tourists
TITO and cashless technology introduced in
1H18
Reduced operating hours at Wharf
implemented in 4Q18

31
31
FY18
A$m
FY17
A$m
Movement
%
Revenue
Gaming Machines51.551.40.3%
Tables75.774.51.6%
Gaming Revenue (incl GST)127.2125.91.1%
Non Gaming Revenue21.722.2(2.0%)
Total Revenue
(incl gaming GST) (excl IB)
149.0148.00.6%
Gaming GST(11.6)(11.4)(1.2%)
Total Revenue
(excl gaming GST) (excl IB)
137.4136.60.6%
Expenses (114.9)(116.6)1.5%
EBITDA (excl IB)22.520.012.5%
EBITDA margin (excl IB)15.1%13.5%
Depreciation & Amortisation(16.8)(16.8)(0.1%)
EBIT (excl IB)5.63.278.1%
Normalised EBITDA (incl IB) 26.823.812.7%
Normalised EBITDA margin (incl IB)15.4%14.1%
Adelaide Casino
EBITDA growth achieved despite disruption from
Riverbank precinct works
Improved 2H18 performance from EGMs with
revenue up 4.5% vs. pcp
EGM market share in SA up slightly to 7.2% during
2H18
Tables performance impacted by lower hold % in
premium rooms during 4Q18
Margins improved due to effective cost
management and increase in premium gaming
activity
SA Government commenced regulatory review
with focus on ‘level playing field’ for SA vs. other
states

32
32
FY18
A$m
FY17
A$m
Movement
%
Revenue
Gaming Machines53.252.71.1%
Tables17.617.6(0.3%)
Keno12.615.9(20.2%)
Gaming Revenue (incl GST)83.586.2(3.1%)
Non-Gaming Revenue27.426.14.9%
Total Revenue
(incl gaming GST) (excl IB)
110.8112.2(1.3%)
Gaming GST(7.5)(7.8)3.1%
Total Revenue
(excl gaming GST) (excl IB)
103.3104.5(1.1%)
Expenses(78.2)(78.0)(0.3%)
EBITDA (excl IB)25.126.5(5.3%)
EBITDA Margin (excl IB)22.7%23.6%
Depreciation & Amortisation(12.4)(13.0)4.6%
EBIT (excl IB)12.713.5(5.9%)
Normalised EBITDA (incl IB)25.827.3(5.3%)
Normalised EBITDA margin (incl IB)21.9%23.3%
SKYCITY Darwin
Recent competitive pressures stabilised with
2H18 EGMs revenue up 3.9% vs. pcp
Visitation up with positive response to
broadening on-site entertainment
Keno 10-spot jackpot won three times vs. none
in FY17, leading to decline in EBITDA
Darwin EBITDA up 6.7% vs. pcp if normalise for
Keno 10-spot jackpots
Exclusive casino licence extended to 2036

33
33
Group International Business
FY18FY17MovementFY18FY17
Turnover$bn$bn%Actual Win %
Auckland8.26.036.9%
Other NZ 1.10.5125.3%
Adelaide (A$)1.81.618.3%
Darwin (A$)0.50.440.9%
Total Turnover11.98.639.2%1.32%1.27%
Total Normalised
Revenue ($m)
160.3115.139.2%
FY18FY17MovementFY18FY17
Normalised EBITDA$m$m%Margin %
Auckland23.713.377.7%
Other NZ 3.50.8315.1%
Adelaide (A$)4.43.813.3%
Darwin (A$)0.80.8(6.5%)
Total Normalised
EBITDA
32.619.171.2%20.4%16.6%
Total Reported EBITDA 33.25.7486.2%
Record EBITDA performance
Record six month turnover in 2H18 ($7.5bn −
+76% vs. pcp)
Increased use of junkets and repeat visits from
major customers
Improved service standards and operating
efficiencies
Low bad debts consistent with conservative
approach to credit
FY17 normalised results restated to reflect
changes to historical turnover

34
34
Debt Maturity Profile
Hedged debt maturity profile as at 30 June 2018 (NZ$m)
Committed debt facilities (at
hedged exchange rates) of
$1.1bn at year-end, with $474m
currently drawn
Net hedged debt / FY18
normalised EBITDA of 1.3x at
year-end
Average debt maturity of 4.0
years
$21
$110
$147
$71
$125
$200
$305
FY19FY20FY21FY22FY23FY24FY25FY26FY27FY28
USPPNZ BondBank - DrawnBank - Undrawn
$120

35
35
Disclaimer
All information included in this presentation is provided as at 8 August 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

SKYCITY
Entertainment
Group Limited
SKYCITY
Entertainment
Group Limited

---

APPENDIX 7 – NZSX Listing Rules
Number of pages including this one
(Please provide any other relevant
NZSX Listing Rule 7.12.2. For rights, NZSX Listing Rules 7.10.9 and 7.10.10. details on additional pages)
For change to allotment, NZSX Listing Rule 7.12.1, a separate advice is required.
Full name
of Issuer
Name of officer authorised to
Authority for event,
make this notice
e.g. Directors' resolution
Contact phone
Contact fax
numbernumber
Date
Nature of event
Bonus
If ticked,
Rights Issue
Tick as appropriate
Issue
state whether:Taxable
/ Non TaxableConversionInterestRenouncable
Rights IssueCapital
CallDividend
If ticked, stateFull
non-renouncable
change
x
whether:
Interim
Year
x
Special
DRP Applies
x
EXISTING securities affected by this
If more than one security is affected by the event, use a separate form.
Description of theISIN
class of securities
If unknown, contact NZX
Details of securities issued pursuant to this eventIf more than one class of security is to be issued, use a separate form for each class.
Description of theISIN
class of securities
If unknown, contact NZX
Number of Securities toMinimum
Ratio, e.g
be issued following eventEntitlement
1 for 2 for
Conversion, Maturity, Call
Treatment of Fractions
Payable or Exercise Date
Tick if
provide an
pari passu
ORexplanation
Strike price per security for any issue in lieu or date
of the
Strike Price available.
ranking
Monies Associated with Event
Dividend payable, Call payable, Exercise price, Conversion price, Redemption price, Application money.
Source of
Amount per security
Payment
(does not include any excluded income)
Excluded income per security
(only applicable to listed PIEs)
Supplementary
Amount per security
Currencydividendin dollars and cents
details -
NZSX Listing Rule 7.12.7
Total monies
TaxationAmount per Security in Dollars and cents to six decimal places
In the case of a taxable bonusResident
Imputation Credits
issue state strike priceWithholding Tax(Give details)
Foreign
FWP Credits
Withholding Tax(Give details)
Timing
(Refer Appendix 8 in the NZSX Listing Rules)
Record Date 5pmApplication Date
For calculation of entitlements -Also, Call Payable, Dividend /
Interest Payable, Exercise Date,
Conversion Date. In the case
of applications this must be the
last business day of the week.
Notice DateAllotment Date
Entitlement letters, call notices,For the issue of new securities.
conversion notices mailedMust be within 5 business days
of application closing date.
OFFICE USE ONLY
Ex Date:
Commence Quoting Rights:Security Code:
Cease Quoting Rights 5pm:
Commence Quoting New Securities:Security Code:
Cease Quoting Old Security 5pm:
EMAIL: announce@nzx.com
Notice of event affecting securities
1
SKYCITY Entertainment Group Limited
Jo Wong
Directors' resolution
(09) 363 6000(09)363 6140
882018
NZSKCE0001S2
In dollars and cents
Profit
$0.1000
Ordinary Shares
Enter N/A if not
applicable
NZ Dollars$0.017647
$67,482,627
Date Payable
14 September, 2018
$
$0.006944$0.038889
$
31 August, 201814 September, 2018