CREDIT SUISSE ASIAN INVESTMENT CONFERENCE PRESENTATION

27 March 2019


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


Copy to:

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


RE: SKYCITY ENTERTAINMENT GROUP LIMITED (SKC)
CREDIT SUISSE ASIAN INVESTMENT CONFERENCE PRESENTATION


Please find attached a copy of the investor presentation to be delivered by the
company at the Credit Suisse Asian Investment Conference in Hong Kong on
27 and 28 March 2019.

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

Ben Kay
GM Corporate Development & Investor Relations
Email: ben.kay@skycity.co.nz

Phone: +64 (9) 363 6067


Yours faithfully



Jo Wong
Company Secretary

SKYCITY
Entertainment
Group Limited
SKYCITY
Entertainment
Group Limited
SKYCITY Entertainment Group Limited
Credit Suisse Asian Investment Conference
Hong Kong
Investor Presentation
27/28 March 2019

2
2
SKYCITY Overview
◼Owner and operator of gaming, entertainment and hospitality facilities in New Zealand and Australia
◼Long-term exclusive casino licences
◼Two major projects –NZICC/Horizon Hotel and Adelaide expansion
◼Listed on NZX and ASX with current market capitalisation of ~$2.6bn
◼Investment grade BBB-credit rating from S&P
◼Strong focus on corporate social responsibility
◼Significant experience in developing and operating integrated entertainment precincts
◼Experienced senior management team

3
3
Our Business
(1)
LocationLicencesActivities Summary
Auckland, New ZealandExclusive casino licence to 2048*1,877 EGMs, 150tables, 240 ATGs
~630 hotel rooms
~20 restaurants and bars
~3,000employees
Hamilton, New ZealandExclusive casino licence to 2027*339 EGMs, 23 tables
~400 employees
Queenstown, New
Zealand
SKYCITY Queenstown
Casino licence to 2025*
Wharf Casino
Casino licence to 2024*
SKYCITY Queenstown
86 EGMs, 12 tables
Wharf Casino
74 EGMs, 6 tables
~100 employees
Adelaide,South Australia,
Australia
Exclusive casino licence to 2035
(for entire state of SA)
Full casino licence term to 2085
828 EGMs
1
, 82 tables
2
, 67 ATGs
~1,200 employees
1) Allowancefor 1,500. 2) Allowance for 200
Diversified business by activity and geography –currently ~3,100 EGMs, ~270 tables, ~630 hotel rooms and ~5,000
employees across the group
*SKYCITY can apply to renew a New Zealand casino venue licence for a further period of 15 years under the Gambling Act (NZ)
(1) Information presented excluding SKYCITY Darwin -subject to a binding agreement to be sold to Delaware North for A$188m

4
4
Our Locations
(1)
Exclusive casino licence to 2035 (for entire state
of SA) –full licence term to 2085
Exclusive casino licence to 2048*
Exclusive casino licence to 2027*
Exclusive casino licences to
2024* (Wharf)and 2025*
(Queenstown)
Long-term exclusive casino licences secured in all jurisdictions
*SKYCITY can apply to renew a New Zealand casino venue licence for a further period of 15 years under the Gambling Act (NZ)
(1) Information presented excluding SKYCITY Darwin -subject to a binding agreement to be sold to Delaware North for A$188m

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5
Industry Trends
Traditional land-based casinos typically exhibiting modest growth (outside of Asia)
Requirement to continually diversify offering to compete and capture broader customer base
1
2
Capital investment required to sustain/grow business –need to consider alternative models to improve returns
3
Positive secular growth trends in Asia with growing (and increasingly mobile) middle-class
5
Alternative forms of gaming (i.e. online, AR/VR, social/skill-based gaming) and entertainment becoming
increasingly popular
4
Enhanced focus on ‘social licence to operate’
6

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6
Group Strategic Plan

7
7
Creating Long-Term Value

8
8
Corporate Social Responsibility Priorities

9
9
Financial Performance
Stable earnings over last 5-6 years with attractive dividend yield (5-6%)
Group Revenue and EBITDA: FY13–FY18 ($m)
* Including Gaming GST
Group EPS and DPS: FY13–FY18 (cps)
0
5
10
15
20
25
30
FY13FY14FY15FY16FY17FY18
Normalised EPSReported EPSDPS
0
200
400
600
800
1,000
1,200
FY13FY14FY15FY16FY17FY18
Normalised Revenue*Reported Revenue*
Normalised EBITDAReported EBITDA
Note:Reconciliationbetweennormalisedandreportedresultsforeachoftheperiods quoted above (FY13-FY18) canbefoundinvariousinvestor presentations on SKYCITY’s corporate
website

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10
Key Value Drivers
Local gaming (EGMs and Tables) is the key value driver for the group
Diversified business geographically, yet Auckland generates over 70% of group EBITDA
FY18 group EBITDA by property (%):
Group reported EBITDA
2
= $339m
FY18 group revenue by business activity (%):
Group reported revenue
1
= $1,097m
(1) Including Gaming GST
(2) EBITDA before corporate costs but after gaming taxes + restated corporate costs / operating expenses to reconcile to FY18investor presentation. Includes SKYCITY
Darwin which is subject to a binding agreement to be sold to Delaware North for A$188m
EGMs
(38%)
Tables (25%)
IB
(15%)
Keno (1%)
Hotels (5%)
F&B / Other (16%)
Auckland
(70%)
Hamilton (7%)
Queenstown
(1%)
Adelaide (7%)
Darwin (7%)
IB (9%)

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11
Capital Allocation Framework
◼Significant capital to be sourced from asset sales during FY19 –Darwin/Auckland car parks
◼Expect to have significant surplus cash
◼Future growth investments still being developed/evaluated
◼Prudent to return some capital to shareholders
•On-market buy-back (on NZX) for up to 5% of total shares during 2019
•Buy-back expected to partially offset EPS dilution from asset sales and be value-enhancing for
shareholders
Share buy
-
back
Overview
◼Committed to maintaining BBB-credit rating and current dividend policy (20cps or 80% of normalised
NPAT)
◼Priorities for allocation of capital (in order) − stay-in-business capex, growth investments, debt
repayments, dividends, capital returns
◼Growth investments required to achieve internal return benchmarks − 12% post-tax IRR and 9% post-tax
ROIC (year 3)
◼Focused on capital discipline and improving returns

12
Optimise Our Existing Portfolio
◼Federal St car park sale ($40m) due to settle in April
◼Potential sale of long-term concession over car
parks in Auckland nearing conclusion
•Selected preferred party
•Expect to conclude a transaction by mid-2019
◼Binding agreement to sell Darwin to Delaware
North for A$188m
•Little Mindil (A$11m book value) being marketed
for sale

13
Optimise Our Existing Portfolio (cont.)
◼Ongoing concept development and feasibility
analysis for Auckland master planning
•Opportunities for further accommodation, F&B,
new gaming spaces and entertainment
•Intend to introduce development partners to
unlock value in precinct
◼Land acquired for future hotel development in
Queenstown − OIO application submitted
◼Progressing master plan in Hamilton to leverage
riverbank opportunity
•Includes potential hotel development, F&B and
entertainment
•EGM business capacity constrained during peak
periods
•Applied to Gambling Commission for change in
product mix (3 tables for 60 EGMs)

14
14
NZICC and Horizon Hotel Project
◼Significant investment in future of Auckland − NZICC,
300 room/5 star hotel, additional car parks and F&B/
retail
◼Investment to support growth in tourism expenditure
from international/domestic visitors
◼~30-year casino licence extension (to 2048) to
underpin long-term value for property
◼Contractual completion deadlines passed for both
NZICC and Horizon Hotel
•Expect Horizon Hotel to complete within 12
months
•Expect NZICC to open in second half of 2020
◼Subject to resolving ACP claim, total project cost for
SKYCITY (net of liquidated damages) not expected to
be materially above original budget ($703m)

15
15
Adelaide Expansion
◼Plan to transform the Adelaide Casino
◼Riverbank precinct to be centre of entertainment in
Adelaide
◼Significant opportunity to grow market share and turn
around underperforming casino
◼Project on-time and on-budget
◼Total project costs remain at A$330m (including
contingency)
◼Expect adjacent car park to be opened
contemporaneous with expansion in 1H21 (September
2020)
◼Master planning continues for existing building − new
F&B venue to open in 2019

16
16
Adelaide Riverbank Precinct
Adelaide Convention
Centre
Upgraded Adelaide
Festival Centre
Festival Plaza
Adelaide Oval, via
bridge across the
Torrens
Adelaide Casino
expansion
New 20-storey office
tower
Existing heritage
building
~1,500 space car park
below ground
Parliament House

17
Other Growth Opportunities
◼Progressing strategy to grow hotel business
•Medium-term focus on existing casino precincts
(i.e. Auckland, Hamilton, Queenstown)
•Remain keen to introduce investment partner for
existing and new hotels
◼Online casino strategy well progressed
•In advanced discussions with preferred offshore
partner
•Support future regulation in NZ
•Online Director (Steve Salmon) hired
◼Non-gaming attractions/partnerships secured for
Auckland (e.g. All Blacks, Weta)
•To ensure long-term relevance and attract new
customers (i.e. families, millennials)
•Further opportunities for F&B and amusement
being considered

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18
Key Investment Themes
Significant opportunity to unlock value leveraging strong platform (exclusive long-term licences)
High quality of earnings –low downside risk with positive medium-term earnings outlook
1
2
On-going focus on effective capital allocation and improving returns
3
Strong management team in place –energised, focused on execution and delivery
5
Focus on leveraging and maximising existing assets/casino licences before looking for more
4
Executing strategic plan
6

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Disclaimer
◼All information included in this presentation is provided as at March 2019
◼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
◼All figures in NZ$ unless otherwise stated

SKYCITY
Entertainment
Group Limited
SKYCITY
Entertainment
Group Limited