MACQUARIE INVESTMENT CONFERENCE PRESENTATION

1 May 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)
MACQUARIE INVESTMENT CONFERENCE PRESENTATION, INCLUDING
TRADING UPDATE


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

The investor presentation includes a trading update on pages 18 and 19.

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
Macquarie Investment Conference
Sydney
Investor Presentation
1 May 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 ~$2.7bn
◼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
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 licencefor further periods of 15 years under the Gambling Act (NZ)

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4
Our Locations
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 further periods of 15 years under the Gambling Act (NZ)

5
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

6
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)
Note: Reconciliation between normalised and reported results for each of the periods quoted above (FY13-FY18) can be found in various investor presentations on SKYCITY’s corporate
website
0
200
400
600
800
1,000
1,200
FY13FY14FY15FY16FY17FY18
Normalised Revenue*Reported Revenue*
Normalised EBITDAReported EBITDA
0
5
10
15
20
25
30
FY13FY14FY15FY16FY17FY18
Normalised EPSReported EPSDPS

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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 was sold to Delaware North for A$188m on 4 April 2019
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
◼Bank debt fully repaid at 30 April following Darwin sale and Federal Street car park sale, leaving $470m of
fixed term debt
◼On-market buy-back commenced during April
•Board approval to buy up to $50m of shares
•Expect to buy more shares (up to 5% of total shares) once Auckland car park concession sale settles
•As at 30 April, have bought $3m of shares at average price of $3.97
•Buy-back expected to partially offset EPS dilution from asset sales and be value-enhancing for
shareholders
Capital management
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
◼Sale of Federal St car park ($40m) now settled
◼Binding agreement to sell long-term concession
over car parks in Auckland to Macquarie Principal
Finance for $220m
•Care Park appointed by Macquarie to operate
car parks
•Transaction value enhancing for SKYCITY − sale
price implies FY20 EBITDA multiple of 12.5x
•Plan to recycle capital into higher returning
investments and strategic opportunities
•Expect transaction to settle by 31 July 2019,
following satisfaction of certain conditions
◼Sale of Darwin (A$188m) to Delaware North now
settled
•Little Mindil (adjacent beach front land)
currently under conditional offer (A$11m book
value)

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 being reviewed
◼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
◼New Adelaide GM (David Christian) brings significant
experience in managing integrated casino and
hospitality properties

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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
•Led by Online Director (Steve Salmon)
•Close to confirming offshore partner
•Support future regulation in NZ
◼Non-gaming attractions/partnerships secured for
Auckland (e.g. All Blacks, Weta)
•Ensure long-term relevance and attract new
customers (i.e. families, millennials)
•Further opportunities for F&B and entertainment
being considered

18
18
FY19 YTD Trading Update
Group
◼As previously indicated, domestic and international economic environment becoming more challenging including
increased cost pressure
◼YTD to 28 April 2019:
•Group normalised revenue up 4% vs. pcp (up 6% excluding Darwin)
•Domestic revenue (ex IB) flat vs. pcp (up 2%excludingDarwin)
•Group reported revenue down 2% vs. pcp due to low IB win rate (flat excluding Darwin)
New Zealand
◼2H19 YTD revenue in Auckland was slightly up vs. pcp –positive EGM activity (revenue +8%) offset by weaker table
games and non-gaming performance (in particular hotels)
◼Stable revenue performance in Hamilton in 2H19 YTD vs. strong comparative period
Australia
◼Weaker revenue performance in Adelaide in 2H19 YTD due to increased disruption from construction works
◼Darwin (now sold) slightly below expectations in 3Q19 due to continuation of challenging economic conditions
International Business
◼YTD IB turnover of $11.6bn (+33% vs pcp) − growth rates moderating in 2H19 YTD due to stronger comparatives
◼Still expect to achieve turnover of around $13–$14bn for FY19
◼YTD win rate of 0.90% vs. theoretical of 1.35%

19
19
FY19 Outlook
◼Given 2H19 YTD trading and earlier settlement of Darwin sale, now expect group normalised EBITDA to be flat
for FY19 vs. pcp
◼Excluding Darwin for all of FY18 and FY19, expect FY19 group normalised EBITDA to be up around 2% vs. pcp
◼Group normalised NPAT for FY19 expected to be slightly below the pcp (previously slightly above), reflecting
increase in effective tax rate ($6m impact)
◼Difficult to provide guidance for FY19 reported earnings due to unpredictability of IB win rate and uncertainty
around other non-recurring items (e.g. gain from Auckland car park concession sale)

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Key Investment Themes
Significant opportunity to unlock value by 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
4
Executing strategic plan
6

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Disclaimer
◼All information included in this presentation is provided as at May 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