INVESTOR DAY PRESENTATION, INC. UPDATES ON NZICC & TRADING

7 November 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)
INVESTOR DAY PRESENTATION, INCLUDING UPDATES ON NZICC AND TRADING


Please find attached a copy of the presentation to be delivered by the company at its
Investor Day in Adelaide, Australia, today.

The presentation includes:

(a) an update on the New Zealand International Convention Centre (NZICC) and Horizon
Hotel project following the recent fire at the NZICC on pages 72 – 74; and

(b) a trading update on page 106.

For any further information concerning the 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
2019 Investor Day
Adelaide, South Australia
7 November 2019

Disclaimer
Allinformationincludedinthispresentationis providedasat7 November2019
Thispresentationincludesanumberofforward-lookingstatements.Forward-looking
statements,bytheirnature,involveinherentrisksanduncertainties. Manyofthoserisks
anduncertaintiesarematterswhicharebeyondSkyCity’scontrolandcouldcauseactual
resultstodifferfromthosepredicted.Variationscouldeitherbemateriallypositiveor
materiallynegative
Thispresentationhasnottakenintoaccountanyparticularinvestor’sinvestmentobjectives
orothercircumstances. Investorsareencouragedtomakeanindependentassessmentof
SkyCity
AllfiguresinthispresentationareinNZ$ unlessstatedotherwise
Sometotalsmaynotsumduetorounding
2

3
Agenda
2019 Investor
Day
Time (ACDT)EventSpeakerLocation
By 8.30amAdelaide Convention Centre-Registration/refreshments
8.45am
Adelaide Convention Centre
Rob Campbell/Ben Kay
Welcome/opening remarks
9.15am
Adelaide Convention Centre
Adelaide expansion
10.30am
Adelaide Convention Centre
Precinct partners − panel session
11am
Adelaide Casino
Tour of expansion site
1pmAdelaide Convention CentreUpdate on Group strategy (part 1)
2.30pm
Adelaide Convention Centre
Break: afternoon tea
2.45pm
Adelaide Convention Centre
Update on Group strategy (part 2)
From 5.30pm
Adelaide Casino
Baccarat tournament
From 7.30pmSean’s KitchenDinner
Bruce Carter/Exec. team
Various
-
-
-
-
Executive team
Executive team
12.30pm
Adelaide Convention Centre
Break: lunch
-
4pmAdelaide Convention CentreClosing remarksGraeme Stephens

Today’s Presenters
4
Claire Walker, Chief
People & Culture Officer
Rob Campbell, ChairGraeme Stephens, CEO
Michael Ahearne, COORob Hamilton, CFO
Stewart Neish, GM,
International Gaming
David Christian, GM,
Adelaide Casino
Ben Kay, GM, Corporate
Development & IR
Nick Jones, Exec. Director,
Destination Development, SATC
Brenton Cox, CFO,
Adelaide Airports
Mark Devine, Acting
CEO, Renewal SA
Bruce Carter, Deputy
Chair

Welcome and
Opening Remarks
(Rob Campbell, Ben Kay)

“WelcometoCountry”(DavidChristian,GM,AdelaideCasino)
Thankyouforyourattendance
Appreciateyourongoingsupport
Agendaandhousekeeping
Today’spresenters
OpportunitiesforQ&Aatendofeachsession
Welcome
6

Aspirations for the Day
7
Updateon Adelaide expansion
Progress update on Group strategic plan
Provide clarity on strategic priorities for next 1-2 years
Articulation of longer-term strategic opportunities/considerations
Enhanced appreciation ofSkyCity’s long-term value proposition
Provide perspectives from the Boardroom (Chair and Deputy Chair)
1
3
5
2
4
6

SignificantfireatNZICCsite
DifficultforNZICCteamwhohaveworkedhardovermanyyearstodelivertheproject
Goodresponseacrossthebusinesstodealwithchallengingsituation
Gratefulforsupportoffireandemergencyservices
SkyCityAucklandfullyoperational
Willbesometimebeforeimpactoffireonprojectcompletiondatescanbedetermined
SkyCityandFletcherConstructioncommittedtodeliveringtheNZICCtothestandardagreedwiththeNZGovernment
Expecttomakefurthermarketupdatesasmoreinformationcomesavailable
NZICC Fire –Chair’s Thoughts
8

Board’s Commitment to Shareholders
9
Oversee development/execution of Group strategy
Optimise value from existing assets
Deliver attractive and sustainable shareholder returns –
lift TSR
Focus on effective capital allocation and governance
around major investments
Ensure long-term sustainability of business –
protect/enhance social licence
Protect interests of all stakeholders

Board’s Scorecard
10
Sound financial performance being achieved
Group strategy focused on leveraging core
competencies and exclusive licences
Strong management team in place, focused on delivery
of strategic plan
Strong platform to unlock value and leverage growth
potential
Robust financial position − critical to remain disciplined
and recognise/manage risk
Pleasing to be recognised for progress across key
CSR/sustainability initiatives

5 Year Aspirations
11
Significant increase in earnings following completion of
major projects in Adelaide and Auckland
Steady and growing free cash flow and dividends
Enhanced Hamilton and Queenstown properties
Growing presence in online/digital channels
Industry-leading CSR/sustainability practices
Highest standards of corporate governance

Adelaide Expansion
(Bruce Carter, David Christian and
Graeme Stephens)

Introduction – Deputy Chair
13
Bruce Carter, Deputy Chair
JoinedSkyCityasDirectorin2010
BasedinAdelaide
FoundingpartnerofFerrierHodgsoninAdelaideand
formerlypartnerofErnst& Young
ChairofAuditandRiskCommitteeandAdelaide
Expansionsub-committee,memberofGovernanceand
NominationsCommittee
Wide-rangingDirectorshipsacrossnumberof
AustralianandUSprivatecompaniesandGovernment
institutions
Oversee delivery of expansion
Responsible for modernisation of existing casino and
integration with expansion
Maintain relationships with SA Government and
private stakeholders
Activities of Adelaide Expansion Sub-Committee

Economic Outlook − Adelaide (SA)
14
Population growth edging higher –international student
enrolments rising
Construction activity/major infrastructure projects (i.e.
defence, resources, transport) to support economy over
medium-term
Tourism expenditure (both domestic and international) at
record levels
SA economy holding up despite broader Australia slowdown
Adelaide consistently ranked in top 10 most livable cities in
the world (Mercer)
Residential and commercial real estate more affordable than
other capital cities in Australia
(1)SA Government (Treasury)
Index comprised of population growth, GSP, unemployment rate and retail sales
Above trend, decelerating Above trend, accelerating
NT
Belowtrend, accelerating
(1.5)(1.0)(0.5)0.00.51.01.5
(1.5)
(1.0)
(0.5)
0.0
0.5
1.0
1.5
Belowtrend, decelerating
ACT
QLD
SA
TAS
VIC
NSWWA
Australia
Momentum (3m % change in index average)
Latest index value (3m average)
ANZ Stateomater Chart (August 2019
(1)
)

Adelaide Expansion − Our Vision/Thesis
15
Key value driver of the project is the significant expected increase in gaming activity (combination of local,
interstate and IB)
New hotel, F&B, car park and broader precinct to be significant demand drivers and complement core activities
Riverbank precinct to be the centre of entertainment for Adelaide
Transform Adelaide Casino into a world-class casino and entertainment complex
Significant opportunity to grow market share and turnaround an underperforming casino
Project represents a significant investment in the future of Adelaide – long-term exclusive licence to 2035
(full licence term to 2085)
Regulatory environment supports investment case (note acceptors offer potential upside)
Project expected to deliver significant incremental earnings and required return
Property likely to take 3-4 years to reach full earnings potential post opening
Investment
Rationale
Key Value
Drivers
Value
Proposition

Our Journey in Adelaide (so far...)
16
A$20m redevelopment of
North Terrace
SkyCitycompletes
interim redevelopment
with new contemporary
gaming spaces and two
new signature
restaurants, Madame
Hanoi and Sean’s
Kitchen
SkyCitylodges design
for expansion with the
Development
Assessment
Commission
2000
2004
2005
2009
2012
2013
2014
2015
20162018
2019
SkyCity purchases
Adelaide Casino
SkyCitylaunches new
gaming areas, ‘North’
restaurant, ‘LOCO’ bar
and a new entrance on
North Terrace
A$5m revamp of
Marble Hall and the
Chandelier Bar
Introduction of
‘Cent City’
SA Parliament passes
legislation
allowingSkyCityto
undertake significant
expansion of Adelaide
Casino
SkyCity’s casino licensing
and duty agreements
with the SA Government
for the Adelaide
Casinocome into effect
SkyCityplans for the
expansion are
approved
Creation of new,
contemporary
‘Horizon’ gaming
salons to
accommodate
international
gaming
SkyCitysigns an Early
Works Agreement
with the SA
Government
SkyCitysigns
construction
contract for
expansion with
Hansen Yuncken
SkyCityannounces
David Christian as GM,
Adelaide Casino
”Topping off” ceremony for
expansion
Regulatory review
completed and bill
being considered by
SA Parliament to allow
note acceptors on
EGMs

Our Track Record
17
Adelaide Casino normalised revenue and EBITDA (A$m):
FY09-FY19
Source: Company information
Flat revenue/earnings and gaming market share over the last 5-10 years –SkyCity has always been attracted to long-term
potential for Adelaide Casino if level playing field can be delivered and structural issues addressed
Adelaide Casino local gaming revenue (A$m) and EGM market share
(%): FY09-FY19
Source: Company information
0
25
50
75
100
0
50
100
150
2 00
FY09FY10FY11FY12FY13FY14FY15FY16FY17FY18FY19
EBITDA
Revenue
Local Reven ueI B Re ven ue
Normalised EBITDA (excl .IB)Normalised EBITDA (incl.IB )
6.0%
6.6%
7.2%
7.8%
8 .4 %
0
50
100
150
2 00
FY09
FY10
FY11
FY12FY13FY14FY15
FY16FY17FY18FY19
Market Share (%)
Revenue
EGMsT ablesAdelaide EGM Market Share

Adelaide Expansion − Thesis Revisited
18
Historicaldisadvantagesbeingaddressedthroughinvestment,precinctenhancementsandregulatorychanges
Historical disadvantagesChanges – present and future
Undesirable/underinvested precinct
Restrictive regulatory environment inherited following
acquisition (2000)
Casino facilities lacking scale/quality/appeal
Limited non-gaming facilities to support core activities,
particularly no dedicated car parking
Progressive changes to existing building not well received
by some local customers
World-class entertainment/tourism precinct
Changes to regulatory environment levels the playing field
and supports growth post expansion
Casino expansion to be world-class facility and
comparable to peers
Hotel, F&B, car park to be significant demand drivers
Master planning for existing building to ensure local
appeal
SA economy in low growth cycle since early 2000s
SA long-term economic outlook positive – tourism growth,
investment in public infrastructure, defence contracts

Adelaide Expansion − Regulatory Environment
19
Old New
Licence term expiry
2085No change
Casino exclusivity
20152035
Gaming taxes
(includingGST)
EGMs: 43.5% (main floor and premium)
Tables: 10.0% (including IB)
EGMs: Main floor –50.0%, Premium –20.0%
Tables: Main floor – 12.5%, Premium –10.0%, IB – 10.0%
Gaming tax rate certainty to 2035
Gaming entitlements
Up to 995 EGMs
Up to 90 tables
Up to 1,500 EGMs
Up to 200 tables
Up to 300 ATGs (interchangeable with tables at a ratio
of 20:1)
Gaming technology
Coin operated EGMs
No TITO or cashless gaming
TITO in premium rooms and cashless gaming on main
floor
Potential for note acceptors on all EGMs by end of
FY20 (following completion of regulatory review – bill
being considered by SA Parliament)
Premium gaming
Limitations around bet/jackpot size
Heavily restricted premium access – onerous
qualification requirements
Unlimited bet size and jackpots (only venue in SA
which can accept bets above A$5 on EGMs)
Improved premium access – discretion to invite up to
1,000 prospective customers to qualify in premium
rooms and threshold to qualify lowered

20
Adelaide Convention
Centre
Adelaide Festival Centre
Festival Plaza
Adelaide Oval, via
bridge across the River
Torrens
Adelaide Casino
expansion
Proposed 20-storey
office tower
Existing heritage
building
1,500 space car park
(below ground)
CBD, hotels,
retail/commercial
precincts

Adelaide Expansion − Riverbank Precinct
21
Adelaide Convention Centre
Adelaide Oval
River Torrens footbridge
Festival Plaza
Hotels on/near precinct
Adelaide Festival Centre
Significantexpansioncompletedin
2019
Capacityofupto4, 000pax
Owned/operatedbySAGovernment
World-classsporting/eventsstadium
50,000paxcapacity
Regularevents(summerandwinter)
Significantlyimprovedrivercrossings
BusiestthoroughfareinAdelaide
(oneventdays)
WillconnectintoFestivalPlazaand
casinoprecinct
A$600minvestmentbyWalker
CorporationandSAGovernment
Includes1, 500carpark,F&B/retailand
revitalisationofpublicrealm
Schemecontemplates20flooroffice
tower
300roomIntercontinentalHotel
adjacenttocasino
2,000+hotelroomstobeaddedto
AdelaideCBDovernext5 years
Multi-useentertainmentvenue–
A$90mrefurbishmentunderway
Offersshows/theatre/conferences
Owned/operatedbySAGovernment

Adelaide Expansion – Existing Building Changes
22
Revitalisationofexistinggamingspacesthatwillappealtolocalmarket
Refurbishment,expansionandrelocationofrestaurants& bars
•TheGuardsman(F&Bvenue)duetoopenearly2020
Creationofliveentertainmentvenues(toappealtoyoungerdemographic)
Effectiveconnectionandcirculationbetweentheexpansionandtheexistingheritagebuilding
Enhancedfaçadeemphasisingheritageaspectsofthebuildingandimprovementstopublicrealm
Improvementstobackofhouseareas

23
Alpha Gaming Chandelier Bar
The GuardsmanNorthern Gaming

24
Significant enhancements to public realm on North Terrace and external façade of building

Adelaide Expansion − New Facilities/Product
25
Current New
Gaming
Main gaming floor
Marble Hall
Dedicated premium rooms (4-5 years old)
Modest IB offering
Significantly expanded gaming and entertainment
facilities
Multi-level casino podium
~35% increase in gaming product post expansion
(~1,100 EGMs, ~130 tables (including 30 for IB) and ~130
ATGs) − flexibility to increase over time if required
New gaming spaces (both main floor and premium)
Best-in-class games and gaming systems
Dedicated IB offering (4 salons)
Non-gaming
Casino F&B
Two signature restaurants – Sean’s Kitchen and
Madame Hanoi
No accommodation
No convention/function facilities
No destinational entertainment
No car parking
Boutique all-suite hotel (~120 rooms), including
dedicated IB accommodation
Wellness centre (including pool and gym)
Additional signature restaurants and bars/cafes
(including rooftop bar)
Function spaces (to accommodate up to 750 pax) and
meeting rooms
1,500 space car park adjacent to casino, of which 750
spaces to be exclusively leased to SkyCity

26
Expansion (at night)
Expansion (from Festival Plaza)
Rooftop BarStandard hotel room

Opportunity – Local Gaming (1 of 3)
27
~$351m
~$134m
~$46m
~$27m
>$10m
20km
>$10m
>$10m
>$10m
>$10m
>$10m
Adelaide Casino
Adelaide (SA)EGM market (A$m): FY19
Australian and NZ casino vs. pubs & clubs EGM win per unit A$: FY19
Adelaide Casino under-penetrated in terms of EGM win per unit and market share vs. peers due to historical disadvantages
(which are being addressed)
Source: Company reports
Source: Adelaide University
02 004006008 00
Sydne y
M elbo urne
Auckland
Go ld Co ast
Brisbane
Adelaide
Pubs & Clubs Win per Unit ($)Casino Win per Unit ($)

Opportunity – Local Gaming (2 of 3)
28
Tables games (excl IB) penetration for Australian states (%):
2008-2017
(2)
Gaming expenditure as a % of HDI for Australian states:
2008-2017
(1)
Source: Queensland Government gaming statistics
Source: Company reports, Queensland Government gaming statistics
0.0
0.5
1.0
1.5
2 .0
2 .5
2 0082 0092 0102 0112 0122 0132 0142 0152 0162 017
% of HDI
A CTNSWNTQLD
SATASVICWA
0%
5%
10%
15%
2 0%
25%
3 0%
2 0082 0092 0102 0112 0122 0132 0142 0152 0162 017
Table Penetration
A CT
NSW
NTQLD
SATASVICAve.
(2) Table games penetration = Tables games revenue (excl IB)/Total State gaming revenue (casino and
pubs & clubs)
(1) Gaming expenditure as a % of HDI = Total State gaming revenue (casino and pubs & clubs)/Total
State Household Disposable Income

Significantlocalgamingmarket/propensitytogamble
•A$500mofEGMrevenuewithin50kmofcasino(A$700minSA)
•Gamingexpenditureas%ofHDIinSAcomparablewithotherAustralianstates(justnotatcasinohistorically)
•Localdemographics(age,ethnicityetc.) similartonumberofAustralianstateswithsignificantcasinogaming
expenditure(i. e. WesternAustralia,Queensland)
OpportunitytosignificantlyliftEGMmarketsharethroughleveragingnewfacilities,differentiatedproductandcar
parkingadjacenttoproperty
•EGMsatcomparablepropertieshistoricallyyieldameaningful(2- 3x)winperunitpremiumtopubs&clubs
(ref. AdelaideCasinowinperunitsameaspubs& clubscurrently)
•TargetingdoublingofEGMmarketshareinSA(currently7%)
OpportunitytoaddresssizableinterstateEGMmarketgivenproximitytoSydneyandMelbourne,andleveragingnew
hotel/keyevents
Importanttolifttablegamesutilisation/yields(keyvaluedriverforproperty)– lowpenetrationvs. comparableproperties
tobeaddressedbyexpansionandcarparking
ATGsanexcitinggrowthopportunityasplayeradoptionimproves(StatewideexclusivityoverATGs)
Opportunity – Local Gaming (3 of 3)
29

Opportunity – International Business (1 of 2)
30
Total Australian IB market (A$bn) and market share (%): FY19
SkyCity Auckland and Adelaide Casino IB market share (%): FY10-FY19
40%
39%
13%
7%
1%
0%

Adelaide Casino has a significant opportunity to increase its share of the Australian and NZ IB market as Auckland has done
over the last 10 years − A$60bn+ of IB turnover (FY19) within a 90 min flight of Adelaide (i.e. Sydney/Melbourne)
0
10
20
30
40
50
60
70
80
FY19

Source: Company informationSource: Company reports, Macquarie Bank research
MelbourneSydney
Gold CoastPerth
Adelaide CasinoBrisb ane
0%
2%
4%
6%
8%
10%
12%
F Y1 0F Y1 1F Y1 2F Y1 3F Y1 4F Y1 5F Y1 6F Y1 7F Y1 8F Y1 9
Adelai de Casino IBSk yCity Aucklan d IB

HistoricallychallengingforAdelaidetoaddressIB
marketduetolackofaccommodationandlimited
gamingfacilities
NewIBfacilitiestobebestinGroupand
comparabletopeers
AdelaideanattractivelocationforVIPs– improving
connectivity,uniqueexperiences(i. e.Barossa,
KangarooIsland)andsafe/clean/green
Opportunitytocross-sellAdelaidetoexistingIB
customersandoriginatenewcustomersviaAsian
salesteam
Proximitytosignificantcasinoresorts(andnew
developments)inAustralia,particularlySydney
andMelbourne
•Adelaideacredibleadditionaldestinationon
multi-stopvisit
•Shortflightandnovisarequirements
Opportunity – International Business (2 of 2)
31
Barossa Valley, SA
Kangaroo Island, SA
Maggie Beer Farm, SAPort Noarlunga Beach, SA

Internationalanddomesticvisitshavebeengrowing
stronglyoverthelast5-10years
PositiveoutlookforvisitornightsinSA
Boutiqueall-suitehotel,comparabletoproductin
MelbourneandSydney
Expecthoteltotradestronglyanddelivermarket-leading
RevParandmargins
Hoteltosupportcoregamingbusinessandbesignificant
driverofdemand,especiallyVIP/IB
Expect~20%ofroomnights(onaverage)tobenon-cash
(i. e. complementaryforgamingcustomers)
F&Bandothernon-gamingbusinessestomakemore
meaningfulcontributiontoearnings
Opportunity – Non-Gaming (1 of 2)
32
Adelaide visitor nights (domestic and international): 2011-2018
Source: SA Tourism Commission
0
5
10
15
20
25
30
2 0112 0122 0132 0142 0152 0162 0172 018
Million
International Visitor NightsDom est ic Vis it or Night sDomestic Daytrips
3.7% CAGR

Carparkcriticaltothesis−nodedicatedcarparking
historically
SkyCitytoexclusivelylease750spaces(of1, 500) adjacentto
casino
•Directundergroundaccess
•Noplanstomanagecarpark– potentialtoaccessnon-
leasedcarparksduringpeaktradingperiods
•Carparkleasecosts~A$4.7mperannum
Carparkkeyactivatorforgamingbusiness–correlation
betweencarparkutilisationandgamingspend
•Addressesconvenienceofferedbypubs& clubs
•Premiumcustomerstobeprovidedfreecarparking
•Discountedparkingpromotionaltoolforloyalty
•Below-marketcarparkinghighvaluereward
~80%+ ofcarparkvolumesatSkyCityAucklandtraditionally
captivegaming/loyalty/leisurecustomers
Opportunity – Non-Gaming (2 of 2)
33
SkyCity Auckland car park volumes by user group: FY19
Source: Company information
Total exits = 1.8m
65%
17%
15%
4%
GamingSt af fLeis ureLicence Holder/Other

Opportunity – Margins
34
Adelaide Casino normalised EBITDAmargin (incl IB) (%) vs.
Australian peers: FY11-FY19
Expectmarginsofaround20%(includingIB)(comparable
withpeers)postexpansionunderpinnedby:
•Increasedcontributionfromhighermarginbusinesses
(i. e. gamingandhotels)
•RealisingbenefitsoflowerpremiumandIBgamingtax
rates
•Operatingefficienciesandeconomiesofscale
Source: Company reports
0%
5%
10%
15%
20%
25%
30%
35%
FY11
FY12
FY13
FY14
FY15FY16FY17FY18FY19
Adelaide CasinoSydneyMelbourne
QueenslandPerth

Goodprogresswithprojecton-timeandon-
budget
“Toppingoff“ofnewfacilityinSeptember–
hotel/casinolevelsandpublicspaceswell
established
Continuetohavepositiveworkingrelationship
withHansenYuncken
TotalprojectcostsremainatA$330m(including
contingency)
CompletionexpectedinSeptember2020(in
timeforT20CricketWorldCup)
WalkerCorporationadvancingcarpark
developmentatFestivalPlazahowever
possibilityit willbea fewmonthsdelayed
•Interimcarparkingsolutionbeingconsidered
forkeycustomersatopening
Project Update
35
Adelaide expansion site (as at November 2019)

Expectexpansiontodeliverrequiredreturn(12%post-taxIRRand9%ROICbyyear3)
FeasibilityanalysisbasedoncomparisontocounterfactualhadSkyCitynotproceededwithexpansion
Materialliftinearningsrequiredtodeliverrequiredreturn– incrementalearningstobeunderpinnedby:
•Significantincreaseingamingmarketshare(local,interstateandIB)
•Market-leadinghotelRevParandmargins
•F&Bandothernon-gamingbusinessesmakingmoremeaningfulcontribution
•LeveragingbenefitsofincreasedvisitationtoenhancedRiverbankprecinct
•Improvedmarginsandoperatingefficiencies
Expectpropertytotake3-4 yearstoreachfullpotential
Confidentprojectvalueenhancingforshareholders
Opportunity – Financial Returns
36

Preparing for Opening
37
Concludemasterplanningforexistingbuilding
Recruitandtrainkeystaffandmanagement(alreadycommenced)
Executeconstructionprogrammeon-timeandon-budget
Workwithprecinctpartnerstoleveragestrategiclocation
Developcommunications/PRplanforkeystakeholders,particularlystaffand
customers
Implementbrandingstrategy
ImplementhotelandIBpre-bookingprogramme
Develophandover/openingplan(tominimisedisruption)
Handover
Softopening− testservices/plant/facilities
November 2019
September 2020
October 2020
Officialopening
T20CricketWorldCup(7 matchesatAdelaideOval,includingsemi-final)

Adelaide Expansion – Closing Remarks
38
Opportunity to turnaround underperforming casino
Significant addressable market to unlock
(combination of local, interstate and IB)
World-class precinct and positive long-term economic
outlook for Adelaide
Project progressing on-time and on-budget
Plans for operationalisation and opening well advanced
Project expected to deliver significant incremental
earnings and requiredreturn

Precinct Partners –
Panel Session
(SATC, Adelaide Airports, Renewal SA)
(Panel Moderator: Ben Kay)

Precinct Partners – Introduction to Panel
40
■SATC assists in securing economic and social benefits for SA through promoting the State as a
tourism destination and further developing the visitor economy
■Tourism expenditure exceeded A$7bn in the year to March 2019 and visitor nights exceeded 30m
for the first time
■Positive outlook for tourism in SA underpinned by appeal of location and increased penetration
of Asia/China markets
■Principal airport in SA
■5
th
busiest airport in Australia – 10m passengers during 2018
■Fastest growing airport in Australia (by international arrivals)
■Service multiple domestic and international ports (including China/Hong Kong, Singapore,
Dubai, NZ)
■Government organisation focused on CBD/urban renewal projects
■Overseen significant transformation of Riverbank precinct in Adelaide over last 5-6 years
■Focused on facilitating development opportunities to enhance CBD through public/private
partnerships
■Vision for Adelaide to be most liveable city in the world
Nick Jones
Brenton Cox
Mark Devine

Tour of Expansion Site

Splitinto3 groups(bysurname)
Requiredtowearhardhat/steel-cappedshoes/long-sleevedshirttoaccessexpansionsite
Phasedapproachtositeentry– 30mingapbetweengroups(GroupA: 11am,GroupB: 11. 30am,GroupC: 12pm)
PlantowalkperimeterofRiverbankprecinct(beforeoraftersitevisit,dependingontiming)
Pleasetryandkeepupwithgrouphosts
Requiredtobebackbynolaterthan12.30pmforlunchtobeservedandpresentationstorecommence
Tour of Expansion Site
42
Group (A-F)
Host: Rob Hamilton
11am site entry
11.30am precinct tour
Group (G-N)
Host: David Christian
11am precinct tour
11.30am site entry
Group (O-Z)
Host: Ben Kay
11.30am precinct tour
12pm site entry
AB
C

Break: Lunch

Strategic Overview
(Graeme Stephens)

Group Strategic Plan

Progress – Business Goals
46
Record (normalised) financial performances achieved in FY18 and FY19
Improved performances across all business units (including Adelaide on like-for-like basis)
Stable operating margins despite cost pressures across the business
Strong growth in VIP/IB gaming
Progressed Adelaide expansion on-time and on-budget
Good momentum on NZICC & Horizon Hotel project prior to fire
Successfully executed asset sales (Darwin/Auckland car parks) – $450m in total proceeds
Good progress across master planning initiatives in Auckland/Hamilton/Queenstown
Launched online gaming business via partnership with Gaming Innovation Group (GiG)
Progressed/refined strategy to grow hotel business – launched hotels group and new
management company
Secured key non-gaming attractions for Auckland precinct (All Blacks, Weta Workshop)
Improve our
operating
performance
Optimise our
existing
portfolio
Grow and
diversify our
business

Progress – Character & Culture Goals
47
Implementing Health & Safety plan – focus on building awareness and preventing harm
New values agreed with staff – “Own it, Share it, Live it”
Being recognised for Diversity & Inclusion – Deloitte Top 200 award
Increasing minimum wage in NZ ($20 by 2020)
Ongoing investment in ICT/digital – launch of mobile app/web-based platform
Continue to refine/enhance host responsibility program (facial recognition)
Refreshed brand launched
Refocused Community Trusts (particularly on youth initiatives/employment)
Taken leadership position on climate change – carbon neutral in NZ (Adelaide during
2020)
Prioritising ethical sourcing and local suppliers
Offer a great
and safe place
to work
Always put
customers first
Be responsible
leaders in our
communities

Distributions to Stakeholders (FY19)
Source: FY19 SkyCity Annual Report
48
“ Better communities at the heart of what we’re doing”
$161m in
taxes to
Government
(NZ and
Australia)
$301m in
salaries &
wages to staff
$136m of
dividends paid
to shareholders
$178m
in payments to
suppliers
(mainly local)
$342m
capital
invested across
the business
$14m
in community
contributions,
levies and
sponsorships

FY20/FY21 Strategic Priorities
49
Complete Adelaide expansion and leverage benefits
Consolidate opportunity to address online casino
market in NZ
Focus on VIP/premium gaming and CXM initiatives
Confirm plan for recommissioning of NZICC & Horizon
Hotel project following fire
Progress master planning initiatives in
Auckland/Hamilton/Queenstown
Continue to invest in/enhance key CSR/sustainability
initiatives
Group strategic plan still relevant − critical to stay focused on completing major projects and enhancing shareholder returns

Strategic/Industry Themes – Two Years On (1 of 2)
50
Challenges remain for companies to sustain above cost of capital returns – requirement to increasingly diversify/invest to
sustain/grow earnings and remain relevant
Online gaming growing significantly (and faster than land-based) – several jurisdictions have legalised/regulated online
casinos/sports betting or plan to do so
Positive secular growth trends in China/Asia, with a growing middle class
Traditional land-based gaming maturing with exception of VIP/premium
Increased levels of industry consolidation (both land-based and online) as companies pursue diversification and synergies
Increased regulatory creep and focus/scrutiny on social licence

Strategic/Industry Themes – Two Years On (2 of 2)
51
Shareholders increasing their focus on SkyCity’s strategic priorities after completion of major projects, particularly against
backdrop of a dynamic, changing industry landscape
US/China trade war and global recession fears impacting sentiment around global gaming stocks (particularly those with levered
balance sheets)
Gaming REITs expanding their presence in US with institutional investors pushing for further real estate monetisation
Las Vegas/Macau continue to shift towards more non-gaming and attractions to stay relevant
Potential for significant expansion in attractive land-based gaming markets (e.g. Japan)
Consolidation between product suppliers/manufacturers less prevalent, industry searching for growth/competitive advantage

Long-Term Value Proposition
52
Increase casino, entertainment and
hospitality revenue
Develop new, complementary business
Allocate capital to higher
returning assets and businesses
Achieve operating leverage and
efficiencies across the Group
Maintain efficient capital structure and
distribution policy
Introduce investment partners to drive
growth and enhance returns
Protect and enhance
social licence to operate
Evolve with changing customer
preferences and technology
Be a responsible corporate citizen
A
B
C
%
Earnings growth and diversification
Efficient capital allocation
Long-term sustainability
Attractive and sustainable
shareholder returns

Improve Our Operating
Performance
(Michael Ahearne, Stewart Neish)

What’s Worked? COO’s Perspectives 2 Years in...
54
Improvedfocusonmarketing/promotionsdrivingvisitationandloyalty
Investmentinnewproductandgreateremphasisonleveragingdata
Benefitsofproductmixandfloorlayoutbeingrecognised
ImprovedperformanceinEGMspleasinggivenimportancetoGroupearningsandvalue(andagainstbackdropof
onlinecasinogrowthinNZ)
BettercollaborationandinformationsharingacrosstheGroup(silosremoved)
Betterpreparednesstoaddressdisruptionfromcapitalworks
Improveddisciplinearoundcostmanagement
Strongteamfocusedondelivery/execution

Operational Leadership Team
55
David Christian, GM, Adelaide
Casino
30 years experience across
Australia, NZ and Singapore
Michelle Baillie, GM, SkyCity
Hamilton
20 years experience across
range of operational roles at
SkyCity. Waikato CEO of the
Year (2017)
Jono Browne, GM, SkyCity
Queenstown
20 years experience in tourism,
hospitality and gaming
Callum Mallett, Exec GM,
Hospitality, SkyCity Auckland
20 years experience in tourism,
hospitality and gaming
Matt Ballesty, Exec GM,
Gaming, SkyCity Auckland
20 years experience across
Macau, US, Canada and
Australia
Steve Salmon, Online Director,
SkyCity Malta
20 years of global online
gaming and wagering
experience
Brad Burnett, GM, SkyCity
Hotels Group
Significant international
experience in managing and
operating hotels

Key Value Drivers
56
Group normalised EBITDA by activity (%): FY19 ($343m)
Local gaming (EGMs and table games) continues to be key value driver for the Group but with IB making larger contributions –
EGMs continue to perform well, particularly in Auckland and Hamilton
Group EGMs and table games (excl IB) revenue ($m): FY14-FY19
0
150
3 00
450
600
750
FY14FY15FY16FY17FY18FY19
Revenue
T ablesEGMs
Source: Company information
Source: Company information
48%
26%
12%
15%
EGM sTab lesIBNon-gaming

Customer Trends/Themes
57
Casinos/integrated resorts continue to be a source of entertainment/socialising
Online/alternative forms of gaming gaining popularity globally
Traditional forms of gaming being challenged to remain popular with younger demographic
Marketing/promotional initiatives important to appeal to new (and retain existing) customers
Rewards/recognition important to retain loyalty, particularly for VIPs
Digital offering viewed as critical to enhance end-to-end experiences – 50%+ of world population now own a smartphone
Customer requirements evolving due to online/digital disruption and changes to generational preferences

Premium/VIP Gaming
58
Premium/VIPsegmentsfastestgrowingpartsofland-
basedcasinos
TrendappliestobothEGMsandtablegames
Growthdrivenbypositivedemographic/economicfactors
inAuckland,customeracquisition,investmentin
international/interstateEGMsandimprovedpremium
accessinAdelaide
Futureinitiativesshouldsupportcontinuedgrowthin
premium/VIP
•InvestmentinnewfacilitiesinAucklandduringFY20
(April2020completion)
•OpeningofAdelaideexpansion
•Productinnovations(i. e. Lucky6)
•Continueinvestmentininternational/interstateEGMs
business
-2 0%
-10%
0%
10%
2 0%
30%
4 0%
50%
CAGR
Premium/VIP Gaming
Adelaide
Auckland
IB
Premium/VIP gaming growth (%): 5 Year CAGR
Source: Company information

Product Initiatives − EGMs
59
New games and links
Creation of new zones –
improved wayfinding
Grow and enhance
VIP/premium
Launchingnewproductconsistently
Engagingmarketingcampaignstocreate
excitinglaunchevents
UltraBlack: newVIPsalonsinAucklandaspart
ofinvestmentinpremiumfacilitiesduring
FY20
Increasedoutdoorgamingatexisting
Black/PlatinumroomsinAuckland
Consistent“NewGameZone”graphics
Additionaljackpotsignagetoshowcasenew
linkedproduct

Product Initiatives − Table Games
60
Leveraging loyalty and tiers
promotion
New product and
innovations
Productivity improvements
Effectivecustomersegmentation
Yieldmanagementthroughloyalty
tierspromotion
Improve table connectivity,
surveillance and game integrity
Datacapture,reducenon-productive
timeforstaffandenhanceasset
protection
Introduce/leveragenewproducts
andgamederivatives(i.e. Lucky6,
Tiger6)
VIP
PREMIUM
MASS
MASSACQUIRE

Product Initiatives − ATGs
61
Enhanced signage
Enhanced
branding/customer
recognition
Phased introduction of new
product
Signageimprovementsacrossall
sites
Terminalstofaceresultdisplays
Introduction of product into
premium gaming rooms
Alleviating demand for traditional
table games at peak periods whilst
adding versatility to the casino floor
Specific branding to ensure customer
recognition and underpin
promotions/future marketing
campaigns

Operating Model Review
62
Remainfocusedonachievingoperatingefficiencies
wherepossibletooffsetcostpressures
FY19GroupnormalisedEBITDAconsistentwithpcp
(30.6%)
SkyCityAucklandandSkyCityHamiltonmargins
comparefavourablyvs.peersonlike-for-likebasis
(AdelaideCasinosignificantlybelowpeers)
Costreviewscompletedannually−costsbeing
progressivelyremovedasopportunitiesarise
Groupmarginstobeimpactedbynewopenings
(i. e. AdelaideexpansionandovertimeNZICC&Horizon
Hotel)andestablishingnewbusinesses(i.e.online
casino)
Australian and NZ casino normalised EBITDA margins
(incl IB) by property (%): FY19
Source: Company reports
0%
10%
2 0%
3 0%
40%
5 0%
SkyCity
Hamilto n
SkyCity
Auckland
Perth
M elbo urne
Sydne y
Queensland
Adelaide
Casino

Key Operational Strategies for FY20/FY21
63
Further investment in product/mix/configuration
(ref. pages 59-61)
Leverage new premium gaming spaces once
completed (levels 8-9 in Auckland)
Prepare for opening of Adelaide expansion
Leverage loyalty/digital capability/data analytics to
improve customer yields
Enhance CXM through customer service and innovation
Focus on cost control and operating leverage

International Business – Global Market
64
Global IB revenue (US$bn): FY10-FY19
Global IB market share (%): FY19
Significant global market for IB (US$25bn in revenue in FY19) but 25% below industry peak (FY14) –dominated by Macau,
Australia and NZ small player globally (<5%)
Source: Macquarie Bank research
Source: Macquarie Bank research
Macau(75%)
Singapore
(5%)
Korea(2%)
Australia and
NZ(4%)
Cambodia
(5%)
Russia(0%)
Manilla(
5%)
Las Vegas
(4%)
0
2
4
6
8
10
12
14
16
18
20
1H102H101H112H111H122H121H132H131H142H141H152H151H162H161H172H171H182H181H192H19
MacauSingaporeKoreaAustralia and NZCambodiaRussiaManillaLas Vegas

International Business – Sector Themes
65
Stronglong-termsecularoutlookforNorth/SoutheastAsia
•Latentdemand,increasingwealthcreation,improvingconnectivity
•Increasinglymobile(150moutboundtripsfromChinain2018)
•GamingexpenditureinChinaas%ofGDP0.28%vs. USat0.36%(8bpsgrowthrepresentsUS$10bnofgrossgaming
revenue)
(1)
•External/geo-politicalfactorsandregulatorychangescancausevolatilitybutimportanttolookthroughcycle
AustralianandNZmarketattractiveforVIPsandgrownsignificantlyoverlast5-10years
•SignificantaddressablemarketinAsia-Pacificregionandopportunitytotakeshare
•Newcasinoresortsinattractivegaminglocations(i. e. Sydney,Brisbane,Adelaide)
•AustraliaandNZconsistentlyrankintop10mostdesiredinternationaldestinationsforChinesetourists
(includingVIPs)
(1) Wynn Resorts investor day presentation (2019)

International Business – SkyCity Overview
66
Australian and NZ IB Market (A$bn) and SkyCity market share (%):
FY10-FY19
0%
2%
4%
6%
8%
10%
12%
14%
16%
0
20
40
60
80
100
120
140
FY10FY11FY12FY13FY14FY15FY16FY17FY18FY19
CrownSt arSkyCitySkyCity Mar ket share (RHS)
Turnover (A$bn)
Market share (%)
SkyCity IB EBITDA ($m) and % of Group normalised EBITDA: FY14-
FY19
Australian and NZ IB turnover peaked in FY16, followed by volatility from FY17-FY19 − SkyCity has been steadily growing its
share since FY10 with IB making increasing contributions to Group normalised EBITDA (12% in FY19)
Source: Company information
Source: Company information
0%
3%
6%
9%
12%
15%
(10)
-
10
20
30
40
50
FY14FY15FY16FY17FY18FY19
Reported IB EBITDANormalised IB EBITDA
% of Group normalised EBITDA (RHS)

International Business – SkyCity Outlook
67
RecordFY19turnoverandnormalisedEBITDA(albeitbenefitingfromlowerwinrate)
•2
nd
largestEBITDAcontributorforGroup(behindAuckland)
•Remainpredominatelya directbusiness(70%ofFY19turnover)
•ImprovementsinEBITDAmargins,benefitingfromoperatingleverageandlowbaddebts
HighperformingsalesteamunderleadershipofJohnChonginAsia(significantindustryexperience)
SignificantfocusonKYC/AML(bothprospectiveandnewcustomers)
Committedtothebusinessforthelong-term
•Pursuingsustainablegrowth– targetingIBtorepresentaround15%ofGroupnormalisedEBITDA
•Willcontinuetoinvestprudentlyinthebusiness
•Conservativeapproachtocredit
•Marginssustainableataround20%

International Business – Growth Opportunities
68
Grow and diversify customer base – reduce reliance on
small number of larger players
Continue to deliver high-quality customer service
Leverage sales team in Asia to further unlock significant
addressable market
Leverage new facilities in Adelaide post expansion and
proximity to eastern seaboard of Australia
Progress proposed Queenstown VIP gaming/hotel
development
Further investment in IB as part of Auckland master
plan

Optimise Existing
Portfolio
(Graeme Stephens)

Asset Sale Programme
70
SoldDarwinCasinotoDelawareNorthforA$188minApril2019
Propertydeemednon-coreandex-growth
Saleprice8x pro-formaFY19EBITDA
ConditionalsaleagreementsignedforLittleMindil(adjacentbeachfrontland,bookvalue
A$11m)
SoldFederalStcarparktoICDPropertyfor$40minApril2019
CarparkoffprecinctandnolongerrequiredwithNZICCcarparkbeingdeveloped
RecordcarparktransactioninAucklandCBDintermsof$perm
2
ICDintendtodevelopmixed-useaccommodationtower(includinggroundfloorretail)
Soldlong-termconcession(to2048) overAucklandcarparkstoMacquariePrincipalFinance
for$220minAugust2019
Saleprice12.5 x pro-formaFY19EBITDA
Complex,bespoketransaction– CarePark(subsidiaryofFarEastConsortium)appointedcar
parkmanager
AvailabilityregimetoprotectongoingaccessforkeySkyCitycustomers
Darwin Casino
Federal St car
park
Auckland car
parks

SignificantinvestmentinfutureofAucklandandNZ
Significantjobcreationonceoperational
Investmentwillsupportlong-termgrowthintourism
expenditure
Newinfrastructuretobesignificantdemanddriverfor
Aucklandprecinct(i. e. casino,hotels,F&B,FederalSt)
HorizonHotelexpectedtogeneratemeaningful
incrementalearnings
Casinolicenceextension(to2048)
ExpectNZICCtobeearningsneutralbuttogenerate~1 m
incrementalvisitstoprecinctperyear
NZICC & Horizon Hotel –Investment Thesis
71

72
FireatNZICCsiteonTuesday22October2019
ProjecthadgoodmomentumpriortofirewithFletcherConstructionandSkyCitycollaboratingwell
Goodresponsefromcrisismanagementteam
•SkyCityAucklandfullyoperational
•CurrentlynoaccesstoNZICCcarparkforstaff(andNelsonStentry/exitremainsclosed)– reducedcustomerparking
capacity
FletcherConstructionhasresumedcontrolofsite
•Teamappointedtoinvestigatecauseoffire
•Sometimeuntilextentofdamageassessedandengineering/insurancereviewscompleted
Expectfire(anddamage)toresultinmaterialdelaystocompletiondates
•DelayslikelytoimpactabilityforNZICCtohostconferencesin2021– impactbeyond2021notyetknown
•ImmediatepriorityonrecommissioningNZICCcarparkforstaffandreopeningNelsonStentry/exit
NZICC & Horizon Hotel − Project Update (1 of 2)

73
SkyCityhasuntil1 January2023tocompletetheNZICCunderexistingcommitmentswithNZGovernment
Atthisstage,nochangetocontractualpositionwithFletcherConstruction
•FletcherConstructionrequiredtocompleteproject
•FletcherConstructionandSkyCitycommittedtodeliveringtheNZICCinaccordancewiththeNZGovernment’s
requirements
SkyCityhasappropriateprojectinsuranceinplace(ref. page74)
•Externaladvisorsengagedtoassistwithmanagingclaimsandassessingdamageandrebuildrequired,toensure
SkyCity’sinterestsareprotected
•SkyCitywillprovidefurtherupdatesonactual/potentialinsuranceclaimsasnewinformationbecomesavailable
Atthisstage,SkyCityis notexpectinganymaterialchangetopreviousguidancefortotalprojectcosts
NZICC & Horizon Hotel − Project Update (2 of 2)

74
NZICC & Horizon Hotel − Project Insurance
Contract works insurance
Public liability insurance
IndemnityagainstlossordamagesufferedtotheNZICCand/orHorizonHotel
FletcherConstructionandsub-contractorsareinsuredpartiesunderthepolicyfortheir
respectiverights,interestsandliabilities
Leadinsurerisa subsidiaryofa leadingglobalfirmandhasanAA- insurerfinancial
strengthratinggivenbyS&PGlobalRatings
Policycoverscontractworks(bothNZICC&HorizonHotel)andadditionalsumsfor
consultantfees,debrisremovalandcostinflationforun-builtelementsattimeof
incident
Limitsincreased(inconsultationwithFletcherConstruction)in2018havingregardto
revisedestimatedreinstatementcosts
Policycoverslegalliabilityto3
rd
partiesarisingfromtheNZICC& HorizonHotelproject
FletcherConstructionandsub-contractorsareinsuredpartiesunderthepolicyfortheir
respectiverights,interestsandliabilities
Leadinsurerisa subsidiaryofa leadingglobalfirmandhasanAA- insurerfinancial
strengthratinggivenbyS&PGlobalRatings

Master Planning – Auckland
75
Multi-yearvisionforprecinct
Positivelong-termfundamentalsinAuckland–
populationandtourismgrowthandongoing
CBD/urbanrenewal
Significantoptionvalueembeddedinprecinct
•2, 500m
2
oflandavailabletobedeveloped(cornerof
VictoriaandFederalSt’s)
•Underutilisedpropertyabletobemonetised(i. e.
theatresite,mezzaninelevelofmaincasinosite)
Opportunitiesforfurtheraccommodation,F&B,new
gamingspacesandentertainment
Ongoingconceptdevelopmentandfeasibilityanalysis
Highlyattractiveinvestmentopportunityforany
propertydevelopershouldexternalcapitalberequired
ChiefPropertyOfficer(PeterAlexander)joinedinearly
2019

Non-Gaming Attractions
76
PartneringwithtwoiconicbrandsinAuckland– AllBlacks
andWetaWorkshop
•Attractionstoappealtobroadcustomerbaseand
ensurelong-termrelevance
•Interactive/immersivecustomerexperiencesleveraging
world-classtechnology(i. e. AR/VR)
•Aucklandconventioncentre(tobereplacedbyNZICC)
toaccommodatebothattractions(SkyCitytobe
landlord,nocapitalcommitment)
Furtheropportunitiesfornon-gamingentertainment
beingconsideracrossprecinct
Recentlyacquired100%ofLet’sPlayLiveMedia(previously
owned40%) – NZ’sleadingbroadcasterandoperatorof
esports

Master Planning – Hamilton/Queenstown
77
ContinuetoevaluatedevelopmentopportunitiesinHamilton
andQueenstown
RiverbankopportunityinHamiltonincludespotentialhotel
development,gamingexpansionandentertainment
LandacquiredinQueenstownforfuturehoteldevelopment–
1 hectareoflakefrontpropertywithviewsofRemarkables
•Opportunityforhigh-endhotelwithVIPgaming
•PopularlocationwithtouristsandVIPs
Bothdevelopmentsrequireregulatorychangesbefore
proceeding
•Publichearingtoconsiderapplicationtovarylicence
conditions(60EGMstobesubstitutedfor3tables)in
Hamiltonon19November2019
•RequireapprovaltorelocateoneQueenstowncasino
licencetonewsiteandextendHamilton(2027)and
Queenstown(2024and2025) licenceterms

Break: Afternoon Tea

Grow & Diversify Our
Business

Hotel Strategy
(Rob Hamilton)

Strategic Context
81
LimitedopportunitytoscalecoregamingbusinessinNZandAustralia
Hotelskeycomponentofintegratedofferingandtosupportcoreactivities
Significantoperatingexpertiseinmanaginghotelsandwellrecognisedhotelbrand
Competitiveadvantagegivenscale/locationofprecincts
TwosuccessfulhotelsinAucklandandnewhotelsunderdevelopmentinAdelaideandAuckland
OpportunitytoexpandhotelbusinessthroughfurtherdevelopmentsinAuckland/Hamilton/Queenstownandhotel
managementopportunities
HighlyattractiveassetclasswhichattractsglobalinvestordemandforNZopportunities

Long-Term Demand Thesis
82
PositiveoutlookforhoteldemandinNZ(andAustralia)
•GlobaltourismboomdrivenbygrowingChina/Asian
middleclass
•Increasingairlinecapacity/visitorarrivals
•Globalreputationasa safetraveldestination
•Keytourisminfrastructureunderdevelopment
•Strongeconomicgrowthanddemographictrends
•Stablecurrency
RoomsnightsinAucklandexpectedtoincreaseby30%
to2025
(1)
HoteloccupancyinAuckland5 starmarketexpectedto
remain80%+overnext10years,despitesupply
increases
(1)
NZ visitor arrivals (domestic and international) (m): 2001-2025F
Source: MBIE, Tourism NZ
(1) Horwath HTL
0
5
10
15
20
25
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020F
2021F
2022F
2023F
2024F
2025F

SkyCity Hotels –Track Record of Success
83
0
50
100
150
2 00
250
300
FY 15FY 16FY 17FY 18FY 19
Gr and Ho tel5-star (Auckland)
Sk yCity Ho tel4.5 Star (Auckland)
SkyCity Auckland hotels: RevPar vs. market: FY15-FY19
SkyCity Auckland hotels revenue and EBITDA ($m) and margin (%):
FY15-FY19
SkyCity has delivered market-leading RevPar at its existing Auckland hotels and attractive returns
(with margins of around 50%, including hotel management services)
Source: Company information
Source: Company information
40%
45%
50%
55%
60%
65%
70%
0
10
20
30
40
50
60
Revenue
EBITDA
Revenue
EBITDA
Revenue
EBITDA
Revenue
EBITDA
Revenue
EBITDA
FY15FY16FY17FY18FY19
SkyCity Auckland: Hotels margin (%) (RHS)

SkyCity Hotels –Outlook
84
SkyCity Hotels EBITDA outlook (including Adelaide Hotel and
Horizon Hotel) ($m)
SkyCityHotelsexpectedtodeliver$55m-$60minEBITDApost
completionofmajorprojectsinAdelaideandAuckland
•Hotelstobe2
nd
largestbusinessactivitybehindgaming
ExploringopportunitiesforfurtherhoteldevelopmentsinNZ
(focusedonexistingprecincts)
•~$500mofpotentialhoteldevelopmentacross
Auckland/Hamilton/Queenstownbeingevaluated
•Potentialformeaningfulincrementalearningsfromthese
futuredevelopments
HotelcapitalisationratesinAustraliaandNZcurrentlyaround
6-7%(equivalentof12-13x EBITDA)
Source: Company information
0
10
20
30
40
50
60
FY15FY16FY17FY18FY19with
Adelaide
Hotel
with
Horizon
Hotel

Future Opportunity and Strategic Priorities
85
Focusonevaluatingopportunitiesinexistingprecincts
Internalrestructureunderwaytotransparentlydisclose/positionhotelportfolioasstandalonebusiness
Hotelmanagementbusinessestablished
•PrimaryfunctiontomanageSkyCityHotelsGroup
•Externalmanagementopportunitiestobeconsideredif attractiveandprovidescompetitiveadvantage
Continuetoassessoptimalfundingmodeltosupportstrategy
•Internalrestructuretoallowforpotentialfutureexternalinvestment(butpreserveongoingmanagement)
•Nocurrentneed/plantomonetisehotels(businessorrealestate)
•InvestmentpartnermaybeconsideredforhotelcomponentofAucklandmasterplan
•AbletofundHamilton/Queenstownfromexistingfacilitiesandfuturecashflows(subjecttoregulatorychangeand
feasibilityanalysisjustifyinginvestment)butmayseekpartnertoenhancereturns

OnlineStrategy
(Michael Ahearne)

Strategic Themes
87
Significant growth in online gaming globally vs. land-based
Transition fromoffline to online across most industries –gaming
no different
Significant web and mobile penetration in most economies
(both developed and undeveloped)
Number of jurisdictions regulating online gaming (or planning
to do so)
Opportunity for land-based operators to offer multi-channel
gaming offering and capture greater share of wallet
Significant expertise and world-class online platform providers
based in Europe
Global land-based vs. online gaming revenue growth (%):
2003-2024F
Source: H2 Gambling Capital
0
200
400
600
800
1,000
1 ,2 00
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019F
2020F
2021F
2022F
2023F
2024F
Rebased to 100 at 2003
Land-based casinoOnline casino

Strategic Themes
88
OnlyNew Jersey,
Pennsylvania and Delaware,
allow online casino gambling
Global Online Gambling (including casinos) Regulation (as at November 2019)
Source: Desktop research
Regulation of online gambling is a growing trend globally, particularly in developed economies with existing land-based
casino operators (alongside other gambling activities i.e. wagering, lotteries etc.)
Regulated
Unregulated
Illegal

Online Casinos – Case Study (New Jersey (NJ), US)
89
Journey to online gambling regulation
1976– NJlegalisescasinos,restrictedtoAtlanticCity
1978– Firstcasinosbecomeoperational
2011– NJlegislaturepassesa billtoallowonlinegamblingwithintheState
2011– USJusticedepartmentissueslegalopinionthattheFederalWireAct
onlyprohibitsonlinesportsbetting,notonlinecasinogames
2013– Revisedbillpermittingonlinecasinosis approvedbyNJlegislature
Regulatory framework
Legalisesonlinecasinosforaninitial10yearperiod(to2023)
RestrictsoperationstoAtlanticCity’sland-basedcasinos
15%taxononlinegamblingrevenue(8%onland-based)
Gamblerhastoplayfromacomputer/tablet/smartphonewithinNJandbe
olderthan21years
Loyaltypoints/awardsrequiredtoberedeemedatland-basedcasino
New Jersey online casino revenue (US$m): 2013-2019
New Jersey total casino revenue (US$m): 2013-2019
Source: Play NJ. Com
0
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15
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30
35
40
45
Nov-13
Feb-14
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Feb-16
May-16
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Nov-16
Feb-17
May-17
Aug-17
Nov-17
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Nov-18
Feb-19
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Aug-19
100
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Nov-13
Feb-14
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Aug-16
Nov-16
Feb-17
May-17
Aug-17
Nov-17
Feb-18
May-18
Aug-18
Nov-18
Feb-19
May-19
Aug-19

New Jersey Case Study − Thoughts/Observations
90
Significant growth in NJ online casino revenue post regulation (LTM revenues of US$400m)
Total NJ casino market (land-based and online) grown post establishing online market – land-based growth +5% per year
Effective channeling of online customer to existing sites given multiple options
Majority of operators have partnered with European platform providers (i.e. GiG/Hard Rock, Gamesys/Tropicana)
Operators effective in geo-blocking non-NJ residents from participating
Significantly increased gaming tax revenue for State and no discernible new incidence of problem gaming

NZ Online Casino Market – “Outside In” Perspective
91
Significant unregulated online gaming market developed over last 10 years -+$250m in annual gross gaming revenue
(1)
Current legislation allows for offshore operators to address NZ online gaming market
Majority of offshore operators not adhering to principles of Gambling Act 2003 (the “Act”) –emphasison protecting
harm/community benefits
Advertising restrictions often being circumvented (or ignored) by offshore operators with limited (if any) consequences
Mature market with a number of sites in operation
Land-based casinos being disrupted and no level playing field available under the Act
(1) Regulus report + industry feedback

SkyCity Pathway to Market
92
OnlinecasinolaunchedinAugust2019viaMalta-basedsubsidiary
•~1,500signupstodate,withsequentialgrowthmonth-on-monthsincelaunch
PartnershipwithGIGprovidesturnkeyonlinesolutionforNZcustomers
•GiGprovidetechnicalplatform,gamingcontent,managedservicesandfront-enddevelopment
•Venturestructuredasa revenuesharearrangement− majorityofoperatingcostsvariableordirectlylinkedtorevenue
•AgreementwithGiGallowsforSkyCitytoassumeB2C(i. e. customerfacing)componentsinregulatedmarket
Strategic(butconservative)entryintoindustrywhichis complementarytoland-basedoperations
•SkyCity’sonlinesiteoffersbest-in -classhostresponsibilityandtrustedbrandname
•Activelyavoidingthesalesandmarketingtacticsadoptedbyexistingoffshoreoperators
•Notexpectingtomonetiseinanymeaningfulwaypre-regulation
SupportfutureregulationinNZ
•NZgamblingregulator(DIA)commencedpublicconsultation(submissionsclosed30September2019)
•Regulationwouldbeconsistentwithglobaltrends(i. e. Belgium,NewJersey,Pennsylvania,Switzerland,UK,Nordics)

Long-Term Opportunity – “Omnichannel”
93
Potentiallysignificantlong-termopportunityif
onlinemarketregulatedinNZandSkyCity
grantedlicence(s)
•Onlinegamingexpectedtocontinueto
growfasterthanland-based
•Uniqueopportunitytoprovideomnichannel
gamingexperienceforNZcustomers–
greatershareofwallet,activecross-sell
betweenland-basedandonline,grow
lifetimevalueofcustomers
•Onlinecasinobusinessestypicallyoperateat
marginsinexcessof20%, sohigh-qualityof
earnings
•Willensurelong-termrelevanceforcore
gamingbusiness
One-time registration
Automatically converting
players online and offline
Shared loyalty
Shared wallet
Withdrawal online or
offline
ONLINE
EXPERIENCE
LAND-BASED
EXPERIENCE
Converging the offline &
online customer experiences
Omnichannel opportunity
Holistic approach to host
responsibility

Sustainability
(Claire Walker)

Commitment to Sustainability (1 of 2)
95
Sustainability increasing in importance for asset owners
Strive to be responsible member of every community in
which we operate
Important to succeed across both financial and non-
financial capitals
Casino industry needs to be doing more than most to
justify social licence
Materiality assessment critical in allocation of
time/effort/capital into sustainability initiatives
Recognition of sustainability as ethical underpin of
casino industry

Commitment to Sustainability (2 of 2)
“The aim of SkyCity is to be a business which
succeeds in financial, social and environmental
terms in the long-run”
(1)
(Rob Campbell, SkyCity Chair)
(1)FY19 SkyCity Annual Report
96

Sustainability Framework
97
Beresponsiblehosts>>>>>>Happy,safecustomers
Ensuresafeandenjoyableopportunitiesforcustomers/staff/communities
Inspireourpeople>>>>>>Great,safeplacetowork
Createa greatplacetoworkwherepeopleareempoweredtogrowandachieve
Growourcommunities>>>>>>Thrivinglocalcommunities
Servea socialpurposebyinvestinginlocaleconomiesandcommunities
Sourceresponsibly>>>>>>Consistentethicalsourcing
Committohigheststandardsofsourcingethically,responsiblyandlocally
Protecttheenvironment>>>>>>Significantlyloweremissions
Activelyreducewasteandminimiseenvironmentalimpact

Offer a great and safe place to workAlways put customers first
Be responsible leaders in our
communities
Culture & Character Goals − Progress
Implementing Health & Safety plan –
focus on building awareness and
preventing harm
New values agreed with staff – “Own
it, Share it, Live it”
Being recognised for Diversity &
Inclusion – Deloitte Top 200 award
Increasing minimum wage in NZ
($20 by 2020)
Actively promoting women into
leadership positions
Taken leadership position on climate
change – carbon neutral in NZ
(Adelaide during 2020)
Prioritising ethical sourcing and local
suppliers
Actively reducing waste to landfill
Ongoing investment in youth
development/employment initiatives
(Project Nikau)
Extensive sports and community
sponsorship programmes
Ongoing investment in ICT/digital –
launch of mobile app/web-based
platform
Continue to refine/enhance host
responsibility programme
(facial recognition)
Refreshed brand launched
Review of loyalty programme/CRM
ongoing

Financial Overview
(Rob Hamilton)

TSR Performance
100
TSR performance has been flat over the past five years, with the expected earnings uplift from major capital investments yet
to be fully achieved –must improve TSR performance over next five years
Source: Yahoo Finance
Relative Total Shareholder Return: 2014-2019
20
40
60
80
100
120
140
160
Dec 14
Feb 15
Apr 15
Jun 15
Aug 15
Oc t 15
Dec 15
Feb 16
Apr 16
Jun 16
Aug 16
Oc t 16
Dec 16
Feb 17
Apr 17
Jun 17
Aug 17
Oc t 17
Dec 17
Feb 18
Apr 18
Jun 18
Aug 18
Oc t 18
Dec 18
Feb 19
Apr 19
Jun 19
Aug 19
Oc t 19
TSR Index (Set to 100 at November 2019)
SkyCity (NZ$)Star (A$)Crown (A$ )NZ50G (NZ$)ASX200 (A$)

Capital Allocation Framework
101
“ The primary task of the SkyCity Board is the efficient allocation of capital.”
Rob Campbell, SkyCity Chair’s Review, Annual Report 2019
Key Objectives:Consistent with strategic goals − efficient capital allocation, maximise
sustainable shareholder returns
Sources of Capital
Operating cash flows
Cash balances
Debt issues
Asset sales
Equity issues
Uses of Capital
Stay-in-business capex
Growth investments
M&A opportunities
Debt repayments
Dividends
Capital returns
Financial Settings:
BBB- credit rating
Dividend policy (80% payout, min 20cps per year)
Target IRR/ROIC benchmarks

Historical Capital Allocation
102
Highly cash generative business with good access to capital –significant investment in growth projects over last 5 years but
difficult to achieve adequate ROIC. Meaningful capital returned to shareholders via ordinary dividends and buy-back
Source: Company information
Sources of capital by %: FY14-FY19
Uses of capital by %: FY14-FY19
(64%)
(18%)
(18%)
Operating cash flowAsset sales
Equity issues (including DRP)
(14%)
(33%)
(6%)
(9%)
(6%)
(32%)
St ay -in- business c apexGr owth inv estm ents
Proper ty acquisitions/o therFunding costs
Reduction in net debtDividends/capital returns

ICT Investment (1 of 2)
103
~$60mofcapextoremoveICT"techdebt"overFY17-FY22Fwith
over75%spenttodate
CorrespondingincreaseinICTopexduetoincreaseinlicences
required,staffhiresandshifttocloud-basedservices
ExpectinvestmentinICTtobefeatureofbusinessmovingforward
toprovideplatformforgrowthandtoleveragedigitalcapabilities
Group ICT capex ($m): FY16-FY20F
Source: Company information
0
5
10
15
20
25
30
35
FY16FY17FY18FY19FY20F
ICT "Tech Debt"ICT MaintenanceBusiness Initiatives

ICT Investment (2 of 2)
104
WiththeICT“techdebt”nowlargelyaddressed,focusisnowshiftingtonewdigitalplatformstobetterleveragedata
andtoenhancecustomerexperience
Infrastructure upgrade (cloud network, data
centres, cyber-security, wifi)
End-user computing upgrade
New finance and supply chain system
New staff rostering, learning/talent development,
POS, hotel management, conventions
management, IPTV and digital signage systems
Enhancements to Bally gaming system
New customer website and mobile app launched
Full ICT disaster recovery capability
Data management & analytics
Business intelligence refresh
Customer experience management
New customer loyalty programme
Gaming system upgrade
Omnichannel gaming offer
RPA and AI opportunities
Recent Projects (FY17-FY19)
Current and Future Projects

Capital Allocation Priorities
Committed to maintaining BBB- credit rating
Total debt expected to peak at ~$800m in FY21/22 (but final profile/timing depends on revised NZICC &
Horizon Hotel construction programme)
Committed to current dividend policy (80% payout ratio subject to minimum 20cps per annum)
Internal project return benchmarks: 12% post-tax IRR and 9% ROIC (by year 3) (WACC = 9%)
Pursuing opportunities to go “capital lighter” where possible
Comfortable returning surplus capital to shareholders if not required for other purposes
Current share buy-back ongoing subject to price being value-adding for shareholders
Ongoing stay-in -business capex of ~$80m – required to maintain and refurbish existing properties
Complete major projects in Adelaide and Auckland (NZICC & Horizon Hotel capex delayed)
Complete other smaller growth projects (i.e. The Guardsman in Adelaide, Auckland VIP/premium
gaming etc)
No new major growth projects confirmed at this stage – still being evaluated
Significant balance sheet capacity for future growth projects and/or shareholder distributions
Key Financial Settings
Future Capital
Allocation Plans
105

YTD Trading and Outlook Update
106
Domesticandinternationaleconomicenvironmentcontinuestobechallengingwithincreasedcostpressures
YTDto3 November2019
•NormalisedGrouprevenue(inclIB)flatvs.pcpona like-for-like
(1)
basis
•Domesticrevenue(excl. IB)up1.5%vs.pcpona like-for-like
(1)
basis
PositivestartinAucklandwithgrowthacrossallbusinessactivities,particularlyEGMswhichhavecontinuedpositive
momentumfromFY19
GoodperformanceinHamiltonandQueenstown,withbothpropertiestradingaheadofpcp
WeakerperformanceinAdelaide– constructiondisruptionongoing
IBturnoverof$4bn,down10%vs.strongpcpwithabovetheoreticalwinrateof1.50%
Group
Units
ContinuetoexpectsomegrowthinFY20GroupnormalisedEBITDAvs.pcpona like-for-likebasis– impactofNZICC
fireimmaterial
StillassessingbroaderaccountingimpactsofNZICCfireonreportedandnormalisedNPAT,sounabletoupdate
guidanceatthistime
Outlook
(1) Like-for-like excludes Darwin operations and Auckland car park revenue and has been calculated consistent with the guidance provided on page 17 of the 14 August 2019 Investor Presentation

Medium-Term Financial Profile
107
Medium-termearningsprofiledrivenlargelybycompletionofmajorprojects
ExpectincrementalearningsfromAdelaideexpansion(includingIB)tomeetorexceedhigherdepreciationandnet
interestinfirst-fullyear(FY22)followingcompletion
AccountingforNZICC&HorizonHotelprojectunderreviewgivenpotentialforsignificantcompletiondelaysand
insuranceclaimsarisingfromNZICCfire
SignificantearningsandfreecashflowgrowthexpectedfollowingcompletionofmajorprojectsasexpectedEBITDA
upliftis realisedandgrowthcapex/debtbalancesreduce
AucklandexpectedtoremainkeyearningscontributorandvaluedriverfortheGroup,butwithAdelaideandIBmaking
largercontributions
OnlinecasinonotexpectedtomakeameaningfulEBITDAcontributionunlessNZGovernmentregulatesonline
gamingandSkyCitybecomesa licensedoperator
Ordinarydividendsexpectedtoremainstableat20cpsperannumuntilatleastFY22andthentogrowinlinewithEPS
growth(consistentwithcurrentpolicy)

Value Recognition
108
SkyCitywhollyownsitsassets− nocurrentintentiontoseparate
PartsofSkyCityhavedifferentinvestmentcharacteristicswhen
comparedtoSkyCity’sexclusiveland-basedcasinobusiness(which
contributesthemajorityofGroupEBITDA)
•HotelcapitalisationratesinAustraliaandNZcurrentlyaround
6-7%(equivalentto12-13x EBITDA)
•Significantandexpandingpropertyassetbase($2bnmarketvalue
atendofFY19, 65%ofenterprisevalue)
•EmergenceofGamingREITsinUShashighlightedsignificant
valuerecognitionforcasinorealestate
•NZlistedpropertytrustscurrentlytradingoncapitilisationratesof
around5%(equivalentto20x EBITDA)
•Globalonlinegamblingcompaniestradeatpremiummultiples
relativetoland-basedcasinos
Investorsshouldconsiderthedifferentinvestmentcharacteristicsof
SkyCity’shotels,propertyassetsandonlinecasinobusinesswhen
assessingtheoverallvalueoftheGroup
Plantoseparatelyreporthotelbusinessunitmovingforward
(andonlineoncemorefullydeveloped)
EBITDA multiple for SkyCity vs. property/hotels/online
comparables: 2015-2019
Source: Company information, Thompson Reuters
0x
5x
10x
15x
20x
25x
30x
2015
2016201720182019
SkyCityNZ LPTs
US Gaming REITSGlobal Hotels Basket
Global Online Gaming Basket
Global Hotels Basket: Hilton, Marriot, Hyatt, Choice Hotels, Accor, Wyndham and Intercontinental HK
Global Online Basket: GVC Holdings, Flutter Entertainment and Stars Group

Key Investment Themes
109
Exclusive long-termcasinolicences in attractive gaming markets – high-quality/defensive earnings
Major projects underpin mid-term earnings and free cash flow growth
Strong financial platform to leverage future growth opportunities and focused on efficient capital allocation
Unique opportunity to become multi-channel gaming operator (online and land-based)
Stable/recurring dividend (attractive yield) which is expected to grow following completion of major projects
Unrecognised value in hotel business and property assets
1
3
5
2
4
6
Sustainable business over the long-term – strong focus on CSR/sustainability and protecting social licence
7

Closing Remarks
(Graeme Stephens)

Key Themes/Takeaways
111
We are continuing to deliver on strategic plan
Critical to deliver Adelaide expansion and recommission NZICC & Horizon Hotel project
Strong medium-term outlook for EPS/dividend/free cash flow growth
Significant opportunity to unlock long-term value leveraging strong platform/core competencies
Ongoing focus on effective capital allocation and improving returns/value recognition
Starting to focus on strategic priorities beyond delivery of existing pipeline

Thank You

Appendices

Adelaide Expansion – Accounting Treatment (1 of 2)
114
Provideddetailedguidanceat2018InvestorDayaroundaccountingtreatmentassociatedwithmajorprojects
•WithAdelaideexpansionnearingcompletion,prudenttoreaffirmaccountingimpacts
•AccountingforNZICC&HorizonHotelprojectunderreviewgivenpotentialforsignificantcompletiondelaysand
insuranceclaimsarisingfromNZICCfire
SkyCityrequiredtorecognisefairvalueofregulatoryconcessionsassociatedwithAdelaideexpansiononbalancesheet
fromFebruary2014
•Intangibleasset(A$165m)recognisedwhenconcessionsgranted(increaseincasinolicencevalue)
•Correspondingliability(deferredlicencevalue)recognisedpriortoprojectcompletionandbookingofassociated
PP&E
•A$22mofdeferredlicencevalueoffsetagainstinterimredevelopmentworksinearly2014
•Atcompletion,remainingdeferredlicencevalueoffsetagainstaccounting(butnottax)valueofPP&E(tangibleasset)
whichis thendepreciated
AdelaideCasinolicenceamortisedoverrelevantlicenceperiod(i. e. 2035(exclusivityterm)or2085(fulllicenceterm))
Duringinvestmentphase,interestcostsassociatedwithAdelaideexpansioncapitalised(atSkyCity’saveragecostof
debt)throughtoprojectcompletion

Adelaide Expansion – Accounting Treatment (2 of 2)
115
OnceprojectiscompletedPP&E(exlandbut
includingcapitalisedinterest)isdepreciatedand
interestnolongercapitalised
EarningsfromAdelaideexpansion(includingIB)
shouldmeetorexceedhigherdepreciationandnet
interestinfirst-fullyear(FY22)followingcompletion
(1) FY20+ indicative estimates only and assumes the Adelaide expansion is completed during September 2020 and opens at end of October 2020
Accounting for Adelaide Expansion
(1)
FY19FY20FY21FY22
A$mA$mA$mA$m
Balance Sheet
Property, Plant & Equipment150344211201
Casino Licences288283278273
Deferred Licence Value14314300
Income Statement
Depreciation00911
Amortisation5555
Capital Expenditure
Capital Expenditure56180150
Capitalised Interest61140