SkyCity Entertainment Group Limited/Announcement

Annual result for the year ended 30 June 2024

Full Year Results21 August 2024SKCConsumer Discretionary

View on NZX PDF 1 PDF 2 PDF 3 PDF 4 PDF 5

$m

FY24

FY23
*

Revenue

EBITDA

EBIT

NPAT

Revenue

EBITDA

EBIT

NPAT

Reported

Results

928.5

1
38
.
2

4
6
.
2

(
14
3
.
3
)

926.2

165.9

75.2

8.0

Reclassify
Premium
R
evenue
R
ebate
s

3.2

-

-

-

7.0

-

-

-

Reclassify
Gaming GST

85.8

-

-

-

8
7.5

-

-

-

Remove
impact of
NZICC Fire
Accounting

(
48.4
)

9.2

9.
2

8.4

(63.6)

2
2.8

22
.8

1
2.3

Remove
Gain on
S
ale of
s
hares

(9.6)

(9.6)

(9.6)

(9.6)

-

-

-

-

Remove
Asset Impairment
s

-

9
4
.
3

9
4
.
3

73.1

5
0.8

50.8

5
0.8

Remove
Property
fair value adjustment
s

-

-

-

-

-

1
2.3

1
2.3

1
2.0

Remove
Labour Restructure

-

-

-

-

-

1.0

1.0

0.7

Remove
Regulatory Penalties

-

3
5
.
9

3
5
.
9

35.
8

-

49.0

49.0

49.0

Remove
P
rovision
s
for
prior year

casino duty

-

9.8

9.8

9.8

-

-

-

-

Remove NZ
deferred tax

change
s

-

-

-

149.0

-

-

-

-

Underlying

Results

959.6

2
77
.
8

1
85.8

123.2

957
.1

301.8

211.1

132.8

*The FY23 underlying results were restated to remove International Business normalisation

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0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
0
200
400
600
800
1,000
1,200
FY19
FY20
FY21
FY22
FY23
FY24
Net debt to EBITDA ratio
$m
Total Group Borrowings
Total Liquidity Headroom
Debt leverage ratio

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CONTENTS
3GENERAL
3
About this Annual Report
4
Report from the Chair
10
Message from the
Chief Executive Officer
12
Year in Review
20
Our Strategy
22
About SkyCity
24
Auckland
26
Adelaide
28
Hamilton
30
Queenstown
31
Online
32
Risk Management
37
Our People
37
Our Board
39
Our Senior Leadership Team
43
Our Team
50
Diversity Snapshot
52SUSTAINABILITY
52
Sustainability
54
Our Customers
67
Our Community
72
Our Environment
82CORPORATE GOVERNANCE
STATEMENT AND OTHER
DISCLOSURES
82
Corporate Governance Statement
91
Remuneration Report
102
Shareholder and Bondholder Information
105
Directors’ Disclosures
107
Company Disclosures
111FINANCIAL STATEMENTS
112
Independent Auditor’s Report
118
Income Statement
119
Statement of Comprehensive Income
120
Balance Sheet
122
Statement of Changes in Equity
123
Statement of Cash Flows
124
Notes to the Financial Statements
169
RECONCILIATION OF UNDERLYING
RESULTS TO REPORTED RESULTS
171GRI INDEX
172
CLIMATE-RELATED
DISCLOSURES INDEX
176GLOSSARY
177DIRECTORY
2024 HYBRID ANNUAL MEETING
The 2024 SkyCity Annual Meeting will be held at the SkyCity Theatre, Level 3, SkyCity Auckland, Corner of Wellesley
and Hobson Streets, Auckland, and online on 31 October 2024 commencing at 11.00am (New Zealand time).
Instructions and further details on how shareholders can participate in the Annual Meeting will be included
in the Notice of Meeting to security holders.
NZX LISTING STATUS
SkyCity Entertainment Group Limited has been designated as ‘Non-Standard’ by the NZX Limited due to certain
restrictions in the company’s constitution. See page 109 of this annual report for further details.
ABOUT
this Annual Report
Eos by SkyCity,
SkyCity Adelaide
This annual report is a review of SkyCity
Entertainment Group Limited (SkyCity or the
company and, together with its subsidiaries, the
Group) and its subsidiary companies’ performance
for the financial year ended 30 June 2024. Where
appropriate, information is also provided in
relation to the Group’s activities after 30 June 2024.
This annual report has been prepared in
accordance with the NZX Listing Rules, NZX
Corporate Governance Code (1 April 2023 Edition),
New Zealand Companies Act 1993 and New
Zealand Financial Markets Conduct Act 2013 and,
although SkyCity is not required to comply with
ASX Listing Rule 4.10 (which requires entities to
include certain prescribed information in their
annual reports) as it has a ‘Foreign Exempt Listing’
status on the Australian Securities Exchange
(ASX), substantially reflects the ASX Listing
Rules and Corporate Governance Principles and
Recommendations (Fourth Edition) of the ASX
Corporate Governance Council.
This annual report has also been prepared with
due consideration of the International Integrated
Reporting Council’s International Integrated
Reporting Framework. Integrated reporting
applies principles and concepts that are focused
on bringing greater cohesion and efficiency to
the reporting process and adopting ‘integrated
thinking’ as a way of breaking down internal silos
and reducing duplication.
In line with this integrated approach, this annual
report also includes SkyCity’s first climate-related
disclosures as required by the Aotearoa New
Zealand Climate Standards released by the
External Reporting Board in December 2022. For
ease of reference, a climate-related disclosure
reference index based on the Aotearoa New
Zealand Climate Standards is included on pages
172 - 175 of this annual report.
The financial statements included in this annual
report have been prepared in accordance with the
International Financial Reporting Standards.
This annual report also includes non-GAAP
financial measures (underlying financial
information) which have not been prepared
in accordance with International Financial
Reporting Standards. Our objective in providing
this underlying financial information is to provide
data that is useful to the investment community
in understanding the underlying operations of
the SkyCity Group – the intention being to provide
information which is representative of SkyCity’s
underlying performance (as a potential indicator
of future performance), can be compared across
years and can assist with comparison between
publicly listed casino companies in New Zealand
and Australia. Further details of SkyCity’s
underlying financial information are provided on
pages 169 - 170 of this annual report.
The non-financial information in this annual
report has been informed by the principles and
disclosures of the Global Reporting Initiative’s
(GRI) Sustainability Reporting Standards. A GRI
reference index based on the GRI Sustainability
Reporting Standards is included on page 171 of this
annual report.
Unless otherwise stated, all dollar amounts in
this annual report are expressed in New Zealand
dollars. Certain totals, subtotals and percentages
stated in this annual report may not agree
throughout due to rounding.
An electronic copy of this annual report is available
in the Investor Centre section of the company’s
website at www.skycityentertainmentgroup.com.
If you have any feedback and/or questions in
relation to SkyCity’s sustainability framework
and/or reporting, please contact SkyCity at
sustainability@skycity.co.nz.
This annual report is dated 22 August 2024 and
is signed on behalf of the SkyCity Board by:
Julian Cook
Chair of the
SkyCity Board
Chad Barton
Chair of the
Audit Committee
32
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
GENERAL

REPORT
from the Chair
We remain committed to ensuring that we provide safe and
responsible experiences and environments for our people
and customers and will continue to focus on, and invest in,
the ongoing improvement of our business.
INTRODUCTION
The 2024 financial year can be marked as one of
considerable upheaval, challenge and change for
SkyCity, culminating in some significant internal
and external developments.
These include the Department of Internal Affairs
(DIA) launching regulatory action against our New
Zealand casinos in relation to historical breaches
of both responsible gaming and anti-money
laundering obligations, the departure of our
previous Chief Executive Officer, the resignation
of our Chief Financial Officer, the buy-back
of the Auckland car park concession, and the
appointment of a new Chief Executive Officer and
recently a new Chief Financial Officer.
This year, we reached settlements on both the DIA
actions, as well as the action already underway by
the Australian Transaction Reports and Analysis
Centre (AUSTRAC) regarding SkyCity Adelaide Pty
Limited (SkyCity Adelaide).
On a positive note, in recent weeks, we have
celebrated the official opening of our new 5-star
hotel in Auckland, Horizon by SkyCity, a key
milestone towards the completion of the New
Zealand International Convention Centre (NZICC).
These developments are set against the backdrop
of weak trading conditions, resulting in the
suspension of dividends until at least the end
of the 2025 financial year, and a drop in our
share price to around $1.60 at the date of this
annual report.
We are acutely aware that our financial results
and share price performance are not welcome
developments for shareholders. However, these
must be seen in the context of the need to address
shortcomings. It is clear that historically SkyCity’s
focus, resources and investment have fallen short
of what was required of the business in meeting
our regulatory obligations.
In short, SkyCity has failed to meet the standards
expected of us, and we are rightly being held to
account for them. We acknowledge and genuinely
apologise for these failings, and as a Board and
Executive we are wholly committed to meeting our
obligations, caring for our people, customers and
communities, and delivering appropriate returns.
The settlement of the DIA actions in New Zealand,
strengthened management team with a new Chief
Executive Officer and Chief Financial Officer now
in place, the opening of Horizon by SkyCity, and a
comprehensive Transformation Programme are
all key parts of improving SkyCity’s performance.
The opening of the NZICC and regulation of
online casinos in New Zealand will also provide
significant opportunities for the Group.
RISK MANAGEMENT AND
REGULATORY COMPLIANCE
– A PRIORITY FOCUS
Necessarily, risk management and regulatory
compliance are priority focus areas for the Board,
Executive, and our 4,500-strong team across
Australia and New Zealand.
In 2021, we embarked on a programme to
strengthen how we manage risk and compliance
across the SkyCity Group. We have made
significant progress to date, including:
• completing a full refresh of the SkyCity Board,
including the recruitment of directors with
specialist risk expertise;
• creation of a dedicated Board Risk
and Compliance Committee to oversee
anti-money laundering and countering
financing of terrorism (AML/CFT), host
responsibility, risk management and other
compliance obligations;
• appointment of a Group Chief Risk Officer and
moving the AML/CFT and host responsibility
teams’ reporting lines directly to this position;
• adoption of a three lines of accountability
framework across SkyCity;
• significant enhancement and investment in
our internal AML/CFT and host responsibility
resourcing and capability, processes and
systems;
• increasing capacity in our financial crime, risk
and compliance and host responsibility teams,
with 113 employees as at 30 June 2024; and
• reducing risk and complexity by changing
the way we operate to reflect our lower risk
tolerance, including limiting the ways in
which customers can transact with us.
The DIA actions highlight deficiencies in SkyCity’s
AML/CFT risk assessment and programme in New
Zealand dating back to 2014 (which were not
fully remediated until July 2021), and SkyCity has
admitted breaches of its AML/CFT obligations over
the period from 2018 to 2023. These breaches are
characterised in the pleadings as being “systemic
deficiencies” and “long-term non-compliance”.
We acknowledge the timespan and depth of these
breaches. Whilst good progress has been made in
our uplift activities since 2021, it is incumbent on
us to fully interrogate and understand our failings.
Since commencing in 2023, our Chief Risk Officer
has significantly improved the capability and
capacity of the teams in the risk area. A key part of
this work has been undertaking a comprehensive
exercise to develop a clear understanding of the
historical shortcomings and causes, particularly
focused on our New Zealand operations. At a high
level, these can be summarised as insufficient
importance placed on compliance within the
business, lack of investment in systems and
people to support this, and a lack of capability and
expertise in these areas at all levels of the business.
This makes for uncomfortable reading, but our
regulators, shareholders, customers and wider
stakeholders need to have confidence that we fully
understand the nature of the issues which need
to be fixed, that our culture will put compliance
ahead of short term profits, and that there is focus
and determination to ensure we achieve our
objectives.
Led by our Chief Risk Officer, we have now
developed a multi-year Transformation
Programme which will embed improved practices
through all parts of the business. Significant
additional resource has been allocated to this
programme, and given its importance we
established a Board Transformation
Sub-Committee in June 2024 to oversee and
monitor its progress. A new General Manager
Transformation role has also been created to lead
a dedicated Project Management Office to support
successful delivery.
An important part of our Transformation
Programme is the deployment of facial recognition
technology – now embedded across our
casinos with ongoing enhancements – and the
implementation of mandatory carded play across
our casinos.
Mandatory carded play will be deployed across our
New Zealand casinos by mid-2025, and at the SkyCity
Adelaide casino by early 2026. This will take our
customer care to a new level, allowing both SkyCity
and customers to monitor length of play in real time,
and when they need to take a break. If a customer
plays for too long, their card will be disabled.
While an important and exciting development,
the technological challenges to deliver carded
play are significant and require material financial
investment – both in terms of capital and
workforce resource. We are committed, however,
to implementing carded play as it will significantly
increase our visibility and control of play, and
simplify many parts of our current AML/CFT and
host responsibility operations.
Our primary objective over the coming years
is to ensure we have strongly performing risk
management systems, a culture which prioritises
compliance with our obligations and customer care,
and a business which is seen as a good corporate
citizen, worthy of retaining its casino licences.
We have made good progress, but we have work
to do. We are wholly committed to meeting the
expectations required of us and building back
trust, and we have the plans, people and necessary
investment to achieve this.
Full details on our Transformation Programme are
set out on pages 8 and 9 of this annual report.
RESOLUTION OF REGULATORY
MATTERS
As noted above, we have made good progress this
year in addressing regulatory matters, with the
Metita,
SkyCity Auckland
Julian Cook
Chair of the
SkyCity Board
54
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
GENERAL

primary outstanding matter being Consumer and
Business Services’ (CBS) independent review in
Adelaide.
In May this year, we reached an agreement
with the DIA to resolve the civil penalty
proceedings commenced in February 2024 for
historical non-compliance with New Zealand
AML/CFT laws. That agreement, including a joint
recommendation for a civil pecuniary penalty of
$4.16 million, remains subject to the New Zealand
High Court’s approval at a hearing set down in
September 2024.
In June 2024, the Australian Federal Court
approved our agreement with AUSTRAC to resolve
the civil penalty proceedings commenced in
December 2022 for historical non-compliance with
Australian AML/CFT laws. The A$67 million civil
penalty payment was paid by SkyCity in July 2024.
In July 2024, SkyCity reached an agreement with
the Secretary for Internal Affairs to resolve the
application to temporarily suspend SkyCity’s New
Zealand casino operator’s licence for historic
non-compliance with our host responsibility
obligations. As part of this agreement, SkyCity
will close its Auckland gaming areas for a five-day
consecutive period in September 2024.
As part of our current and ongoing focus on
regulatory compliance and risk management,
we have developed a Building a Better Business
Programme to deliver clear progress in Adelaide.
Earlier this year, it became apparent that there
was a marked lack of progress in our remediation
programme in Adelaide. Since that time, there
have been a number of Executive changes,
including the appointment of a new Interim Chief
Operating Officer Australia in early April 2024.
Performance has now improved, and we are
hopeful of having our new programme approved
by our regulator, CBS, shortly.
SkyCity continues to engage with CBS and
the South Australian Liquor and Gambling
Commissioner in relation to the independent
review in Adelaide, which was recently
recommenced in June 2024 following the
resolution of the AUSTRAC civil penalty
proceedings, and to work towards resolving this
matter expeditiously if possible.
REFRESH OF BOARD AND
EXECUTIVE TEAM
Over a three-year period, the SkyCity Board
has now been completely refreshed with the
appointment of Donna Cooper as a non-executive
director in September 2023 and following the
departure of long-serving director Sue Suckling
in October 2023. Donna has extensive experience
in the financial services industry, most recently
as Chief Executive of TSB Bank, where she led an
extensive organisational transformation with a
focus on AML/CFT, compliance and culture.
Last year, we indicated we would seek to add a
seventh director to the Board. However, given the
high level of activity over the last year, we will
wait for business operations to further stabilise
before making any appointment.
There have also been some significant changes to the
SkyCity Executive team over the period, including,
in March 2024, the departure of the former Chief
Executive Officer and the announcement of the
Chief Financial Officer’s intention to step down
from the role.
Chief Operating Officer New Zealand, Callum
Mallett, stepped up as Interim Chief Executive
Officer between March and July 2024, while I took
on an Executive Chair role and duties, with a core
focus on debt refinancing, capital structure and
resolving our regulatory matters.
SkyCity’s new Chief Executive Officer, Jason
Walbridge, officially started in July 2024, while Peter
Fredricson joined SkyCity in August 2024 as the new
Chief Financial Officer. Jason and Peter collectively
bring new energy and a wealth of experience
to the SkyCity team at this critical point in our
Transformation Programme, and we are delighted
to have expertise of this calibre on board. Both are
fully aware of and share the Board’s vision and
commitment to the transformation required of us.
OPERATIONAL PERFORMANCE
The challenging economic environment continued
to impact customer spend over the 2024 financial
year, although visitation numbers across SkyCity
remained strong.
For the 12-months ended 30 June 2024, underlying
Group EBITDA was $277.8 million (net of corporate
costs) - down 8.0% on the previous financial
year, a reflection of both the difficult economic
environment, as well as the significant investment
required for our Transformation Programme.
Underlying Group NPAT was $123.2 million (down
7.2%), largely driven by lower operating earnings.
Reported Group EBITDA was $138.2 million and
reported Group NPAT was $(143.3) million.
Underlying EBITDA for the New Zealand operations
was $271.9 million - down 6.5% from the prior
comparable period, primarily due to lower levels
of consumer spend impacting revenue across
all divisions as well as an increased cost base.
Pleasingly, in January 2024, the long term concession
granted over the SkyCity Auckland car parks was
successfully terminated, with full control of the car
park operations regained from MPF Parking NZ
Limited, resulting in the addition of approximately
$6.2 million of EBITDA.
Included in the New Zealand reported result is a tax
adjustment impacting the New Zealand deferred tax
liability by $129.6 million related to a change in New
Zealand tax legislation in March 2024.
SkyCity Adelaide’s performance was again
significantly impacted by the ongoing regulatory
matters and focus, affecting visitation and resulting
in significant operating costs. Despite this, SkyCity
Adelaide's underlying EBITDA of $39.6 million was
up 9.8% from the prior comparable period.
Included in the Adelaide reported result is an
impairment charge of A$86.2 million, being
the impact of the annual impairment review of
the Adelaide cash generating unit (pursuant to
accounting standard NZ IAS 36). There was also an
increase in the provision for regulatory penalties
and associated legal costs of $31.3 million relating
to the AUSTRAC civil penalty proceedings.
SkyCity Online Casino’s EBITDA (attributable
to SkyCity) of $3.6 million was down 67% from
$10.7 million in the prior comparable period,
largely due to a decline in returning customers and
spend per customer. EBITDA was also impacted
by a reduction in the equity accounted earnings
of the Group’s investment in Gaming Innovation
Group Inc (divested in FY24 and subsequently
settled in July 2024) and the additional overhead
costs associated with building a New Zealand-based
online operation ahead of potential industry
regulation in New Zealand.
Good progress was made over the period on the
NZICC and hotel project with the opening of the
new 303-room 5-star hotel, Horizon by SkyCity,
on 1 August 2024. Based on the contractor’s latest
programme, we currently expect the NZICC to open
in 2025. We continue to field strong interest from
offshore organisations for conference bookings.
CAPITAL STRUCTURE
As at 30 June 2024, gross debt was $602.2 million,
lease liabilities were $121.4 million, cash at hand
was $60.5 million and net debt was $663.1 million.
SkyCity continues to have significant funding
headroom in its debt facilities with $252.5 million
of undrawn facilities at 30 June 2024. Our current
leverage ratio of net debt to EBITDA is 2.3 times,
well within the company’s banking covenants and
consistent with its BBB- credit rating from S&P
Global Ratings with “Stable” outlook, which was
reconfirmed in June 2024.
In August 2024, SkyCity successfully refinanced
significant tranches of its debt funding which
were due to mature in 2025 and 2026. As a
result, US$150.0 million of United States private
placement debt has been negotiated with a
maturity in 2031 due to favourable demand and
pricing, while $217.5 million of the company’s
syndicated bank debt facility (which was due to
mature in 2025 and 2026) has been extended by
three and four years respectively. See further
details in the financial statements included in
this annual report.
In May 2024, the SkyCity Board determined
to suspend the FY24 final dividend and both
dividends for the 2025 financial year. Whilst
disappointing for our shareholders, it was prudent
to take this action to maintain a robust level of
funding headroom given the impact on cashflows
from a likely reduction in our earnings in FY25,
capital expenditure and payment of regulatory
fines. The Board currently expects, subject to
satisfactory trading performance and market
conditions, to resume paying dividends in the
2026 financial year.
Throughout the year, the SkyCity Board has
determined that the business should target a more
conservative capital structure and, as such, has
introduced a target capital structure in line with
BBB (flat) metrics. We are committed to achieving
this over the medium term. Increased earnings
from growth opportunities within the business,
such as the new Horizon by SkyCity hotel, NZICC
Horizon by SkyCity,
SkyCity Auckland
and online gaming, combined with the reduced level
of capital expenditure as the NZICC nears completion,
support achieving this objective.
FY25 OUTLOOK
The financial year ahead continues to reflect a
challenging economic environment, particularly
in Auckland. Our financial performance will also
be impacted by several one-off items, including
pre-opening operational costs for the NZICC,
preparing for online gaming regulation in New
Zealand, ongoing risk and compliance uplift activities,
and the ongoing implementation of
our Transformation Programme.
The Board confirms the previous FY25 earnings
guidance provided to the market on 18 July 2024 of
underlying Group EBITDA of between $245 million
and $265 million and the suspension of dividend
payments for FY25. This guidance assumes that
core stay-in-business capital expenditure will
be in the range of $60 - $70 million in FY25 and
NZICC construction capital expenditure will be
approximately $70 million.
Despite the challenges behind us and the work that is
still to be done, there is a great deal to look forward to
and be excited about over the next 12 months.
We remain one of New Zealand and Australia’s largest
tourism, hospitality and entertainment groups,
with four hotels, four casino properties, one online
casino, and over 30 restaurants and bars across our
precincts. The opening of the new Horizon by SkyCity
hotel brings our total number of hotel rooms in the
Auckland precinct to nearly 1,000.
Collectively, we host more than 7 million visitors
every year, and employ more than 4,500 people
– a number that is set to increase to more than
5,000 with the opening of the NZICC, which is
also expected to bring in a further 33,000 new
international visitors every year.
Our annual contribution to the New Zealand
and Adelaide economies is around $1 billion
(including capital invested) and, since opening
in 1996, SkyCity has contributed more than
$77.4 million to local community groups,
organisations, events and initiatives through
the SkyCity New Zealand Community Trusts.
None of this would happen without the
dedication, commitment and pride of our employees,
Executive and Board, and I would like to extend a
heartfelt thanks to them, our customers and other
stakeholders for their continued support.
There is much to be excited about at SkyCity as we
work hard to deliver an industry-leading, safe
entertainment destination that delivers great
outcomes for our people, customers, regulators,
shareholders, communities and local economies.
Julian Cook
Chair of the SkyCity Board
76
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
GENERAL

PROGRAMME
Our Transformation
Our Transformation Programme is a comprehensive,
multi-year programme designed to deliver the best outcomes for
our customers and communities by driving long term growth,
deepening our regulatory relationships, and fostering a culture
of care for our customers and communities.
The key pillars of our Transformation Programme are designed to position SkyCity for sustained success as we progress towards
achieving the desired outcomes.
The SkyCity Board and Executive team are committed to the delivery of this multi-year programme of work and are confident that
the steps taken will deliver immediate benefits.
PILLARSCOMPLETE: FY2024UNDERWAY: 2025-2026OUTCOMES
GOVERNANCE
– BOARD &
MANAGEMENT
• Strengthened Board capability
• Increased risk capability and visibility
• Transformation Programme established
• Strengthened Executive team capability
• Set clear ‘tone from the top’
• Established Board Transformation Sub-Committee
• Enhanced reporting, monitoring and oversight
• Deliberate focus on outside in thinking through stakeholder
and SME insights and engagements
Always doing the right
thing, and maintain our
social licence to operate
Strengthening
governance, oversight and
accountability
Taking a proactive
approach
to risk management
Building a more customer
focused, transparent
culture
Delivering on our
commitments, consistently
and to the highest standard
CULTURE
• New Chief People and Culture Officer appointed
• Enhanced management and leadership development programmes
• Short and long term incentives linked to risk and compliance outcomes
• Establish and commence cultural shift programme
• Continue strengthening leadership and management
capabilities
• Establish consequence management framework
RISK & COMPLIANCE
MANAGEMENT
• Chief Risk Officer role created and appointed
• Risk Operating Model defined which encompasses key compliance-focused roles
• Increased risk and compliance capability and capacity
• New Enterprise Risk Management Framework approved by the Board
• Continued delivery against the risk transformation roadmap
• Refreshed Risk Appetite Statement and Risk Profile
• Embedding three lines of accountability
CONDUCT
• Staff Code of Conduct refreshed
• Established clear expectations for staff conduct through the introduction of a refreshed
Anti-Bribery and Corruption Policy and Conflict Management Policy
• Embedding Code of Conduct and related policies
• Enhanced Board visibility of customer insights and
complaints
RE-ESTABLISHING
TRUST
• Progression towards resolving outstanding regulatory matters
• Increased regulatory interactions
• External commitment to do what is rightly expected of us
• Sustained and proactive regulator engagement
• Establish and embed Regulatory Relationship Charter and
Engagement Policy
• Continue to deliver on our commitments
• Remain committed to strengthening our social licence to
operate
EXECUTIONAL
ENABLEMENT
• Continued to strengthen host responsibility capabilities, including increased use of
technology (such as facial recognition)
• Foundations for delivering mandatory carded play
• Reduced risk and improved regulatory relationships via the Building a Better Business
Programme
• Online gaming work programme established
• Stronger programme delivery practices established
• Complete Board strategy review and refreshed priorities to
align to the strategy
• Deliver Transformation and Remediation Programme
outcomes across the Group
Further information on our plans and progress against the pillars can be found throughout
this annual report.
98
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
GENERAL

It is a great privilege to be appointed to this role
– I do not take it for granted and I fully understand
the responsibility that comes with it.
I have spent the past 23 years working offshore in the
global gaming industry, and I am excited to be back in
New Zealand with my family and working for SkyCity
– an iconic brand and business with enormous
potential to deliver positive outcomes for a wide
range of stakeholders, including our shareholders,
customers, staff, suppliers, and the communities that
we operate in.
SkyCity operates in complex regulatory environments
which have seen significant changes in the last few
years. This is particularly pertinent for our operations
in New Zealand and Australia, but is consistent with
what is occurring around the world.
These global insights and perspectives will be
invaluable in contributing to the transformation of
SkyCity’s operations as we continue to respond to
industry changes, and as part of the Transformation
Programme that the SkyCity Board Chair has outlined
in the Chair’s Report.
Our Transformation Programme is a long term
programme of work that will take time, effort and
investment, but it is imperative if we are to retain our
casino licences and, just as importantly, maintain our
social licence to operate.
We will do this by ensuring that we have robust,
continuously improving risk management systems,
and a compliance culture that looks after our
customers and meets our regulatory obligations
whilst ensuring the safety and wellbeing of our
people. By getting this right, we can ensure we
continue to support our local communities and
deliver appropriate returns to our shareholders.
It is clear that good progress has already been made
over the last 12 months, but I am under no illusion
that we still have work to do. I am heartened by the
commitment of our Board, Executive and wider
team to meeting these obligations and building back
trust with all of our key stakeholders, including our
regulators.
To that end, in my first few weeks, I visited all of
our SkyCity properties and met with as many of
our people and stakeholders as was possible.
I remain impressed by the energy of our team, the
pride in the work they do and their appetite to meet
the challenges ahead. I have also enjoyed seeing
firsthand the quality and diversity of our assets, and
experiencing what we deliver for customers.
These experiences have fully reinforced for me that
SkyCity already has a great deal of value in its people
and properties, and I am relishing the opportunity to
build on these solid foundations.
I am genuinely excited about SkyCity and its future,
not least of which are the immense positives that
will flow from the newly opened Horizon by SkyCity
hotel, the NZICC when it opens next year, and
the opportunities presented by online gaming as
regulation allows.
I am genuinely thrilled to be here and I am certainly
not overawed by the upcoming opportunities
and challenges for the business. I look forward to
reporting on the progress we have made at our
upcoming annual meeting.
Thank you for your ongoing support.
Jason Walbridge
Chief Executive Officer
Just six weeks into my role as Chief Executive Officer of SkyCity and
I am already filled with an immense sense of pride in the business,
particularly for the people that make up its heart.
MESSAGE
from the Chief Executive Officer
11
GENERAL
10
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024

YEAR in Review
JULY
• Enhanced our facial recognition technology
to monitor repeat withdrawals and multiple
declined transactions at the SkyCity Auckland
ATM machines for potential indicators of
problem gambling
• Introduced PatronScan (automated ID scanners
and verification) across our New Zealand
casinos
AUGUST
• FY23 full year result announced with reported
NPAT of $8.0 million and underlying NPAT of
$138.8 million
NEW ZEALANDAUSTRALIA
Breakthrough
Mental Health
Research Foundation
Adelaide
Festival Centre
Australian
Masters Games
Kickstart for Kids
Sammy D Foundation
HAS Foundation
World Choir Games
(Bronze Level)
Chiefs Manawa
Balloons over
Waikato
NZ International
Comedy Festival
Auckland
Thoroughbred Racing
Leukaemia & Blood
Cancer New Zealand
Variety – The
Children’s Charity
ASB Classic
Tennis Tournament
Catalytic Foundation
(Silver Supporter)
Northern
Districts Cricket
SkyCity
Stampede
Waikato
Thoroughbred Racing
Winter Pride
Northern Mystics
Tennis NZ Davis Cup
New Zealand vs
Turkey
NZ Breakers
Auckland Cricket
Synthony
in the Domain
SEPTEMBER
• Application made by the Department of Internal
Affairs (DIA) to temporarily suspend SkyCity’s
New Zealand casino operator’s licence
• Final dividend of 6 cents per share paid to
shareholders
• Donna Cooper appointed as a non-executive
director to the SkyCity Board
OCTOBER
• Rolled out facial recognition technology to the
SkyCity Hamilton ATM machines
• Metita, a new Pacific inspired eatery, opens in the
SkyCity Auckland precinct in conjunction with
award-winning chef Michael Meredith
• Sue Suckling retires as a non-executive director
from the SkyCity Board
JANUARY
• SkyCity Auckland car parks return to SkyCity’s
control following termination of the Auckland
Car Park Concession Agreement with MPF
Parking NZ Limited
FEBRUARY
• FY24 interim result announced with reported
NPAT of $22.5 million and underlying NPAT of
$66.5 million
• SkyCity Adelaide Pty Limited (SkyCity
Adelaide) and AUSTRAC inform the Federal
Court of their agreement to resolve the civil
penalty proceedings commenced by AUSTRAC
in December 2022 for non-compliance with
Australian AML/CFT laws
• The DIA files civil penalty proceedings against
SkyCity Casino Management Limited (SCML)
for non-compliance with New Zealand
AML/CFT laws
MARCH
• Interim dividend of 5.25 cents per share paid
to shareholders
• SkyCity Auckland Limited and the Ngāti Whātua
Ōrākei Trust sign a Kōtuitanga (memorandum
of understanding) formalising their strategic
partnership
APRIL
• Jason Walbridge appointed as new Chief
Executive Officer
MAY
• SCML and the DIA inform the High Court of their
agreement to resolve the civil penalty proceedings
commenced by the DIA in February 2024
JUNE
• The Federal Court approves the agreement reached
by SkyCity Adelaide and AUSTRAC to resolve the
civil penalty proceedings commenced by AUSTRAC
• Independent review into SkyCity Adelaide
recommences
• SkyCity sells its shareholding in Gaming Innovation
Group Inc
LIGHTING UP FOR A GOOD CAUSE
Throughout the year, SkyCity lights the Sky
Tower, one of New Zealand's most recognisable
landmarks, to show support for organisations and
special events, including charities and community
initiatives, that SkyCity supports financially or
to mark national holidays, milestones, other
celebrations or significant events, or as a symbol
of respect or solidarity.
The SkyCity Adelaide and SkyCity Hamilton
buildings are also lit up throughout the year to
show support.
LEUKAEMIA & BLOOD CANCER
NEW ZEALAND
Each year, SkyCity supports fundraising efforts
for Leukaemia & Blood Cancer New Zealand – the
national charity dedicated to supporting patients
and their families living with blood cancers and
related blood conditions – via the annual Firefighter
Sky Tower Stair Challenge and Step Up Challenge.
Through both of these events, SkyCity has helped
Leukaemia & Blood Cancer New Zealand raise
$2.2 million over the last financial year and in
excess of $18.8 million over the partnership period.
In the Firefighter Sky Tower Stair Challenge,
firefighters from communities across New Zealand
join forces to raise money, with each participant
climbing the 1,103 steps of the Sky Tower wearing
25 kilograms of gear. A record $1.9 million was
raised through this event over the last financial year,
bringing the total raised to over $15.7 million during
the 20-year partnership with SkyCity for this event.
In the Step Up Challenge, teams, organisations and
individuals come together to climb the Sky Tower.
$324,000 was raised over the last financial year
through this event, with over $3.1 million raised over
the 10-year partnership with SkyCity for this event.
VARIETY – THE CHILDREN’S CHARITY
SkyCity supports Variety – The Children’s Charity,
a charity focused on improving the wellbeing of
children and young people, through the delivery of
Variety Bingo in Auckland.
Working with Variety – The Children’s Charity,
SkyCity has helped to raise more than $150,000 over
the last financial year and in excess of $5.5 million
over the 24-year partnership.
MEANINGFUL Partnerships
We proudly partnered with local organisations and charities, supported
some of our greatest local sports teams and sporting events, and helped
raise awareness for a range of other organisations and initiatives.
1312
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
GENERAL

in Numbers
GAMING
4
licences
1,250
m
2
of SkyCity convention space
CONVENTIONSHOTELS
^
12
bars
HOSPITALITY
19
restaurants
4,512
staff
1
online casino
65% Auckland63 % Auckland
75% Gaming (land-based)
7% Hamilton8% Hamilton
1% Gaming (online)
26% Adelaide27% Adelaide
7% Hotels and Conventions
1% Queenstown1% Queenstown
5% Other
69% Gaming (land-based)
1% Gaming (online)
7% Hotels and Conventions
10% Other
13% Food and Beverage
1% Online1% Online
12% Food and Beverage
* Includes gaming GST.
** Calculated by reference to customers who used their
SkyCity customer loyalty card to game, where one visit
records a customer's patronage on a day irrespective
of how many times they used their card on that day.
^ The 303-room Horizon by SkyCity hotel was opened
on 1 August 2024.
FY24 OUTPUTS
and Financial Results
FY24 revenue and annual visitation
SKY TOWER
$19.8 million
$638.3

million
including online
(reported)
GAMING
$727.8

million*
including online
(underlying)
2.5

million**
visits from loyalty card
members to our
land-based casinos
$119.2

million
HOSPITALITY
HOTELS
$59.8 million
106,331$9.0
CONVENTIONS
FY24 REVENUE BY BUSINESS ACTIVITY
FY24 REVENUE BY PROPERTY
487,804 visits
CONTRIBUTIONS
$142.8
million
in taxes to Governments
including GST, income tax,
and gaming tax and duties
$320.4
million
in remuneration
and benefits to staff
$39.8
million
in dividends declared for
shareholders
in relation to the FY24 period$10.1
million
in community contributions,
levies and sponsorships
$260.3
million
to suppliers$293.3
million
of capital invested
$34.4
million
in interest paid to lenders
4

properties
across New Zealand
and Australia
380
269

table
games
automated
table games
REPORTED
UNDERLYING
REPORTEDUNDERLYING
3,382

electronic
gaming machines
OUR BUSINESS
4.3
million
restaurant/bar covers
As at 30 June 2024
328
SKY TOWER
metres
tall
755
hotel
rooms
million
including out catering
231,222
rooms
occupied
conference
delegates
1514
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
GENERAL

FY24 OUTCOMES
and Impacts
EXPERIENCES
Creating Memorable
Our sustainability vision recognises that to be a
sustainable business we must be a responsible business.
OUR CUSTOMERS
$4.6
FY23 - $4.5 million
OUR COMMUNITY
Since establishing the first SkyCity Auckland Community Trust in 1996, SkyCity has awarded more than
5,230 grants totalling $77.4 million to various community groups and organisations in New Zealand,
large and small, through the SkyCity New Zealand Community Trusts.
See pages 52 - 81 of
this annual report
for details of our
sustainability activities
and achievements over
the financial year ended
30 June 2024.
$550
FY23 - over $540 million
Over
OUR ENVIRONMENT
187
Over
PARTNERSHIP
with Tangata Whenua
SkyCity has been on a journey to embrace te ao Māori
guided by Ngāti Whātua Ōrākei (NWŌ), the tangata whenua
(people of the land) of Tāmaki and the Waitematā and their
rohe in Auckland. This collaboration has included NWŌ's
involvement with the SkyCity New Zealand Community
Trusts, a mentorship initiative with SkyCity's Māori employee
resource group and cultural guidance and advice more
generally over many years.
In March 2024, SkyCity formalised its strategic partnership
with NWŌ through the signing of a Kōtuitanga (memorandum
of understanding) which builds on the existing relationship
and embodies our shared commitment to sustaining our
relationship with Māori, particularly with NWŌ, grounded in
the principles of connection, respect, and inclusion.
The Kōtuitanga aims to provide a practical structure to enable
the existing relationship with NWŌ to flourish and grow,
record areas of ongoing cooperation and opportunity, and
establish a platform for identifying desired outcomes.
We are exceptionally proud that our businesses have again been
recognised for their excellence over the past financial year.
$5.9
FY23 - over $5.3 million to 122 community organisations
NEW ZEALAND
• Cassia awarded two hats, and Masu by
Nic Watt and Depot awarded one hat each,
at the 2023 Cuisine Good Food Awards
• SkyBar awarded Best New Opening at the
2024 Remix Lifestyle Awards
• Sky Tower awarded a 2024 Tripadvisor
Travellers’ Choice Award and named the
#1 attraction in Auckland for travellers to
visit by Tripadvisor
• Metita named winner of the Hospitality
Award at the 2024 Interior Awards
• Cassia, Depot and Masu by Nic Watt named
in the 2023 Viva Top 50 Restaurants list,
with Depot also being named the winner of
the Best of New Zealand category
• Cassia, Depot, Federal Delicatessen, Andy’s
Burgers and Bar and SkyBar named in the
2024 Auckland Iconic Eats Awards
• Qualmark Gold status for the Sky Tower
• 5 Star Qualmark Gold status for
The Grand by SkyCity
• 4.5 Star Qualmark Gold status for
SkyCity Hotel
AUSTRALIA
• Eos by SkyCity:
› winner of the Best Hotel Room Service
Award at the 2023 Wotif Uniquely Aussie
Awards
› joint winner of the Meetings & Events
Venue - Accommodation & Specialist
Division category at the 2023 AHA/SA
Hotel Industry Awards for Excellence
• Events at SkyCity:
› Caterer of the Year and winner of the
Function/Convention Centre Caterer
category at the 2023 Restaurant &
Catering Awards for Excellence in South
Australia
› Caterer of the Year and winner of the
Function/Convention Centre Caterer
category at the 2023 Restaurant &
Catering National Awards for Excellence
• SÔl Rooftop named winner of the Hotel Bar
category at the 2023 Hotel Management
Awards for Hotel & Accommodation
Excellence
15,288
tonnes CO
2
e
total carbon footprint
A Qualmark Gold Award
recognises the best
sustainable tourism
businesses in New Zealand
1,412
FY23 - 1,288
exclusion orders
and common law barrings
issued across our casino properties
907
FY23 - 1,087
customers
identified within our casino
properties in breach of their
exclusion orders or
common law barrings
million
paid to the SkyCity
Community Trusts
$63.5
FY23 - $52.2million
million
paid in gaming taxes and
problem gaming levies
million
in grants approved by the SkyCity Community
Trusts to 130 community organisations
million
paid to suppliers of goods
and services
including capital expenditure
tonnes
of food waste from our Auckland
kitchens was commercially composted,
with over 1,450 tonnes composted since
the programme began in April 2017
7
to our SkyCity precincts
million visitors
We welcomed
more than
FY23 – over 202 tonnes
FY23 – 17,107 tonnes CO
2
e
GENERAL
1716
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
SkyBar,
SkyCity Auckland
Signing of the
Kōtuitanga at the Ngāti
Whātua Ōrākei Marae

Performance History
5 YEAR FINANCIAL
REPORTEDUNDERLYING
2024
$000
2023
$000
2022
$000
2021**
$000
RESTATED
2020
$000
2024
$000
2023*
$000
RESTATED
2022
$000
2021**
$000
RESTATED
2020
$000
Revenue928,543926,180638,995951,8791,125,077959,580957,096631,495822,467779,530
EBITDA138,157165,89996,936313,929348,291277,809301,820137,932248,577200,716
Depreciation and
amortisation
(92,021)(90,672)(94,660)(88,450)(86,560)(92,021)(90,672)(94,660)(88,450)(86,559)
EBIT46,13675,2272,276225,479261,731185,788211,14843,272160,127114,157
Net interest expense(15,996)(23,492)(35,044)(32,455)(28,613)(15,996)(28,126)(35,044)(32,454)(21,107)
Profit/(Loss) before tax30,14051,735(32,768)193,024233,118169,792183,0228,228127,67393,050
Tax (expense)/benefit(173,488)(43,760)(827)(37,191)2,152(46,605)(50,236)1,469(37,649)(26,798)
Profit/(Loss) after tax(143,348)7,975(33,595)155,833235,270123,187132,7869,69790,02466,252
Basic earnings per share
(cents)
(18.9)1.1(4.4)20.635.416.217.51.311.910.0
Operating cash inflow203,574280,09791,121284,785120,166
Funds employed
Equity1,303,8611,530,1971,571,2741,637,0841,434,607
Non-current liabilities970,905985,764903,547880,323669,825
2,274,7662,515,9612,474,8212,517,4072,104,432
Comprises
Current assets189,189318,542325,967279,557218,971
Current liabilities(506,270)(347,537)(268,881)(269,554)(684,890)
Working capital(317,081)(28,995)57,08610,003(465,919)
Non-current assets2,591,8472,544,9562,417,7352,507,4042,570,351
2,274,7662,515,9612,474,8212,517,4072,104,432
Statistics
Dividends per share
declared (cents)
5.2512.00.07.010.0
Debt gearing ratio
(debt to debt plus equity)
2.6x1.6x4.6x2.3x2.7x
Interest cover (times)6.7x10.1x3.8x6.2x4.5x
Equity to total assets46.9%53.4%57.3%58.7%51.4%
FY24 PERFORMANCE
Highlights
NPAT
$123.2 million
-$143.3 million
FY23 - $8. 0 million
FY23 - $132.8 million (restated)*
-1,897.4%
-7.2%
REPORTEDUNDERLYING
EARNINGS PER SHARE
-18.9 cents/share16.2 cents per share
-7.3%
FY23 - 1.1 cents per share FY23 - 17.5 cents per share (restated)*
-1,896.0%
REPORTEDUNDERLYING
5.25 cents per share (declared)
-6.75 cps
FY23 - 12.0 cents per share (declared)
DIVIDENDS PER SHARE
REVENUE
FY23 - $926.2 million
FY23 - $957.1 million (restated)*
$928.5 million
REPORTED
UNDERLYING
$959.6 million
0.3%0.3%
EBITDA
FY23 - $165.9 millionFY23 - $301.8 million (restated)*
REPORTEDUNDERLYING
$138.2 million$277.8 million
-16.7%-8.0%
* The FY23 underlying results were restated to remove International Business normalisation.
** The FY21 reported and underlying results were restated for the impact of the IFRS Interpretations Committee's decision
on accounting for software as a service.
18
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
GENERAL
19
Horizon by SkyCity, SkyCity Auckland

STRATEGY
The Grand by SkyCity,
SkyCity Auckland
SkyBar,
SkyCity Auckland
Our
Our integrated business strategy supports the long term value
proposition for attractive sustainable shareholder returns,
generated through earnings growth with diversification,
efficient capital allocation and long term sustainability.
Our integrated business strategy, underpinned by
our commitment to delivering our Transformation
Programme, supports the long term value
proposition for attractive sustainable shareholder
returns, generated through earnings growth with
diversification, efficient capital allocation and long
term sustainability.
Our three strategic pillars are premised on financial
and capital settings and guided by three key
implementation principles:
• Commitment to responsibility - emphasising our
commitment to sustainable business practices,
including responsible hosting and gambling;
• Stakeholder value creation – recognising that
the organisation depends on stakeholders to
create value, and in turn the organisation can
create (or destroy) value for others. This principle
emphasises the importance of these dependencies
with employees, suppliers, customers, investors,
the government/regulators, the community, and
the environment; and
• Always doing the right thing
in operating our business and
maintaining our social licence to
operate. SkyCity remains focused on
navigating uncertainty in the current
operating environment whilst ensuring
the Group remains financially resilient
to sustain earnings growth and
shareholder value.
SkyCity’s capital allocation framework
underpins the Group’s strategic objectives
by prioritising the key sources and uses
of capital for the current operating
environment, and aligned with investor
expectations, for key financial settings.
Commitment
to responsibility
Operational excellence
at our core
Sustainable operations
Stakeholder
value creation
Always doing
the right thing
Complete major projects
and optimise portfolio
Create vibrant places
Pursue the omnichannel
opportunity
Responsible growth
FINANCIAL AND CAPITAL SETTINGS TO DELIVER OBJECTIVES
PURPOSEOUR CURRENT STRATEGIC PRIORITIES
IMPLEMENTATION PRINCIPLES
We are trusted to create vibrant places for gaming, entertainment and hospitality
in New Zealand and Australia
Continuous improvement in
operational performance
and efficiency
Monetise omnichannel to
consolidate New Zealand
leadership position in gaming
Reliable and consistent free
cash flow generation and
capital distribution
Delivering on our commitments,
consistently and to the highest standard
Successful completion and
integration of major capital projects
Protect and enhance
social licence to operate
GENERAL
2120
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024

15,570 shareholders**
SKYCITY
About
SkyCity is New Zealand’s largest tourism, leisure
and entertainment company and is listed on the
New Zealand and Australian stock exchanges.
SkyCity operates integrated
entertainment complexes in New
Zealand (Auckland, Hamilton and
Queenstown) and in Adelaide, South
Australia – each featuring casino
gaming facilities and premium
restaurants and bars, which appeal
to both domestic and international
visitors alike.
SkyCity also offers premium hotel
accommodation in Auckland and
Adelaide.
In addition to its land-based casino
operations, the SkyCity Online
Casino (based out of Malta) offers
New Zealanders an online gaming
experience.
1 online casino4 hotels
NZX/ASX listed***
* As at 30 June 2024. | ** As at 1 August 2024.
*** SkyCity has a ‘Foreign Exempt Listing’ status on the ASX.
1994
Construction of the
SkyCity Auckland
complex commences
The SkyCity Auckland complex opens
with Harrah’s Entertainment (now
Caesars Entertainment), the largest
casino entertainment operator in the
United States, as the operator
1996
SkyCity lists on the
New Zealand stock exchange
1997
Sky Tower opens
in Auckland
1998
Harrah’s management
contract ends and SkyCity
becomes a New Zealand
managed operation
1999
SkyCity lists on the
Australian stock exchange
2000
SkyCity acquires
SkyCity Adelaide
SkyCity Queenstown opens
2002
SkyCity Hamilton opens
2004
SkyCity acquires
SkyCity Darwin
2024
2012
SkyCity acquires full
ownership of SkyCity
Queenstown
2016
Construction commences
on the New Zealand
International Convention
Centre /Horizon by SkyCity
project
2019
SkyCity Online Casino
launches offshore
SkyCity sells
SkyCity Darwin
Horizon by
SkyCity (hotel)
opens in Auckland
SkyCity Wharf closes
$1,277.0
million*
in net assets$1,895.8
million*
in property assets
$1.1
billion**
total market capitalisation
4

properties
across New Zealand
and Australia
OUR HISTORY at a Glance
2005
SkyCity acquires full
ownership of SkyCity
Hamilton
2013
SkyCity acquires SkyCity
Wharf in Queenstown
2018
Construction commences
on the SkyCity Adelaide
expansion project
SkyCity Adelaide
expansion project opens
2020
2322
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
GENERAL

SkyCity Auckland is the flagship property of the
SkyCity Entertainment Group, featuring a
world-class casino, three hotels – The Grand by
SkyCity, SkyCity Hotel, and the newly opened
Horizon by SkyCity - over 16 bars and restaurants,
a 700-seat theatre and the iconic Sky Tower.
Located in the heart of Auckland’s CBD, the SkyCity
Auckland precinct occupies ~295,000sqm of gross
floor area across the majority of three city blocks
(~3.5 hectares).
The casino features the latest electronic gaming
machines and automated table games, an array
of table games, and luxurious VIP gaming facilities.
EIGHT is an exclusive area reserved for VIP table
game players and PLATINUM and VIP BLACK are
exclusive areas reserved for VIP gaming machines
players.
The SkyCity Auckland precinct features some of
the city’s best eateries, including award-winning
restaurants Masu by Nic Watt, The Sugar Club,
Huami, Depot, Federal Delicatessen, Cassia, and
Metita. The Grill returned to the precinct in August
2024 at a new location within the Horizon by
SkyCity hotel.
SkyCity is currently investing around $750 million
within the SkyCity Auckland precinct to develop
the New Zealand International Convention
Centre (NZICC), an adjacent laneway, over 1,250
additional car parking spaces, and the new
303 room, 5-star, Horizon by SkyCity hotel. The
full development was originally expected to be
completed in 2019 – however, due to delays by the
contractor and the significant fire that broke out
at the NZICC construction site in October 2019, the
NZICC is now expected to be completed in 2025.
When open, the NZICC will be New Zealand’s
largest convention centre, enabling New Zealand
to attract major international conferences as
well as having capability for sporting events,
theatre and musical performances. Planning is
well underway to operationalise the NZICC, with
a strong emphasis on delivering an exceptional
customer experience, ensuring it becomes a centre
of excellence for Auckland and New Zealand.
FY24 PERFORMANCE
Visitation to the Auckland site was stable against
the prior period, with over 4.5 million people
visiting the precinct and continued recovery in
international tourism visitation. Gaming machine
revenue of $285 million was 7% down from FY23,
reflecting the challenging economic environment
and resulting impact on customer spend levels and
increased host responsibility initiatives.
Table game revenue grew 5% to $146.5 million due
to improved labour availability, which enabled
Horizon by SkyCity,
SkyCity Auckland
AUCKLAND
PROPERTYSKYCITY AUCKLAND, NEW ZEALAND
PROPERTY MANAGER
Callum Mallett, Chief Operating Officer New Zealand
OPENED
1996
CASINO VENUE LICENCE
Runs until 2048*
FACILITIES
• Casino
• Hotels
• Food and beverage
• Entertainment and attractions
• Conventions
• Day spa
• Car parking
• Sky Tower
• Theatre
• Telecommunications and broadcasting facilities
• Office/retail space
LICENSED GAMING
PRODUCT
• 1,877 electronic gaming machines **
• 150 table games **
• 240 automated table games ***
WORKFORCE
~ 2,900 staff
FY24 REVENUE
$549.3 million^ (reported)
$608.3 million (underlying)
increased opening hours versus the prior period.
Premium table game revenue of $25.0 million in
FY24 was up 64%, driven by a higher than expected
win rate of 2.61% against a theoretical win rate of
around 1.8%. Total gaming revenue of $456.5 million
was 1% below revenue in FY23.
Food and beverage revenue of $67.6 million
was up 24% year on year and benefited from a
well-received refresh of customer offerings,
including Metita and SkyBar, and the increased
availability of staff.
Growth in hotel revenue from higher occupancy
(around 85%) was partly offset by a lower room
rate due to a highly competitive market. Sky Tower
revenue benefited from the uplift in tourism
visitation and a revised pricing strategy. Total
non-gaming revenue of $151.8 million was therefore
up 22.5% on FY23 despite the weaker market.
Total expenses of $312.3 million was up 14.4%
due to greater staff numbers, increased labour
costs and general inflation.
Total EBITDA for the Auckland site of $237.0 million
in FY24 was 5.8% higher than in FY23 and a
good outcome given the weaker macroeconomic
conditions, highlighting the resilient nature of
SkyCity’s flagship property. The EBITDA margin
of 39% reflects a more sustainable cost base and a
change in revenue mix with a greater weighting to
non-gaming revenue.
* The casino venue licence can be renewed for a further period of 15 years pursuant to sections 134–138 of the New Zealand
Gambling Act 2003.
** This allowance may be alternatively utilised to enable automated table game terminals.
*** This allowance may be alternatively utilised to enable table games.
^ Excludes New Zealand International Convention Centre fire income and liquidated damages received.
Horizon by SkyCity,
SkyCity Auckland
24
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
GENERAL
25

Located in and around the historic Railway Station building on the banks of the River Torrens, SkyCity
Adelaide is South Australia’s only casino destination on the Festival Plaza forecourt adjacent to the
Adelaide Festival Centre and Adelaide Convention Centre and near the Adelaide Oval.
SkyCity Adelaide is a world-class integrated entertainment hub featuring a 120-room luxury hotel – Eos
by SkyCity, a wellness centre with a day spa, pool, sauna and gym, VIP gaming facilities, a function and
conference facility for up to 650 guests, bars and restaurants.
The SkyCity Adelaide precinct is home to award-winning eateries, Madame Hanoi, The Kitchen, The
Guardsman, iTL, the immersive rooftop destination Sôl Rooftop, and The District at SkyCity - Australia’s
ADELAIDE
first fully functional microbrewery within a
casino (operated in partnership with Pirate Life).
SÔl Rooftop was awarded best Hotel Bar at the
2023 Hotel Management Awards for Hotel &
Accommodation Excellence.
Eos by SkyCity is Adelaide’s most luxurious hotel.
Since opening in December 2020, Eos by SkyCity
has won a number of prestigious awards, including
being named as the Best New Tourism Business at
the South Australian Tourism Awards, Best Deluxe
Hotel in South Australia at the Australian Hotels
Association SA Awards for Excellence, and Best
New Hotel at the Hotel Management Awards for
Hotel and Accommodation Excellence.
Events @ SkyCity was awarded the coveted Caterer
of the Year at the 2023 Restaurant & Catering
National Awards for Excellence and was also
awarded Best Meetings & Events Venue at the 2023
AHA – SA Hotel Industry Awards for Excellence.
FY24 PERFORMANCE
The Adelaide property experienced an 11%
increase in EBITDA to A$36.5 million despite the
market and macroeconomic pressures, which was
a pleasing result.
Adelaide’s total gaming revenue in FY24 was
A$170.9 million, 5% lower than the A$179.7 million
reported in FY23. This reflected a 1% reduction
in electronic gaming machine revenue over the
year, with a weaker first half offset by an increase
in SkyCity’s market share of a growing South
Australian market in the second half. This reflected
a focus of management on marketing to both local
and inter-state players and improved visitation
driven by notable events in Adelaide, including the
AFL Gather Round and LIV Golf.
Local table game revenue of A$58.8 million was
16% down from the prior year. In the second half
of the year, the business stabilised at a lower base
following several operational changes, including
reduced table game opening hours and the
introduction of daily cash limits. Premium table
game revenue saw a healthy 39% uplift to
A$12.3 million from inter-state visitation and an
actual win rate of 1.63% compared to a theoretical
win rate of 1.35%.
Total non-gaming revenue decreased 2% to
A$63.8 million due to a reduction in both hotel and
other non-gaming revenue. This reflects pressure
on room rates and a softer leisure market, with
occupancy in the hotel of 73.5% being ahead of the
market but down year on year.
PROPERTYSKYCITY ADELAIDE, AUSTRALIA
PROPERTY MANAGER
Avril Baynes, Interim Chief Operating Officer Australia
OPENED
2000
CASINO VENUE LICENCE
Runs until 2085*
FACILITIES
• Casino
• Hotel
• Food and beverage
• Entertainment
• Conventions
• Car parking
• Wellness centre
LICENSED GAMING
PRODUCT
• 1,080 electronic gaming machines (allowance for 1,500)
• 84 table games (allowance for 200)**
• 140 automated table games
WORKFORCE
~ 1,300 staff
FY24 REVENUE
A$219.2 million (reported)
A$234.7 million (underlying)
* The Approved Licensing Agreement between the Minister for Business Services and Consumers and SkyCity Adelaide Pty
Limited provides SkyCity Adelaide with exclusive rights to provide casino gaming (except for interactive gambling) in
South Australia until 30 June 2035.
** This allowance may be alternatively utilised to enable automated table game terminals.
Management focus led to a 6.8% reduction in
expenses driven by a range of cost take-out
initiatives, including reduced VIP table game
opening hours, a 95 FTE reduction across the
property, improved utility pricing and targeted
marketing spend.
During FY24, SkyCity sought special leave from the
Australian High Court to appeal an earlier Court
of Appeal decision regarding the interpretation of
relevant provisions in the Adelaide Casino Duty
Agreement with the Treasurer of South Australia
which determine the treatment of loyalty points
converted to gaming machine play for the purpose
of calculating casino duty at the SkyCity Adelaide
casino. These proceedings remain ongoing.
Eos by SkyCity,
Skycity Adelaide
SÔl Rooftop,
SkyCity Adelaide
Chandelier Bar,
SkyCity Adelaide
26
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
GENERAL
27

PROPERTYSKYCITY HAMILTON, NEW ZEALAND
PROPERTY MANAGER
Michelle Baillie, General Manager Hamilton
OPENED
2002
Increased ownership from 70% to 100% in 2005
CASINO VENUE LICENCE
Runs until 2027*
FACILITIES
• Casino
• Food and beverage
• Entertainment
• Conventions
• Car parking
• Tenpin bowling
LICENSED GAMING
PRODUCT
• 339 electronic gaming machines**
• 23 table games**
WORKFORCE
~320 staff
FY24 REVENUE
$65.0 million (reported)
$73.4 million (underlying)
Situated within Hamilton’s historic Chief Post
Office, a venue designed to maximise its superb
riverside location on the banks of the Waikato
River, SkyCity Hamilton features a casino, bars and
restaurants, a conference centre and Hamilton’s
only tenpin bowling alley – Bowl and Social.
The SkyCity Hamilton precinct is home to some
of Hamilton’s favourite eating and drinking
destinations right in the heart of Hamilton’s CBD,
including The Local Taphouse and Eat Burger.
Over the last financial year, SkyCity has continued
to invest in its core casino and hospitality
businesses with a range of improvements across
the SkyCity Hamilton property, including the
refurbishment of the casino bar and restaurant
- reopening as Amuse Bar & Kitchen in September
2023, and the opening of a second restaurant
tenancy, Palate, by awarded Chef Mat McLean
in February 2024 joining Shanghai Chinese
restaurant.
Product and layout optimisation within the
casino remains a key focus to ensure SkyCity
Hamilton maintains its market leader position
and to manage high demand for electronic gaming
machines, particularly at peak times.
HAMILTON
FY24 PERFORMANCE
In FY24, Hamilton’s performance was impacted
by the weaker macroeconomic environment with
the biggest revenue generator, electronic gaming
machines, reporting revenue of $52.6 million,
down 3% from FY23. Local table game revenue
of $11.6 million was more resilient with a similar
result to last year, reflecting a stronger second
half of the year and increased table game opening
hours. The gaming revenue performance reflected
a stabilisation of the economic environment in the
second half of the year after a difficult first half.
Non-gaming revenue of $8.9 million was 5% down
from FY23 with the trend in the first half of the
year continuing into the second half. The opening
of new food and beverage offerings (Shanghai,
Palate, and Amuse Bar & Kitchen) have been
well-received by customers, but spend per
customer remains lower year on year.
Despite a strong management focus on costs,
labour inflation and general cost pressures led to a
reduction in EBITDA margin from 47.0% in FY23 to
44.3% in FY24. In the context of the wider industry,
this still represents healthy margins and was the
driver behind the Hamilton property reporting
EBITDA of $32.5 million.
* The casino venue licence can be renewed for a further period of 15 years pursuant to sections 134–138 of the New Zealand
Gambling Act 2003.
** This allowance may be alternatively utilised to enable automated table game terminals.
Bowl and Social,
SkyCity Hamilton
Amuse Bar & Kitchen,
SkyCity Hamilton
GENERAL
28
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
29

PROPERTYSKYCITY QUEENSTOWN, NEW ZEALAND
PROPERTY MANAGER
Jono Browne, General Manager Queenstown
OPENED
2000
Increased ownership from 60% to 100% in 2012
CASINO VENUE LICENCE
Runs until 2025*
FACILITIES
• Casino
• Food and beverage
• Entertainment
• Conventions
LICENSED GAMING
PRODUCT
• 86 electronic gaming machines**
• 12 table games**
WORKFORCE
~ 60 staff
FY24 REVENUE
$12.0 million (reported)
$13.6 million (underlying)
PROPERTYSKYCITY ONLINE CASINO, MALTA
PROPERTY MANAGER
Steve Salmon, Managing Director - SkyCity Malta
LAUNCHED
2019
FACILITIES
Online casino
GAMING PRODUCT
Over 3,000 online games
FY24 REVENUE
$9.3 million (reported)
$9.3 million (underlying)
The SkyCity Online Casino provides New
Zealanders with an offshore online casino
platform, featuring over 3,000 online games, ever
increasing personalisation, a mobile first user
experience and continually enhanced player safety
features and tools.
The SkyCity Online Casino is operated out
of Malta by international iGaming company
Gaming Innovation Group Inc (GiG) on behalf
of SkyCity Malta Limited, an independently
operated subsidiary of the SkyCity Entertainment
Group, and managed by a Managing Director
based in Europe. GiG provides a full-suite online
casino solution, including a technical platform,
gaming content, managed services and front-end
development.
In April 2022, SkyCity expanded its strategic
partnership with GiG and contributed €25 million
(around $40 million) of new equity in GiG to help
fund GiG’s purchase of a sportsbook B2B online
platform operator. In June 2024, SkyCity sold all of
its shares in GiG for $55 million, net of transaction
costs, realising a significant return on investment.
During FY24, the newly elected National-led
Coalition Government in New Zealand committed
to regulate the online casino industry to minimise
harm, support tax collection, and provide
consumer protections to New Zealanders. The
Government subsequently announced a new
online casino duty of 12% of net gaming revenue
in March 2024, which came into effect from 1 July
2024. In July 2024, the Government announced its
high-level approach to regulating online casinos
in New Zealand, which includes the auctioning
of a limited number of three-year online casino
licences. Further details are expected to be
announced later this year with the new regulatory
system expected to be in place from early 2026.
SkyCity remains supportive of future regulation
of online casino gaming in New Zealand
with an emphasis on high standards of host
responsibility and delivering community benefits
in New Zealand, and continues to prepare for a
regulated industry to deliver on the omnichannel
opportunity for the Group.
FY24 PERFORMANCE
The New Zealand online gaming market has
continued to grow over FY24 with recent estimates
indicating a market between $450 and $550 million
in annual gross gaming revenue. The New Zealand
market has attracted ongoing and increasingly
targeted competition from offshore operators
ahead of potential regulation.
The FY24 result reflects the operating disadvantage
SkyCity currently faces due to the absence of
online regulation in New Zealand and the limited
enforcement of local gaming restrictions on
offshore operators, such as advertising restrictions
which SkyCity adheres to. Net gaming revenue
(before deduction of GiG's costs) of $20.3 million
was 33% lower than the prior year, impacted
by lower bet sizes and reduced player numbers
reflecting SkyCity’s competitive disadvantage.
Expenses increased by 25% to $5.8 million as a
result of investment to further uplift the online
business’ regulatory compliance framework and
increased resourcing to progress the New Zealand
online gaming regulation opportunity. EBITDA
(before GiG equity earnings) of $3.6 million was
down 67% on the prior year as the impact of
lower gaming revenues was compounded by the
significantly higher costs.
SkyCity Queenstown is centrally nestled in the heart
of New Zealand’s stunning tourism capital.
SkyCity had operated two casinos in the Queenstown
region up until the SkyCity Wharf casino venue
licence was relinquished and cancelled in March
2024 – the SkyCity Wharf casino having been closed
since March 2020 following the first COVID-19
lockdown in New Zealand.
Management is currently in the process of renewing
the SkyCity Queenstown casino venue licence
(required to be submitted by December 2024).
QUEENSTOWN
SkyCity Queenstown continued to operate
uninterrupted through FY24, benefiting from
the ongoing and gradual return of international
tourism, whilst still being supported solidly by the
domestic market.
FY24 PERFORMANCE
Staffing challenges from the outset of the financial
year restricted performance in Queenstown
in the first half for a short period, but with
accommodation options in place facilitating a full
staffing complement, as well as the expansion of
operating hours, business continuity improved in
the second half.
Gaming revenue of $12.1 million was 3% higher
in FY24 than the previous year, reflecting a much
stronger second half of the year when gaming
revenue was up 44% year on year as improved
table game play was partly offset by a reduction
in electronic gaming machine revenue. Additional
staffing contributed to a better second half for
non-gaming revenue which was up 8.2% on
last year.
EBITDA for Queenstown was $2.5 million, down
from $4.0 million from FY23, with higher costs
more than offsetting the 4% increase in total
revenues. Excluding costs associated with the
relinquishment of the SkyCity Wharf casino venue
licence and property lease, EBITDA in FY24 was in
line with that reported in FY23.
SkyCity’s sale of the land at 633 Frankton Road,
Queenstown, is now unconditional and expected to
settle in the second half of the 2025 financial year.
* The casino venue licence can be renewed for a further period of 15 years pursuant to sections 134–138 of the
New Zealand Gambling Act 2003.
** This allowance may be alternatively utilised to enable automated table game terminals.
ONLINE
31
GENERAL
30
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024

RISK GOVERNANCE
The SkyCity Board is responsible for approving the
company’s Risk Appetite Statement and, through
the Board Risk and Compliance Committee and the
Enterprise Risk Management Framework, the ongoing
assessment of the effectiveness of risk management
practices across the SkyCity Group.
The Board has delegated authority to the Risk and
Compliance Committee to:
• review and recommend the Risk Appetite
Statement to the Board for approval;
• approve the Enterprise Risk Management
Framework and Risk Strategy;
• review and monitor the risk profile and controls
of the Group, consistent with the Risk Appetite
Statement;
• approve frameworks, policies, and processes for
managing risk; and
• review and, where appropriate, approve risks
beyond the approval discretion provided to
management.
The Enterprise Risk Management Framework sets the
Board’s and the Senior Leadership Team’s expectations
regarding the Group’s approach to managing risk and
the key elements required, including the systems,
governance, and key accountabilities. The framework
is supported by key policies and standards that set
out how SkyCity identifies, assesses, manages and
reports material risk. The commitments set out in
the framework are underpinned by SkyCity’s Code of
Conduct, which sets the guiding principles for how we
do things at SkyCity. The Code connects our purpose,
values and behaviours with the key policies and the
“should we?” test to help us deliver fair and ethical
outcomes for our customers and community.
In response to matters raised through various
regulatory processes in recent years, SkyCity has taken
action to focus on maturing its risk practices across
the Group and significantly invested in resourcing and
capability across key areas, including its financial
crime, host responsibility and risk functions.
A multi-year Transformation Programme has been
established to ensure a systematic approach is taken and
centres around delivering long term sustainable change
to the way in which SkyCity manages risk and conducts
its business. SkyCity has made good progress to date,
but the work to fully implement the Transformation
Programme will take some years.
SkyCity also has a programme of work underway to
identify the underlying cultural behaviours that may
have contributed to our regulatory matters and is
working with an external consultant to address these
through the Transformation Programme.
A strategic pillar within the Transformation Programme
is the Risk and Compliance Management workstream,
covering the key areas of risk governance, risk and
compliance management, conduct, responsible
gaming practices, AML/CFT and culture. Successful
implementation of the Transformation Programme is
intended to position SkyCity as a leader in its approach
to governance, compliance, responsible gaming and the
management of financial crime risk, underpinned by an
uplifted organisational culture.
OUR MATERIAL RISKS
To support the flow of information and facilitate decision
making processes, SkyCity’s material risks are assessed
on an annual basis as part of a risk assessment process
and then categorised into a risk taxonomy, enabling
SkyCity to establish a common understanding of the
material risks and to take appropriate management
action to reach target residual risk levels and manage
risk within risk appetite.
Details of SkyCity’s material risk types and the key
actions and controls in place to manage those risks are
outlined in the following table. Some risks are affected by
factors external to, and beyond the control of, SkyCity.
RISK
Management
SkyCity operates in a dynamic, highly regulated and challenging
environment with both risks and opportunities.
SkyCity identifies, monitors and manages its exposure to financial,
non-financial and strategic risks, and is committed to having risk
management policies, processes, and practices that support a high standard
of risk governance, enabling SkyCity to operate within its risk appetite.
MATERIAL RISKKEY ACTIONS
FINANCIAL CRIME
The risk that SkyCity’s risk-based approach to
identifying, managing and mitigating financial crime
is not broad enough to detect and deter criminal
exploitation of the business or to effectively meet
obligations covered by legislation and governed by
adherence to internationally agreed standards, leading
to breaches and regulatory action.
Included within financial crime risk are:
• money laundering and terrorism financing
• sanctions
• bribery and corruption
SkyCity has continued to invest in strengthening its financial
crime compliance and operational capabilities with
enhancements made to customer onboarding, transaction
monitoring, reporting and assurance activities.
SkyCity is committed to delivering its multi-year Transformation
Programme to uplift its financial crime risk and compliance
processes across the Group.
SkyCity has governance, processes and procedures in place
to monitor and assess the activities associated with sanctions,
bribery and corruption.
The SkyCity Online Casino operates from Malta in partnership
with international iGaming company GiG. GiG has in place
an AML/CFT Policy that includes procedures to detect, deter,
manage and mitigate money laundering and the financing of
terrorism risks.
See pages 52 - 56 and 64 - 66 of this annual report for further
details on SkyCity's approach to financial crime.
REGULATION AND LICENSING
The risk of a breach by SkyCity of a law, regulation, rule,
licence condition and/or statement of regulatory policy
applicable to its business activities (and not covered in
another risk type).
Included within regulation and licensing risk are:
• licence management
• regulator management
• legal
• anti-competitive practices
• financial markets and listing rules
• conflicts management
In the case of any alleged wrongdoing, a regulator
may initiate action against SkyCity, including a formal
warning or, where the matter relates to SkyCity’s casino
operations, an application to suspend and/or cancel
the relevant casino licence under the New Zealand
Gambling Act 2003, South Australian Casino Act 1997
and/or South Australian Gambling Administration Act
2019 as applicable.
SkyCity values its relationships with its regulators and is
committed to engaging in an open and transparent manner.
SkyCity has governance and risk frameworks in place across the
Group to provide regular monitoring and oversight of SkyCity’s
regulatory and legislative environment and is committed
to managing its obligations. SkyCity also provides regular
training to employees regarding their individual and collective
accountabilities. Regular internal and independent audits are
undertaken to review the effectiveness of the controls and
processes in place.
SkyCity is committed to delivering its multi-year Transformation
Programme to uplift its governance, risk and compliance
processes across the Group.
SkyCity has secured an extension to the Auckland casino venue
licence to 30 June 2048 and an extension to the Adelaide casino
licence to 30 June 2085. An extension to the Queenstown casino
venue licence has been sought for a further 15 years from its
current expiry date in December 2025, and an extension of the
Hamilton casino venue licence will be sought in due course, in
accordance with the renewal provisions in the New Zealand
Gambling Act 2003.
HOST RESPONSIBILITY AND CONDUCT
The risk of unfair business practices to customers
and scrutiny related to problem gambling and the
responsible service of alcohol.
Included within host responsibility and conduct risk are:
• problem gambling and vulnerable customers
• responsible service of alcohol
• advertising
• complaints
• loyalty programme management
SkyCity’s Host Responsibility Programmes are available to
customers online.
SkyCity has invested significantly in enhancing its approach
to harm minimisation (both technology and non-technology
solutions) and has established governance processes to drive
a continuous improvement approach to maintaining the
associated activities.
SkyCity is committed to delivering its multi-year Transformation
Programme to uplift its host responsibility processes across the
Group and leveraging industry best practice harm minimisation
technology-led solutions.
See pages 52 - 56 and 58 - 63 of this annual report for further
details on SkyCity’s approach to host responsibility.
3332
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
GENERAL

MATERIAL RISKKEY ACTIONS
GAMING
Financial loss due to the inherent uncertainties
associated with games of chance and the
unpredictability of outcomes.
Included within gaming risk are:
• gaming integrity
• game volatility
• gaming equipment
• product management
SkyCity has governance, systems and processes in place across
the Group to detect and deter the risks associated with gaming
integrity, and to ensure games are conducted fairly and in
adherence to approved game rules. SkyCity maintains regular
staff training and awareness programmes, and reporting and
escalation protocols are in place should any irregularity be
identified.
SkyCity also manages gaming risk through table differentials,
ongoing monitoring and review of its gaming businesses, and
by leveraging industry best practice gaming technology-led
solutions.
ENVIRONMENT, SOCIAL AND GOVERNANCE (ESG)
Failure to provide sustainable and responsible business
practices.
Included within ESG risk are:
• environmental sustainability
• labour practices and human rights
• social licence and community
• governance
SkyCity continues to embed environmental and social matters
into its strategy by focusing on sustainable practices, policies
and outcomes. Key areas of focus include enhanced processes to
manage environmental and social risk in our supply chain and
procurement practices.
Further details on SkyCity's approach to climate-related risks
are outlined on pages 52, 53 and 72 - 81 of this annual report.
CYBER
The risk of disruption to technology services and/or
impact to the confidentiality and integrity of SkyCity
data resulting from an internal or external attack or
actions by employees/contractors, including the loss or
disclosure of confidential data held internally or via a
third party.
SkyCity is committed to keeping customer and sensitive
information secure and protected.
SkyCity has ongoing programmes in place to continually
improve its cyber security capabilities and abilities to
manage cyber security-related risks, including expanding its
capabilities to defend against malware, simulation exercises
and penetration testing by industry experts. SkyCity also
conducts regular staff training and awareness campaigns, such
as simulated phishing emails across the Group, to raise security
awareness amongst employees.
Notwithstanding, cyber security threats continue to evolve and
become more sophisticated and SkyCity continues to assess the
external environment and remain vigilant of cyber risks.
FINANCIAL
Exposure to adverse variations in financial conditions,
such as market fluctuations, and funding uncertainties
that may negatively impact fiscal health and stability.
Included within financial risk are:
• statutory financial reporting
• liquidity and funding
• financial control
• taxation
SkyCity manages liquidity risk by continuously monitoring
forecast and actual cash flows and maintaining flexibility in
funding by keeping committed credit lines available with a
variety of counterparties and maturities. SkyCity also maintains
close and transparent relationships with its lenders (including
banks and United States Private Placement noteholders).
Given the cautious economic outlook and the ongoing
regulatory focus, SkyCity continues to adopt a conservative
approach to capital management.
MATERIAL RISKKEY ACTIONS
OPERATIONAL RESILIENCE
The risk of disruption from technology and
non-technology causes impacting critical
operations.
SkyCity maintains a comprehensive operational resilience framework
which supports preparedness and response to a wide range of
critical events, including natural disasters, fire, emergency incidents
and pandemics. Regular training exercises are held to continuously
improve SkyCity’s response and recovery capability during crisis
events.
SkyCity also has insurance coverage in place to mitigate key risks.
DATA AND PRIVACY
The risk of failing to appropriately collect, handle,
and maintain data, including protecting personal
information.
Included within data and privacy risk are:
• privacy
• data quality and handling
• models and AI
• records management
SkyCity has governance and risk frameworks in place and continues
to mature its privacy practices and capability across the Group
to ensure compliance in all jurisdictions where SkyCity operates.
Through our data management strategy and programme, SkyCity
is committed to simplifying, enhancing and embedding data
management governance, capability and tools.
SkyCity has policies and standards in place to manage customer data
and the safeguarding of customers’ personal information, and uses
data in an ethical manner in line with customer expectations.
PEOPLE
Risk of potential challenges and uncertainties
associated with the human factors of the
organisation, including meeting employee-related
obligations, employee behaviour and performance.
Included within people risk are:
• employee relations and entitlements,
including payroll
• talent and performance management
• employee misconduct
SkyCity recognises that its reputation is impacted by the conduct of
its people, which in turn is influenced by SkyCity’s corporate culture.
An important part of SkyCity’s Transformation Programme is
therefore the implementation of a cultural shifts programme. As part
of this cultural shift, SkyCity has over the last financial year refreshed
its Code of Conduct that sets clear behavioural expectations of its
people.
SkyCity also has governance and risk frameworks in place across
the Group to manage people risk and is committed to ensuring
compliance with employee-related obligations.
TECHNOLOGY
The risk of technology that does not meet business
needs and poor delivery of technology change.
Included within technology risk are:
• fit for purpose technology
• technology change execution
SkyCity has a dedicated in-house ICT function that works with
business stakeholders across the Group to assess and perform system
health checks and confirm that systems are fit for purpose.
SkyCity has invested to deliver improvements in project oversight
and governance, including how change should be delivered, what
evidence is required at each stage to deliver quality outcomes sooner
and with better managed risk.
In relation to the SkyCity Online Casino, GiG implements vulnerability
management processes for its products, services and infrastructure,
including:
• GiG’s information security processes are tested against
international standards (ISO 27001:2013 audit);
• penetration testing is conducted to identify any vulnerabilities;
• security engineers are consulted at the design phase of a product
to minimise any vulnerabilities within the design of a product;
• the security posture of each supplier is assessed to minimise
supply chain attacks; and
• a specialist team monitors GiG’s systems on a 24/7 basis to
identify any malicious activity that could lead to a breach.
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SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024

MATERIAL RISKKEY ACTIONS
FRAUD AND THEFT
Fraud or theft (attempted or perpetrated) against
SkyCity by a third party or an employee.
Included within fraud and theft risk are:
• internal fraud
• external fraud
• theft of physical assets
SkyCity has governance and processes in place to monitor
and assess fraud and theft. If a fraud or theft is identified,
appropriate action is taken, including improvements to the
control environment where necessary.
HEALTH AND SAFETY
Failure to ensure the safety and wellbeing of our
customers and our people, including physical and
mental wellbeing.
Included within health and safety risk are:
• employee health and safety
• customer health and safety
The SkyCity New Zealand properties are tertiary accredited
under the Accident Compensation Corporation Accredited
Employers Programme and the SkyCity Adelaide site is a
registered self-insured employer. SkyCity undertakes assurance
activities to maintain certifications and continually improve
its health and safety performance. SkyCity’s ongoing safety
assurance activities seek to assess the effectiveness of controls
and, where appropriate, strengthen critical risk controls
ensuring SkyCity keeps its people and visitors safe.
SkyCity also has harm prevention programmes in place which
are aimed at reducing minor injuries and promoting wellness
amongst SkyCity’s employees and contractors.
THIRD PARTIES
The risk of poor outcomes through engagement
with third parties and failure to manage contractual
rights/obligations correctly (both suppliers and
non-suppliers, including affiliates, joint ventures
and alliances).
Included within third party risk is failing to take
reasonable steps to identify and mitigate additional
operational risks from the outsourcing of services or
functions, including franchising.
Standard contractual terms are in place wherever possible, with
appropriate review and approval processes in place to consider
proposed changes to standard terms.
Wherever possible, goods and services are also procured locally.
STRATEGIC RISK
The risk which affects or is created by strategic choices,
which could meaningfully impact business outcomes
and objectives.
Included within strategic risk are:
• emerging risk
• reputation
• strategic planning
• delivery and execution
SkyCity has processes in place that govern and oversee
allocation of its investment portfolio to enable strategic
alignment, prioritisation of investment decisions and capacity
planning of initiatives.
Under its Transformation Programme, SkyCity is enhancing its
processes to review emerging risks and the impact that these
may have on the Group and its strategic priorities. This forms
part of the strategic planning process where risks are assessed
in line with risk appetite.
SkyCity continues to invest in its products, services and
experiences to deliver vibrant and customer experiences
responsibly, including how digital experiences are integrated
with its land-based offerings.
BOARD
Our
Julian was Chief Executive Officer of
Summerset Group Holdings Limited
from 2014 to March 2021 and, prior
to becoming Chief Executive Officer,
Summerset’s Chief Financial Officer where
he oversaw the company’s transition to
become a publicly listed company on
the New Zealand and Australian stock
exchanges.
Prior to joining Summerset in 2010, Julian
was an Associate Director at Macquarie
Group where he gained significant
experience in the energy, industrial
services, tourism and aged care sectors
over a 12-year career.
Julian is currently a director of WEL
Networks Limited, Winton Land Limited
and Deakin TopCo Pty Limited, and
holds a Master of Finance from Victoria
University and a Master of Science from
the University of Waikato.
Chair of the People and Culture Committee
Chair of the Governance and Nominations
Committee
Member of the Audit Committee
Member of the Risk and Compliance
Committee
Member of the Transformation
Sub-Committee
Appointed a director of SkyCity in June 2021
and Chair of the SkyCity Board in
January 2022
Appointed a director of SkyCity Adelaide
in October 2022
Resides in New Zealand
JULIAN COOK
CHAIR
CHAD BARTON
DIRECTOR
Chad has over 25 years of senior executive
experience with both global and local
listed corporations. His extensive
experience spans capital markets,
finance, mergers, acquisitions, and
property development across technology,
entertainment, and services sectors.
On 30 August 2024, Chad will step down
from his global role as Chief Operating
Officer and Chief Financial Officer of Nuix
Limited, following a highly successful
transformation. Previously, he served
as Chief Financial Officer at The Star
Entertainment Group Limited, Salmat
Limited and Electronic Data Systems (EDS)
for Australia and New Zealand.
Chad also founded and was the inaugural
Chairperson of Women in Gaming
& Hospitality Australasia, aiming to
achieve gender equity and support the
advancement of women in the gaming
industry. Additionally, he served on
the Boards of NeuRA Foundation and
Schizophrenia Research Institute.
He is a member of the Australian Institute
of Company Directors and Chartered
Accountants Australia & New Zealand,
and holds a Bachelor of Business from
the University of Technology, Sydney.
Chair of the Audit Committee
Member of the People and Culture Committee
Member of the Governance and Nominations
Committee
Appointed a director of SkyCity in June 2021
Resides in Australia
Kate is an experienced non-executive
director, holding board and committee
roles across a diverse portfolio, including
the Victorian Department of Health,
SuniTAFE and Lower Murray Water.
She also holds committee roles with two
Commonwealth regulators, Comcare
and the Australian Prudential Regulation
Authority.
Prior to embarking on a governance
career, Kate held executive roles in risk
management, governance and compliance
across various sectors, including financial
services, agribusiness, fast moving
consumer goods, telecommunications,
and tertiary education. Her private
sector experience is complemented by
regulatory experience at the Australian
Securities and Investments Commission
and NSW Treasury.
Kate holds tertiary qualifications
in commerce, applied finance and
occupational health and safety, and is
a graduate of the Australian Institute of
Company Directors.
Chair of the Risk and Compliance Committee
Member of the Audit Committee
Member of the Governance and Nominations
Committee
Member of the Transformation
Sub-Committee
Appointed a director of SkyCity in
September 2022
Resides in Australia
KATE HUGHES
DIRECTOR
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SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024

BOARD
Our
Glenn has practised as a solicitor in
corporate and risk throughout Australia
for over 35 years with expertise and
experience in the execution of large
transactions, risk management and
in corporate activity regulated by the
Australian Corporations Act and ASX.
Glenn has extensive board experience
across the public, private, family and
government sectors. He is currently
the Chair of ASX-listed company iTech
Minerals Limited. He is also chair of a
number of large private companies with
broad board experience over many years
in the manufacturing, resources, retail,
property, seafood and primary production
industries.
Glenn holds tertiary qualifications in
law and economics and is a fellow of the
Australian Institute of Company Directors.
Member of the Risk and Compliance
Committee
Member of the Governance and
Nominations Committee
Member of the Transformation
Sub-Committee
Appointed a director of SkyCity in
September 2022
Appointed a director of SkyCity Adelaide
and Chair of the SkyCity Adelaide Board in
September 2022
Resides in Australia
GLENN DAVIS
DIRECTOR
David has strong gaming experience with
over 12 years’ experience at ASX-listed
company Tabcorp Holdings Limited as
Chief Executive Officer and Managing
Director. Prior to joining Tabcorp, he was
Chief Executive Officer (South Africa)
of Phumelela Gaming and Leisure in
South Africa and previously held senior
roles with a variety of casino and racing
organisations.
David is currently a director of
Host-Plus Pty Limited, an Australian-based
superannuation fund.
David holds an MBA from Henley
Business School and a Bachelor of Science
(Honours) from the University of Exeter,
and is a graduate of the Australian
Institute of Company Directors.
Member of the Audit Committee
Member of the People and Culture Committee
Member of the Governance and
Nominations Committee
Appointed a director of SkyCity in
March 2023
Resides in Australia
DAVID ATTENBOROUGH
DIRECTOR
Donna Cooper has over 25 years’ experience
in the financial services industry, most
recently as Chief Executive Officer of
TSB Bank Limited. Prior to this, she was
Chief Executive Officer of The Warehouse
Financial Services Group and Managing
Director and General Manager New Zealand
of Baycorp (NZ) Limited. She has also held
a number of senior executive roles with
American Express International over a
13-year period in New Zealand, Australia,
India and the United Kingdom.
Donna is currently a member of the
New Zealand Institute of Directors and a
member of the Global Women’s Leadership
Network. She was the Inaugural Chair of the
NZ Bankers’ Association’s Domestic Banks
Group and a member of the NZ Bankers’
Association’s Governing Council.
Donna holds a Master of Arts in
International Business from the Rennes
School of Business, France, and a Bachelor
of Business from the Auckland University
of Technology. She has attained a Global
Competent Boards Certification and
Designation (GCB.D) in Sustainability
and ESG.
Chair of the Transformation Sub-Committee
Member of the People and Culture Committee
Member of the Risk and Compliance Committee
Member of the Governance and
Nominations Committee
Appointed a director of SkyCity in
September 2023
Resides in New Zealand
DONNA COOPER
DIRECTOR
OUR SENIOR
Leadership Team
Jason joined SkyCity as Chief Executive
Officer in July 2024.
Jason has over 20 years’ senior executive
experience in the global land-based
and online gaming industries. Prior
to joining SkyCity, he was a Strategic
Advisor to global gaming and technology
company Aristocrat Leisure Limited on
its acquisition of NeoGames S.A, and
the Executive Chairman of National
Entertainment Network LLC, the largest
amusement route operator in the
United States.
He has previously held roles with the
online gaming supplier NYX Gaming
Group Limited and its acquirer Light
& Wonder Inc, and spent 18 years with
Aristocrat Leisure Limited where he held
executive leadership roles in New Zealand
and the United States. Prior to this, he held
senior roles within consulting, including
with Ernst & Young, and was an Officer in
the New Zealand Defence Force.
Jason holds a Master of Business
Administration in International
Management from the Auckland
Institute of Studies.
JASON WALBRIDGE
CHIEF EXECUTIVE OFFICER
PETER FREDRICSON
CHIEF FINANCIAL OFFICER
Peter joined SkyCity on 5 August 2024 as
Incoming Chief Financial Officer and will
take up the role of Chief Financial Officer
from 23 August 2024. He is responsible
for the financial management of SkyCity,
including reporting, capital markets,
treasury, and corporate development. He
also oversees SkyCity’s investor relations
and internal audit functions.
Peter has over 25 years’ experience in the
listed energy and infrastructure sectors
and the financial services and investment
banking sectors across Australasia, Asia
and the Pacific Rim. He was previously
Chief Financial Officer of AMP Limited,
Acting Chief Executive Officer and Chief
Financial Officer of ASX-listed company
Oil Search Limited, Chief Financial Officer
at APA Group and Chief Financial Officer
of Vector Limited.
Peter is a Chartered Accountant, holds
a Bachelor of Commerce from the
University of Auckland and is a graduate
of the Australian Institute of Company
Directors.
Note that Julie Amey held the role of Chief
Financial Officer throughout the financial year
ended 30 June 2024.
Callum was appointed Chief Operating
Officer New Zealand in February 2021 and
has operating responsibility for SkyCity’s
New Zealand businesses, including
the day-to-day operations of SkyCity
Auckland. He was Interim Chief Executive
Officer from March – July 2024.
Callum has significant gaming and
hospitality experience having held a
number of senior roles at SkyCity since
joining in 2006, including as General
Manager of SkyCity Darwin, General
Manager SkyCity Auckland Hotels,
Convention Centre and Sky Tower, and
Executive General Manager of Hospitality
for SkyCity Auckland. Prior to joining
SkyCity, Callum held numerous senior
leadership roles across the hospitality,
retail and financial investment sectors.
Callum holds a Bachelor of Commerce
from Victoria University of Wellington,
and has completed studies with Cornell
University, The London Business School
and the University of Nevada.
CALLUM MALLETT
CHIEF OPERATING OFFICER
NEW ZEALAND
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SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
GENERAL

OUR SENIOR
Leadership Team
Jo joined SkyCity as Senior Legal Counsel
in January 2009 and was appointed as
General Counsel and Company Secretary
in September 2016. She is responsible
for SkyCity’s legal, company secretarial,
and regulatory affairs functions and is
designated as SkyCity’s Chief Privacy
Officer.
Jo has 25 years’ experience in both private
practice and in-house legal roles. Before
joining SkyCity in 2009, she held General
Counsel and Group Corporate Counsel
roles in the New Zealand financial
services industry and was a Senior
Solicitor at Russell McVeagh, one of the
leading law firms in New Zealand.
Jo was a finalist in the In-House Lawyer
of the Year category in the 2019 and
2020 New Zealand Law Awards and was
recognised in New Zealand Lawyer’s 2019
and 2020 In-House Leaders lists as one of
the leading lawyers across New Zealand.
Jo is a graduate of the 2017 Global Women
Breakthrough Leaders Programme, is a
member of New Zealand Asian Leaders
and holds a Bachelor of Laws and a
Bachelor of Arts from Victoria University
of Wellington.
JO WONG
GENERAL COUNSEL AND
COMPANY SECRETARY
Carolyn joined SkyCity as Chief Risk
Officer in April 2023 and is responsible for
SkyCity’s risk management effectiveness
and the risk, AML/CFT and host
responsibility functions.
Carolyn is an experienced risk executive
with an extensive career in the banking
and finance industry across Australia
and New Zealand. Prior to joining
SkyCity, she held a number of senior
risk roles, including Chief Risk Officer at
Westpac New Zealand, Chief Risk Officer
at Bankwest (Commonwealth Bank of
Australia), Chief Risk Officer at Sovereign
Assurance, and Chief Credit Officer, Acting
Chief Risk Officer and Head of Credit Risk
Management at ASB Bank Limited.
Carolyn is currently a director and Senior
Fellow of the Financial Services Institute
of Australasia, and holds a Bachelor of
Arts from the University of Auckland
and a Diploma of Banking from Massey
University.
CAROLYN KIDD
CHIEF RISK OFFICER
Simon oversees the development of
SkyCity’s New Zealand International
Convention Centre and Horizon by
SkyCity project in Auckland. He also
oversees SkyCity’s health and safety
function and SkyCity’s development
projects in New Zealand.
Simon has held a number of senior
roles across the business since joining
SkyCity in September 2007, including
General Manager SkyCity Adelaide,
General Manager Hotels SkyCity Auckland
and Acting General Manager SkyCity
Auckland.
With more than 35 years’ experience
in large-scale accommodation and
hospitality businesses, Simon brings
a wealth of commercial, property,
project and tourism experience to the
SkyCity business. Simon has governance
experience on industry boards and Local
Government owned entities and trusts.
SIMON JAMIESON
GROUP GENERAL MANAGER
NZICC DEVELOPMENT AND
TOURISM
Nirupa joined SkyCity as Chief Corporate
Affairs Officer in June 2021 and is
responsible for leading SkyCity’s corporate
affairs activities, including government,
community and industry stakeholder
relations and SkyCity’s public policy and
advocacy.
Before joining SkyCity, Nirupa was Chief
of Staff to the Mayor of Auckland (Phil
Goff) and was responsible for running the
Mayor’s office and executing his political
priorities. Prior to this, she ran Mayor
Goff’s successful mayoral campaign in
2016 and worked in Parliament as a
Political and Media Advisor. Early in her
career, Nirupa was a Senior Solicitor
specialising in refugee and humanitarian
law.
Nirupa is currently the vice-Chair of
Amnesty International Aotearoa New
Zealand and Chair of its Membership and
Stakeholders Committee, and a member of
the Heart of the City Auckland’s Executive
Committee (representing SkyCity). She
holds a Bachelor of Laws and Bachelor
of Health Science from the University of
Auckland.
NIRUPA GEORGE
CHIEF CORPORATE AFFAIRS
OFFICER
SHAUN PHILP
CHIEF PEOPLE AND
CULTURE OFFICER
Shaun joined SkyCity as Chief People
and Culture Officer in August 2023 and is
responsible for leading the development
and implementation of best practice
people and culture strategy across the
SkyCity Group.
Shaun is a senior human resources
executive with expertise in supporting
leadership and culture transformation,
innovation and business execution
strategies across the telecommunications,
financial services, and infrastructure
sectors. Prior to joining SkyCity, Shaun
held senior leadership roles across
Australia and New Zealand, including
Chief People Officer at Chorus New
Zealand Limited and Executive General
Manager Human Resources at AMP New
Zealand.
Shaun has a Bachelor of Commerce
from the University of Auckland and is
a graduate of executive management
programmes at the Harvard Business
School and the London Business School.
Andrew McPherson joined SkyCity as
Interim Chief Information Officer in
November 2023 and was appointed to
the role on a permanent basis in March
2024. He is responsible for leading the
development and implementation of
technology across the SkyCity Group.
Andrew is a senior technology executive
with expertise in leading technology
transformation, innovation and delivery
across the media and entertainment,
telecommunications, and infrastructure
sectors. Prior to joining SkyCity, Andrew
held senior leadership roles across
the New Zealand technology industry,
including Chief Technology Officer at
Stuff Limited, and Head of National
Design at Spark.
Andrew has a Bachelor of Engineering
from the University of Auckland and is
a graduate of executive management
programmes at Waikato University and
the University of Queensland.
ANDREW MCPHERSON
CHIEF INFORMATION OFFICER
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SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
GENERAL

OUR SENIOR
Leadership Team
Steve joined SkyCity in February 2019 in the newly
created role of SkyCity Online Director and was
appointed Managing Director SkyCity Malta in
February 2021. Based in the United Kingdom,
Steve is responsible for launching, developing and
leading SkyCity’s online gaming strategy, including
overseeing the operations of the SkyCity Online
Casino.
Steve has extensive global senior leadership
experience in the online gaming industry with
a successful record of achievement driving
growth and profitability within established listed
corporate entities and entrepreneurial start-up
consumer brands. Steve has led across all industry
verticals (including sports betting, social gaming,
business-to-business and business-to-customer),
been a driver of thinking in the omnichannel
space, and pioneered many of the industry key
innovations.
Steve qualified as a member of the Chartered
Institute of Management Accountants and has
a post graduate qualification from the Cranfield
School of Management.
STEVE SALMON
MANAGING DIRECTOR
SKYCITY MALTA
Avril was appointed to the role of Interim Chief
Operating Officer Australia in April 2024 and is
responsible for SkyCity’s Adelaide business and
overseeing the Australian inter-state gaming
business.
Avril first joined SkyCity in May 2015 and held the
role of Executive Manager Human Resources and
Food and Beverage, and then Executive Manager
Tourism and Food and Beverage, at SkyCity Darwin
until SkyCity divested its interest in the SkyCity
Darwin business in April 2019. Avril returned to
SkyCity in November 2023 as General Manager
Hospitality at SkyCity Adelaide. Prior to returning
to SkyCity, she was Executive Manager Food and
Beverage and Property Services, and then General
Manager, of the Mindil Beach Casino Resort
in Darwin, Australia, from November 2020 to
November 2023.
Avril was named the 2002 Telstra Young Business
Woman of the Year in the Northern Territory and
holds a Bachelor of Laws from the Charles Darwin
University and a Diploma in International Tourism
and Hotel Management from the Southern Cross
University.
AVRIL BAYNES
INTERIM CHIEF OPERATING
OFFICER AUSTRALIA
The SkyCity Group Health, Safety and Wellbeing
Strategy focuses on a number of key themes
to continue SkyCity’s improvement journey,
including effective risk management, strong
leadership and better engagement, resources to
support improvement, and healthier people.
Over the last financial year, these strategic goals
have been successfully delivered through a
FY24 Health, Safety and Wellbeing Roadmap,
including:
• development and implementation of
absolute controls for our most critical
health and safety risks;
• introduction of a departmental and
site-wide employee consultation and
participation framework for discussing and
resolving health and safety matters;
• introduction of a new supplier
management standard and an
accompanying contractor health and safety
prequalification process;
• introduction of an improved high risk
permit to work system across the SkyCity
properties; and
• enhancing our management of hazardous
materials and substances.
SkyCity also has programmes in place to
promote healthy behaviours and personal
responsibility for mental and physical health.
As part of SkyCity’s wellness programme, all
SkyCity employees are invited to receive a free
flu vaccination each year. Staff also have access
to a health nurse who is dedicated to conducting
employee health assessments.
SkyCity offers its permanent, full-time
employees across its New Zealand sites health
insurance via healthcare provider Southern
Cross Healthcare – by fully subsidising the
RegularCare plan, which provides shared
cover for surgical treatment, recovery,
support, imaging and diagnostic tests and
day-to-day treatment. Employees are also able
to add their family members to the insurance
plan at an additional cost.
A range of services are also in place to assist
employees who may need a helping hand.
SkyCity offers confidential help and advice
(for both work related issues and situations
outside of work) for employees at its Auckland
and Hamilton sites through the ‘Connect’
employee advocacy team. A Group-wide
Employee Assistance Programme (delivered
via EAP Services) also offers supportive and
confidential assistance to SkyCity employees
with support available 24 hours a day, seven
days a week from trained professional
counsellors. SkyCity also provides emergency
financial assistance for employees suffering
financial hardship, including budgeting
advice and last resort financial help through a
‘SMILE’ loan to New Zealand-based staff who
qualify for support.
SkyCity offers a range of meal options across
its land-based casinos for staff during working
hours – at no cost to employees in Adelaide
while on shift and at heavily subsidised costs
in New Zealand. The SkyCity Auckland staff
café also offers basic household items, such as
bread, milk, butter and eggs, to employees at
cost price.
We aim to create an environment where our people are at the centre of
what we do, ensuring that our staff can work safely, are motivated, can
progress in their careers, and have the tools and knowledge they need to
look after both themselves, and our customers.
We are committed to providing our employees with sustainable career
paths at SkyCity and want our staff to grow their careers with us.
OUR TEAM
HEALTH, SAFETY AND WELLBEING
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SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
GENERAL

As a major employer with over 4,500 staff, we know
that taking care of our people is the key to creating
a great and safe place to work.
TARGETFY24 PERFORMANCE
Zero fatalities or life altering injuries Achieved – no fatalities or life altering injuries
Total Recordable Incident Frequency Rate
(TRIFR) target of 12.5 across the Group
(Adelaide and New Zealand)
Achieved – TRIFR of 11.4 recorded
Complete and record 900 health and safety
observations across the Group
(Adelaide and New Zealand)
Achieved – over 5,000 health and safety
observations completed by staff
Critical health and safety risks identified
and assessed
Achieved – nine absolute controls developed
and implemented for our most critical health
and safety risks
FY24 HEALTH AND SAFETY SCORECARD - SAFETY SUCCESS INDICATORS
DEVELOPING
MEANINGFUL CAREER
PATHWAYS
Our vision is to be a centre of expertise for
capability development. By equipping our
people with the right capabilities, we build
and foster a culture of continuous learning
and growth and carve meaningful career
paths that contribute to exceptional customer
experiences and SkyCity’s overall success.
In addition to our core, enterprise-wide
online e-learning training programme for
our employees, we have established a robust
ecosystem of customised development
programmes and communities of practice
to share best practices in learning across
the Group. To assist employees in delivering
high customer service standards in relation
to responsible entertainment, our training
ecosystem provides a blend of online and
expert led training.
SKYCITY WAY
Compliance training is a significant and
crucial aspect of the ‘SkyCity Way’ training
programme, with 56 compliance courses
currently on offer.
Our staff collectively completed a total of
25,037 courses over FY24 – with 21,921 of these
being compliance courses.
DIVERSITY AND
INCLUSION
We recognise that prioritising diversity and
inclusion is essential to the wellbeing and success
of our workforce. A workforce enriched by
varied perspectives and experiences cultivates
an environment where innovation flourishes and
problem-solving is more efficient. By embracing
our diversity, we ensure that every member of our
workforce feels valued and respected, fostering a
supportive atmosphere where unique ideas and
talents are encouraged. This inclusive culture
not only enhances individual job satisfaction but
also drives higher levels of collaboration and
productivity.
At SkyCity, we have significant representation of
minority groups, who are often underrepresented
in leadership positions within our workforce. By
encouraging diverse perspectives and approaches,
particularly in strategic leadership roles, we can
better reflect our varied customer base and attract
individuals from different backgrounds to our
organisation. We believe this diversity of thought
strengthens SkyCity’s competitive edge and
ensures long term, sustainable success.
We are committed to providing opportunities and
initiatives that assist all to reach their potential,
and regularly benchmark and report on our
diversity position, policy, and objectives.
26% Host Responsibility
16% Health and Safety
11% AML/CFT
11% Security
10% Responsible Service of Gambling and
Gambling Regulations
10% Appropriate Workplace Behaviour
7% Responsible Service of Alcohol
9% Other, including privacy,
immigration, and food safety
FY24 COMPLIANCE
TRAINING
COMPLETED
Our Auckland staff café is the busiest food and beverage outlet within the SkyCity Auckland precinct,
serving 1,640 covers per day (on average) during FY24. Over FY24, our Auckland staff purchased:
295,680
buffet meals
starting from $1.20 per meal49,033 pieces of fruit
41,762 pies20,280 rolls of sushi
15,335
2 litres
bottles of milk
10,998 cartons of eggs
8,638 loaves of bread7,987 salad bowls
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SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
GENERAL

OBJECTIVEPROGRESS MADE
Continue to ensure strong female candidates
are identified in the recruitment process for
all Board and senior executive roles
Recruitment briefs for the Board and senior executive recruitment
processes during the past financial year explicitly specified that SkyCity
required female candidates to be identified whenever possible.
In the past financial year, one new female Board appointment was
made (replacing a retiring female Board member). As at 30 June 2024,
the gender composition of the Board therefore remained at 33% female
and 67% male.
Achieve and maintain gender balance in
SkyCity’s executive leadership team
In the past financial year, two permanent executive appointments
(both male) and three interim executive appointments (two male, one
female) were made, bringing the gender composition for the executive
leadership (as defined by the People and Culture Committee Charter) to
50% female and 50% male as at 30 June 2024.
Maintain a gender balance across the SkyCity
employee population and at each tier of the
organisation hierarchy
Within the top four levels of the organisation hierarchy, 43% of
employees were female and 57% of employees were male as at 30 June
2024 (compared to 48% female and 52% male as at 30 June 2023).
SkyCity continues to be a signatory to the 40:40 Vision (an investor-led
initiative to achieve gender balance across the executive leadership
teams of all ASX200 companies by 2030), maintaining gender
balance in four of the initiative’s seven metrics in FY24 (similar to
FY23) - total workforce, non-managers, senior managers, and key
management personnel. SkyCity also achieved a 4% increase in female
representation (to 37%) in the ‘Other Executives/General Managers’
metric.
Continue to review gender and ethnic pay
equality and deliver an organisation-wide
programme that removes any risk of bias or
inequality
SkyCity’s overall New Zealand gender pay gap decreased to 4%
(at 30 June 2024) from 4.4% (at 30 June 2023). SkyCity’s overall
Australian gender pay gap increased to 4% (at 30 June 2024) from 3.5%
(at 30 June 2023).
Details of SkyCity’s New Zealand and Australian ethnic pay gaps at
30 June 2024 are detailed on page 49 of this annual report.
Continue to advance SkyCity’s indigenous
pathway strategy
In New Zealand, SkyCity:
• continued its programme of works with Hybridges, a cultural
intelligence agency, to address barriers to Pasifika success
resulting in the design of a Pasifika-centred competency model and
leadership framework;  
• formalised its partnership with ahikā and the tangata whenua of
central Tāmaki, Ngāti Whātua Ōrākei, providing for a framework of
continued collaboration; 
• continued as a major partner of TupuToa by hosting ten interns,
with four of the interns securing permanent placements at SkyCity
following their internship period; and
• continued to elevate its Indigenous youth and cultivate its
understanding of servant leadership through the delivery of an
Indigenous leadership programme in partnership with Project
Ikuna.
 SkyCity Adelaide has continued to work with agencies, including
Career Trackers, to find opportunities for Aboriginal and Torres Strait
Islanders to work at SkyCity.  Whilst this has not resulted in internships
in FY24, we continue to explore future opportunities.
OBJECTIVEPROGRESS MADE
Leverage and grow diverse talent pools to
develop a more ethnically diverse leadership
population
Several initiatives were delivered during the past financial year with
the objective of developing a more ethnically diverse leadership
population:
• continued review of our employee selection processes saw a 29%
increase in ethnically diverse participation in our Rising Leaders
programme in New Zealand; and
• there was a 28% increase in Māori and Pasifika employees
recognised as strategic talent in our FY24 talent management process
as a result of heightened focus in this area.
As at 30 June 2024, 0.5% of Adelaide employees identified as Aboriginal
or Torres Strait Islander (0.5% as at 30 June 2023).
Maintain certification with specialist
organisations who represent minority groups
within the SkyCity workforce (for example
Gender Tick) to reiterate our commitment
to, and support of, these minority groups’
interests
SkyCity maintained its Rainbow Tick certification in New Zealand for
2024 and maintained its commitment to the highest ‘Gold’ level of Pride
Pledge. In Adelaide, our membership to Pride in Diversity has also been
maintained.
SkyCity also retained its advanced GenderTick status in New Zealand
for the second consecutive year, with notable improvements in
menopausal support and parental leave.
Build the capability of all leaders in
understanding and leveraging diversity
of thought through ensuring appropriate
awareness, education and capability
development solutions are delivered
Our inaugural ‘Vantage’ senior leadership development programme
emphasised values of community and wellbeing, including a foodbank
volunteer night at The Serve Trust in Hamilton, servicing those in need
through the provision of evening meals.
Pride Pledge continues to provide guidance to our leaders and Rainbow
communities, delivering Rainbow101 workshops to operational and
senior leadership teams across New Zealand over the last financial
year.
SkyCity launched Te Tuia, a Māori learning programme for employees
informed by a Māori worldview which addresses te tiriti, te reo Māori
and tīkanga. 100 employees across New Zealand, from all tiers of the
organisation, have been invited to participate in the pilot cohort which
commenced in June 2024.
The SkyCity Inclusion Council continued to encourage employee-led
initiatives and provide strong executive visibility and sponsorship
across the New Zealand properties. With the addition of Nurture, the
new parent focused Employee Resource Group, there are now seven
core groups represented in New Zealand. However, the progress of
the SkyCity Adelaide Inclusion Council, which replicates the model
already established in New Zealand, stalled due to the loss of
executive sponsorship.
Continue to work with advisors and experts to
provide informed perspectives and guidance
to the Chief Executive Officer and Inclusion
Council on diversity and inclusion matters
Several specialists were engaged to provide perspectives and guidance
to both management and the SkyCity Inclusion Council Employee
Resource Groups with a focus on building cultural understanding
and competence.
To guide and protect the organisation in its te ao Māori journey,
a dedicated te ao Māori Strategic Lead was appointed.   
SkyCity Adelaide partnered with Flinders University on their Diversity
Pathways research group, aiming to promote greater employment
and social inclusion for people with a cognitive disability.
Continue to provide support and education to
employees and managers to promote mental
health awareness and wellbeing
The SkyCity Wellbeing Alliance Group designed ‘Thrive’, a
comprehensive wellbeing framework with an enhanced view of the
roles of self, team, and organisation, to prioritise a culturally responsive
view of overall wellbeing and wellness. 
Several Employee Resource Group-led initiatives were delivered,
including a Gumboot Friday panel featuring mental health
practitioners, Pink Shirt Day activations, and the installation of a
compliments wall in back-of-house staff areas featuring 80+ positive
affirmations in our top 20 languages.
In Auckland, Connect (SkyCity’s employee support group) continued
to deliver ‘Good Yarn’ workshops, an evidence-based mental health
literacy programme for workplaces to talk about mental health.
DIVERSITY AND INCLUSION - POLICY AND OBJECTIVES
SkyCity’s Diversity and Inclusion Policy (available in the Governance section of the company’s website at
www.skycityentertainmentgroup.com) provides a framework for the company’s current and future diversity and inclusion
initiatives.
Each year, the SkyCity Board sets measurable objectives to promote diversity and inclusion. At the end of each financial year,
these objectives are reviewed along with the company’s progress in achieving them.
SkyCity achieved moderate success against the measurable objectives set by the Board for the year ended 30 June 2024 as set
out in the table below (noting gender balance is defined as having 40% female representation, 40% male representation and
20% any gender):
4746
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024

EMPLOYEE RESOURCE GROUPS
An Inclusion Council, comprising representatives
of various Employee Resource Groups, supports
the embedding of an authentic and inclusive
culture at SkyCity. The leaders of the Employee
Resource Groups bring together their respective
communities and work together to drive
initiatives that impact the groups they represent.
There are currently seven core Employee
Resource Groups across SkyCity’s New Zealand
properties - Winning Women, NZ Asian Leaders,
SkyCity Pride, Pasifika, Te Roopū Māori o
SkyCity, Elevate (representing SkyCity’s young
talent) and Nurture (representing parents at
SkyCity) - and five core Employee Resource
Groups at SkyCity Adelaide – Women’s Voice,
LGBTTIQA+, Disability/Ability, Aboriginal and
Life Stages.
AN INCLUSIVE WORKFORCE
SkyCity has long stood as an advocate for our
Rainbow Communities and was one of the first
signatories of the Rainbow Tick, an external
audit and quality improvement programme, and
the Pride Pledge, a values-based commitment
in New Zealand. As our dedication to inclusivity
continues to evolve, SkyCity has launched a
series of initiatives informed by a Rainbow
perspective. These efforts aim to enhance the
employee experience and cultivate an inclusive
workplace for all. They include revising policies
and staff areas to promote safety and inclusivity,
as well as providing increased Rainbow
education for our frontline workforce. Through
prioritising Rainbow learnings during the
onboarding process for all new team members,
we highlight our commitment to fostering an
inclusive environment for everyone.
Our Adelaide site has been an active member of
Pride in Diversity since 2018. Pride in Diversity
stands as Australia’s first and only national
not-for-profit employer support programme for
LGBTQ workplace inclusion, offering training
and consulting services to assist organisations
with all aspects of LGBTQ workplace inclusion.
Through these initiatives, SkyCity continues to foster a
workplace culture that not only celebrates diversity but
also wholeheartedly embraces inclusion for all.
PAY EQUALITY
SkyCity continues to monitor and report on remuneration
outcomes by gender to ensure pay equality. Over recent
years, SkyCity has taken a leading position in New Zealand
and Australia in relation to pay transparency through the
publication of our gender and ethnic pay gaps, as well
as the measurable actions SkyCity is taking to reduce
underrepresentation and areas of disparity which may
lead to gender and ethnic pay gaps.
In the last financial year, SkyCity again conducted gender
pay equality analysis for like positions (being positions
with similar degrees of know-how, problem solving and
accountability). This analysis identified that there are no
indications of gender bias across similar positions.
We remain focused on increasing the representation
of women in senior roles across the business through
a gender balanced talent pipeline. These initiatives, in
addition to a strategy deployed over the past six years to
lift the hourly wage rate of SkyCity’s lowest paid staff, have
contributed to a meaningful reduction to SkyCity’s gender
pay gap in New Zealand.
SkyCity Adelaide Pty Limited (the operator of the SkyCity
Adelaide casino) has submitted its annual report to
the Australian Workplace Gender Equality Agency in
accordance with the Workplace Gender Equality Act 2012
(Cth) which outlines its policies, strategies and actions
on gender equality, its workplace profile (including
workforce composition, salaries and remuneration),
and its workforce management statistics (including
employee appointments, promotions, resignations and
parental leave). A copy of the public report is available to
shareholders on request.
NEW ZEALANDAUSTRALIA
SkyCity Gender
Pay Gap*
(as at 30 June)
National
Gender Pay Gap
SkyCity Gender
Pay Gap*
(as at 30 June)
National
Gender Pay Gap
20244.0%8.6% (September 2023)4.0%12.0% (November 2023)
20234.4%9.2% (August 2022)3.5%13.3% (November 2022)
20226.8%9.1% (August 2021)3.5%13.8% (November 2021)
20216.9%9.5% (August 2020)6.1%13.4% (November 2020)
20207.5%9.3% (August 2019)1.5%13.9% (November 2019)
20198.2%9.2% (August 2018)1.5%14.1% (November 2018)
* The percentage
difference between
the median hourly
rate for women
compared to the
median hourly rate
for men as at 30 June
in the relevant year
(including permanent
and temporary
employees).
ETHNIC PAY GAP
The following table illustrates the SkyCity ethnic pay gap as at 30 June 2024 and as a comparison against
the prior periods since 2021 (when SkyCity first commenced disclosing its ethnic pay gap):
NEW ZEALAND
SkyCity Ethnic Pay
Gap as compared
to Pākehā Men
(as at 30 June 2024)
SkyCity Ethnic Pay
Gap as compared
to Pākehā Men
(as at 30 June 2023)
SkyCity Ethnic Pay
Gap as compared
to Pākehā Men
(as at 30 June 2022)
SkyCity Ethnic Pay
Gap as compared
to Pākehā Men
(as at 30 June 2021)
Pākehā Women6%2.9%6.8%7.9%
Māori Women13.9%10.3%14.0%18.9%
Pacific Women13.9%7.9%13.8%16.6%
Asian Women9.2%6.0%10.9%11.3%
AUSTRALIA
SkyCity Ethnic Pay
Gap as compared
to European Men
(as at 30 June 2024)
SkyCity Ethnic Pay
Gap as compared to
European Men
(as at 30 June 2023)
SkyCity Ethnic Pay
Gap as compared to
European Men
(as at 30 June 2022)
SkyCity Ethnic Pay
Gap as compared to
European Men
(as at 30 June 2021)
European Women0%0%0%2%
Asian Women13.4%13.2%13.4%13.3%
GENDER COMPOSITION
The gender composition of SkyCity’s directors, officers, senior executives and total workforce as at
30 June 2024 and, comparatively as at 30 June 2023, is set out below:
2023FEMALEMALE
Number%Number%Total
Directors233%467%6
Officers440%660%10
Senior Executives 545%655%11
Total Workforce2,20749%2,32551%4,532
2024FEMALEMALE
Number%Number%Total
Directors233%467%6
Officers545%655%11
Senior Executives 650%650%12
Total Workforce2,17849%2,30951%4,487
In the tables:
• ‘officers’ are the Chief
Executive Officer
and those directly
reporting to the Chief
Executive Officer,
other than the
Executive Assistant;
• ‘senior executives’ are,
with the exception of
the Chief Executive
Officer, those who hold
a strategic position
(as determined by the
People and Culture
Committee from time
to time); and
• the ‘total workforce’
number does not
include those who
identify as gender
diverse and those who
elected not to identify
as being female, male
or gender diverse.
No directors, officers
or senior executives
self-identified as gender
diverse as at 30 June 2023
or 30 June 2024.
SkyCity is a signatory to the 40:40 Vision - an investor-led
initiative to achieve gender balance across the executive
leadership teams of all ASX200 companies by 2030 - 40%
women, 40% men and 20% any gender.
SkyCity was named a
Finalist in the All-Accor
Progress Award category
at the 2023 New Zealand
Rainbow Excellence Awards
GENDER PAY GAP
The following table illustrates the SkyCity gender pay gap as at 30 June 2024 and as a comparison against the
prior periods since 2019 (when SkyCity first commenced disclosing its gender pay gap) and the respective
national gender pay gaps:
4948
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
GENERAL

FY23 - 1%
identify as having a
disability1%
FY23 - 48.5%
48.3% women
FY23 - 51%
51.2% men
80
years
age of our oldest
staff member
FY23 - 80 years
FY23 - 4,559
staff
(full-time, part-time
and casual)
4,512
10%
of our staff identify with two or more ethnicities
Given as a percentage of
those staff members who
provided details about their
ethnicity and those who
elected “prefer not to say”.
^ Employees may report up
to three ethnic affiliations.
As a result, the aggregate
percentage of ethnicities
surpasses 100%.
* Includes New Zealander
and Australian.
** Middle Eastern, Latin
American and African.
OUR TOTAL
WORKFORCE
^
OUR SENIOR
LEADERSHIP
^
OUR STRATEGIC
LEADERSHIP
^
European*32%82%82%
Asian53%18%13%
Māori6%9%3%
MELAA**3%––
Pacific Peoples9%–3%
Other2%9%1%
Prefer not to say–18%9%
Where:
• senior leadership includes, with the exception of the Chief Executive Officer, those who hold a strategic position as determined by the People and Culture
Committee from time to time; and
• strategic leadership refers to individuals designated as senior manager or above in SkyCity’s 2024 Global Women's Champions for Change Diversity Report
submission and is displayed as the mean across the categories.
DIVERSITY Snapshot
of our workforce are
43 years old
and under
(full-time, part-time and casual)
70%
FY23 - 70%
37
FY23 - 36 years
years
average age of
our workforce
6%
Rainbow
identify as being a
member of the
LGBTTQIAP+ community
FY23 - 6%
of leadership
roles held by
women
45%
FY23 - 41%
FY23 - 0.5%
0.4%
gender
diverse
FY23 - 60
61
languages
spoken and/or written by staff
1. Mandarin
2. Tagalog
3. Cantonese
FY23 - 1. Mandarin; 2. Tagalog (Philippines);
3. Hindi and Cantonese
Top 3
14% Chinese | FY23 - 17%
13% New Zealander | FY23 - 13%
9% Australian | FY23 - 10%
10% Indian | FY23 - 8%
10% Filipino | FY23 - 8%
9% Other Asian | FY23 - 8%
6% Māori | FY23 - 6%
4% Other South East Asian | FY23 - 5%
3% Samoan | FY23 - 3%
3% European | FY23 - 3%
43.7% Millennials (28–43 years) | FY23 - 43.2%
26.0% Generation Z (<28 years) | FY23 - 26.6%
22.8% Generation X (44–59 years) | FY23 - 22.3%
7.3% Baby Boomers (60–78 years) | FY23 - 7.8%
0.1% Veterans (79+ years) | FY23 - 0.1%
DIVERSITY IN LEADERSHIP
ethnicities
our staff identify with
Top 10Age breakdown
The following graphic shows the make up of SkyCity’s workforce as at 30 June 2024 and, where relevant, as a comparison against our
workforce as at 30 June 2023:
non-English
languages
50
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
GENERAL
51

The following pages outline our priorities, focus areas, activities and targets for each of the pillars in our Sustainability
Implementation Plan, and summarises the activities undertaken and achievements against our priorities for the financial year
ended 30 June 2024.
CATEGORY DESCRIPTIONMATERIAL TOPICS
Imperative to value creation in the short, medium and long term
for SkyCity (alternatively, they present a serious risk to value
creation if they are not managed well and can cause the immediate
erosion of value)
• Hosting responsibly
• Financial crime prevention
• Sustainable business performance
• Destinations and experiences
• Employee health and safety
Essential to value creation in the short to medium term for SkyCity
(alternatively, they present a risk to value creation if they are not
managed well in the short to medium term)
• Operational excellence and business continuity
• Engaged, inclusive, and capable workforce
• Governance, ethics, and transparency
Contribute to value creation in important ways over a slightly
longer time horizon (alternatively, they present some risk to value
creation if they are not managed well)
• Community investment
• Iwi and indigenous peoples
• Climate change
• Sustainable value chain
PRIORITIESCUSTOMERSCOMMUNITYENVIRONMENT
Implementation
Principles
(a) Stakeholder
value creation
(b) Commitment to
responsibility
(c) Always doing
the right thing
(a) Creating vibrant experiences for
SkyCity customers and exceeding their
expectations
(b) Ensuring customer experiences are
provided safely and responsibly
(c) Commitment to continuous
improvement and having the systems
and processes necessary to deliver
vibrant experiences, responsibly
(a) Building and operating vibrant
destinations in the places where
we operate. Contributing back to
local communities
(b) Exceeding the expectations of
a responsible business in the
communities in the places where
we operate
(c) Commitment to continuous
improvement and having the
systems and processes necessary
to deliver vibrant experiences,
responsibly
(a) Respecting, protecting, and
enhancing the environment in
the places where we operate
(b) Responsible use of natural
resources and a commitment
to minimise our impact and,
where possible, enhancing the
environment in the places where
we operate
(c) Dedicated focus on complying
with all relevant environmental
regulations, including
climate-related risk disclosures
Focus Areas• Host responsibility
• Prevention of financial crime
• Creating vibrant customer experiences,
delivered responsibly by our people
• Supporting our communities
through our Community Trusts
• Investing in collaborative
partnerships in our local
communities where we operate
• Providing employment and
development opportunities for
young people in our communities
• Build SkyCity’s confidence and
capability to engage authentically
with mana whenua and the
indigenous peoples of South
Australia
• Climate change mitigation,
adaptation and transition for our
business
• Transitioning to a circular
economy for our business
• Building a sustainability culture
and engaging employees on
climate change and sustainability
• Supporting the environmental
performance of our supply chain
Our Targets• Compliant host responsibility
programme as evidenced by
internal/external audit processes
and mystery shopper exercises
• Compliant prevention of financial crime
programme as evidenced by delivery
of the Group AML Enhancement
Programme
• High levels of employee engagement as
evidenced by maintaining or improving
survey scores
• 100% of eligible employees have
completed mandatory training
requirements (host responsibility and
AML/financial crime)
• Retain employees by growing access to
career paths within SkyCity, targeting
40%+ of roles filled internally each year
• Support vibrant and responsible
customer experiences by targeting
year on year growth in the number of
employees accessing voluntary learning
and development opportunities
• Customer satisfaction score -
improvement year on year
• 300 Project Nikau recruits by
2025
• Project Nikau retention rate
equivalent to, or better than,
SkyCity Group retention rate
• Commitments (in line with
Community Trust Deeds)
met, and impact of these
commitments measured
• SkyCity Adelaide employee
population reflects South
Australia with 1.49% of
employees identifying as
Aboriginal or Torres Strait
Islander
• Recalibrate climate change action
plan by end of FY23
• Climate risk assessment and
reporting (TCFD) completed for
FY24
• Emissions reduction of 25% by
2025 (38% reduction in Scope 1
and 2 by 2030 and 73% by 2050)
• 100% of contracted suppliers
engaged to discuss measuring
emissions and setting science
aligned targets by end of FY23
• 5% reduction year on year in
waste to landfill
• 10% reduction year on year in
single-use plastic products
• Employees’ knowledge of, and
engagement on, sustainability
enhanced
• By FY25, SkyCity’s EcoVadis score
is at or above the benchmark
score of 55
SUSTAINABILITY
At SkyCity, we recognise that sustainability is critical to
all levels of our business and operations.
Part of being a responsible business is understanding the impacts
arising from our operations. The aim of this understanding is to
enable positive impacts to be fostered and negative impacts to be, at
the very least, mitigated and ideally abated. This is particularly true
when there is potential for harm to either people or the environment.
SkyCity is committed to maintaining the highest
levels of sustainability objectives and practices.
Our sustainability initiatives are focused on doing
good for our customers, employees, communities,
suppliers, environment and shareholders. Our
objective is to ensure that our strategic decisions
strengthen the communities we operate in and
provide environments and opportunities for
our customers, suppliers and staff to enjoy, to be
entertained and to be safe.
OUR SUSTAINABILITY
FRAMEWORK AND
STRATEGY
In 2016, after engaging with both internal and
external stakeholders on which sustainability
issues were most relevant to SkyCity’s business, we
adopted our first set of sustainability goals, priority
actions and targets and developed a materiality
matrix to identify a set of priority impact areas
and issues for the business. This framework was
subsequently refined in 2018 to incorporate global
trends and local market conditions in our approach
to, and assessment of, risks and opportunities,
culminating in a refreshed set of sustainability
pillars.
Given the considerable external and internal
change in relation to sustainability practices,
perspectives and operating context, we commenced
a review of SkyCity’s sustainability framework and
strategy in early 2022 - the purpose of which was to
understand the drivers for sustainability for SkyCity
into the early-mid 2020s, adopt a fit-for-purpose
framework for driving sustainability decisions in
the business, and gain confidence that SkyCity’s
sustainability activity was aligned to organisational
purpose and strategy and reflective of the operating
context. Following the review, we adopted a new
integrated business strategy from 1 July 2022 that
integrates environmental, social, and governance
considerations into our current business strategy –
as further detailed in the Group Strategy section of
this annual report.
In mid-2022, SkyCity also developed and adopted
a three-year Sustainability Implementation Plan
(for FY23 – FY25) which reflects the priority
sustainability activity underpinning our integrated
business strategy. The areas identified as priority
issues are those considered highly material for
SkyCity’s business and for our stakeholders.
We continue to focus on embedding our
sustainability framework and strategy into all levels
of the organisation and in the way SkyCity operates.
WHAT MATTERS MOST
We undertake a materiality assessment on a
regular basis to prioritise the issues that are most
important to our business and key stakeholders in
the short, medium and long term. The materiality
assessment determines issues critical to SkyCity’s
financial performance and its broad set of
stakeholders, including investors, employees,
customers, wider society and the environment.
In May 2023, we conducted a materiality assessment
with key stakeholders with the assistance of an
independent consultant. Stakeholders were asked
to identify and score SkyCity’s most material topics
from a shortlist of potentially material issues
identified by the SkyCity Senior Leadership Team
and expert advice using the International <IR>
Framework’s definition of materiality. The shortlist
was derived from a longer list of relevant matters
identified via desktop research, a scan of media and
industry best practices, insights from the SkyCity
Senior Leadership Team and Board, the review of
SkyCity’s sustainability framework and strategy in
early 2022, and a review of SkyCity’s most recent
materiality assessment process in 2020.
Taking into account feedback from all stakeholders,
the material issues were grouped into three priority
categories as summarised in the following table.
These priority categories inform how we develop
our integrated business strategy, our sustainability
activity, and our reporting going forward.
SKYCITY SUSTAINABILITY IMPLEMENTATION PLAN FY23 – FY25
MATERIAL ISSUES
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SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
SUSTAINABILITY

FY23 – FY25 TARGETSFY24 PERFORMANCE AGAINST TARGETS
Compliant prevention of financial
crime programme as evidenced
by delivery of the Group AML
Enhancement Programme
• SkyCity was subject to regulatory action for non-compliance with AML/CFT laws
in Australia and New Zealand as further detailed in this section and the financial
statements in this annual report.
• Policy and process enhancements made to improve risk management of core
processes such as customer due diligence.
• A centralised compliance workflow management system has been designed and is
being implemented.
• Increased awareness of AML/CFT risks and capability in frontline teams.
• Recruitment of additional specialist financial crime resource to support delivery of
key uplift initiatives.
• Work underway to design and implement a new AML/CFT risk assessment
methodology.
Compliant host responsibility
programme as evidenced by
internal/external audit processes
and mystery shopper exercises
• SkyCity was subject to regulatory action for non-compliance with host
responsibility obligations in New Zealand as further detailed in this section and the
financial statements in this annual report.
• External audit of the Hamilton and Queenstown Host Responsibility Programmes
conducted, with no material non-compliance identified.
• Mystery shopping conducted on a regular basis to identify opportunities to uplift
processes and training.
High levels of employee
engagement as evidenced by
maintaining or improving survey
scores
• FY24 employee pulse survey results continue to reflect high engagement:
›75% overall engagement score achieved (78% in FY23)
› 80% would recommend SkyCity as a great place to work
(79% in FY23)
100% of eligible employees have
completed mandatory training
requirements (host responsibility
and AML/financial crime)
• As at 30 June 2024, all eligible employees had either completed their mandatory
training or had been assigned training with appropriate due dates.
Retain employees by growing
access to career paths within
SkyCity, targeting 40%+ of roles
filled internally each year
• Permanent (full-time and part-time) internal hiring increased to 31% including
promotions, demonstrating a continued commitment towards the 40% target – this
was achieved through initiatives that increased visibility of career opportunities
and the introduction of a dedicated career advisory service for employees.
Support vibrant and responsible
customer experiences by targeting
year on year growth in the number
of employees accessing voluntary
learning and development
opportunities
• A range of upskilling options, including workshops, online courses, learning
communities and collaborative team sessions, were offered to boost customer
service skills and enhance customer experience.
• Voluntary, self-directed learning and development opportunities remain integral to
our curriculum and are regularly highlighted in our staff newsletter.
Customer satisfaction
score - improvement year on year
• Net promoter score for the SkyCity Auckland eateries increased by 1% to 90% on
the prior year, despite three new outlet openings over the period.
• The Grand by SkyCity and SkyCity Hotel’s Global Index Review (GIR) scores
increased by 2.5% (to 88.9%) and 1.8% (to 87.6%) respectively. Eos by SkyCity
hotel's GIR score of 92% was down 1.2 percentage points but still ranked #1 within
its competitive set.
• Sky Tower visitor sentiment score increased by 2.7% (to 79.3%).
CUSTOMERS
Our
We are committed to ensuring that we provide entertaining and
profitable, yet safe and responsible, experiences and environments.
We take our responsibilities to minimise risk and harm from problem
gambling and to detect and deter money laundering and terrorism
financing very seriously.
PRIORITYKEY STAKEHOLDERS
• Providing our customers vibrant experiences, responsibly• Customers
• Department of Internal Affairs
• Gambling Commission
• Office of Liquor and Gambling
Commissioner
• Consumer and Business Services
• Government Ministers, agencies and
officials, including the Ministry of Health
• Treatment service providers and public
health providers, including Asian Family
Services, Problem Gambling Foundation,
Salvation Army, Raukura Hauora o Tainui
and Hāpai Te Hauora in New Zealand and
Relationships Australia, Overseas Chinese
Association, PEACE Multicultural Services
and OARS SA in South Australia
• Australasian Gaming Council
• Australian Transaction Reports and
Analysis Centre (AUSTRAC)
• Police
• Local councils
IMPLEMENTATION PRINCIPLES
• Ensuring customer experiences are provided safely and responsibly
• Commitment to continuous improvement and having the systems and
processes necessary to deliver vibrant experiences, responsibly
• Creating vibrant experiences for SkyCity customers and exceeding
their expectations
FOCUS AREAS
• Host responsibility
• Prevention of financial crime
• Creating vibrant customer experiences, delivered responsibly
by our people
SkyBar,
SkyCity Auckland
5554
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
SUSTAINABILITY

This section largely focuses on SkyCity’s approach
to host responsibility and AML/CFT across its
land-based casinos as, due to constraints in
the New Zealand Gambling Act 2003, SkyCity’s
online gaming business, the SkyCity Online
Casino, is operated from Malta in partnership
with international iGaming company Gaming
Innovation Group Inc (GiG).
GiG provides SkyCity with a full-suite online casino
solution, which includes a technical platform,
gaming content, managed services, front-end
development and best-in-class host responsibility
and AML/CFT procedures. GiG has tailored
the host responsibility tools available from its
offshore platform to align wherever possible
with SkyCity’s land-based practices and, in some
cases, has developed new processes specifically
applicable to the New Zealand market such as the
casino age restriction and contact information
for support services. Through rigid processes
and industry leading software, GiG also ensures
that international AML/CFT regulation and best
practice is strictly adhered to.
Further details of the SkyCity Online Casino’s host
responsibility practices are available at www.
skycityentertainmentgroup.com/our-commitment/
responsible-gambling
FY24 KEY CHALLENGESFY25 FOCUS AREAS
• The macro-economic climate continued to impact
employee wellbeing.
• Responding to regulatory actions in New Zealand
and Australia.
• Targeted and sustained regulatory oversight over
our AML/CFT and Host Responsibility Programmes.
• Continued focus on land-based casino operators in
New Zealand and Australia, and on SkyCity’s social
licence to operate.
• Successfully embed the refreshed staff Code of Conduct and
deliver the supporting training.
• Continue to build management, leadership and critical
functional capabilities to deliver on strategy and further shape
SkyCity’s culture.
• Continue to identify, attract, grow and retain the talent needed to
deliver strategy and future proof our business.
• Continue to evolve our focus on the health and wellbeing of our
communities.
• Continue to enhance our processes, practices and technologies
that continue to uplift SkyCity’s approach to AML/CFT and host
responsibility.
• Introduction of carded play to minimise the impacts of risk and
harm for our customers and our business.
CREATING VIBRANT
PRECINCTS AND
EXPERIENCES
As New Zealand’s largest tourism, leisure and
entertainment company, we are focused on
creating vibrant experiences for our customers,
delivered responsibly, and exceeding our
customers’ expectations.
To ensure our existing precincts remain relevant
to customer demand and we maximise the
opportunities that our existing precincts present,
we continue to explore opportunities for new food
and beverage, gaming and entertainment offerings
across our precincts. Ongoing refurbishment
and investment in new gaming product, product
management and changes to floor layout also
remain key focuses for the business. Over the
last financial year, two new food and beverage
offerings opened across the New Zealand
properties – Metita in Auckland and Palate (a
restaurant tenancy) in Hamilton. In August 2024,
The Grill, a New Zealand steak and seafood
restaurant, was re-opened within the Horizon by
SkyCity hotel.
We remain focused on delivering the New Zealand
International Convention Centre (NZICC) in
Auckland and the adjacent infrastructure (a total
investment of around $750 million for SkyCity),
including a laneway, over 1,250 additional car
parking spaces and Horizon by SkyCity – a new
303-room, 5-star hotel. Horizon by SkyCity opened
in August 2024 and the NZICC is expected to
open in 2025. When open, the NZICC will be New
Zealand’s largest convention centre enabling New
Zealand to attract major international conferences
as well as having capability for sporting events,
theatre and musical performances.
The SkyCity Auckland property, SkyCity’s largest
and busiest property, spans the majority of three
blocks in the Auckland CBD (~3.5 hectares) with
~295,000sqm of gross floor area. Significant long
term option value remains embedded in the
Auckland precinct (including 968sqm of land
able to be further developed). In addition, the
City Rail Link, a new 3.45 kilometre twin-tunnel
underground rail system being constructed by the
New Zealand Government and Auckland Council
below the Auckland CBD, will provide greater
connectivity to the SkyCity Auckland precinct
when completed in 2026 with the new
Te Waihorotiu Station near Wellesley and Victoria
Streets expected to be New Zealand’s busiest train
station. Entrances to Te Waihorotiu Station, a
300 metre long underground mid-town station,
will be located on Victoria and Wellesley Streets
– conveniently located adjacent to the SkyCity
Auckland precinct.
SkyCity is also cognisant of the strategic need to
remain abreast of developments in the online
and digital space and, where appropriate, to
ensure that we take up opportunities that will
ensure we continue to offer a relevant form of
entertainment. In response to this, we continue
to consider evolving customer demographics and
preferences in both our gaming and non-gaming
operations, including new offerings, technologies
and innovation. In recent years, we have made
good progress in ICT investment and our digital
capability and continue to focus on initiatives
to enhance the customer experience, centred
around web and mobile, customer relationship
management and data analytics.
We also continue to explore online gaming
opportunities to complement the SkyCity Online
Casino - an offshore online casino (based in
Malta) launched in August 2019 that provides
New Zealanders an online casino experience.
The SkyCity Online Casino has grown rapidly
since its launch in August 2019 despite legislative
constraints, with significant growth in its
customer base over the period – with over 150,000
customer registrations as at 1 August 2024. While
ultimately a regulated online gaming market in
New Zealand remains the preferred solution for
SkyCity, the launch of the SkyCity Online Casino
was an important step on the journey of pursuing
opportunities to grow and diversify earnings,
addressing a fast growing industry which is highly
complementary to our land-based activities and
offering customers an omnichannel gaming
experience.
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Gambling can be a fun and enjoyable entertainment activity.
However, it can also have harmful effects on some individuals, their
families and their communities. Our challenge is therefore to ensure
that our business provides entertaining and profitable, yet safe and
responsible, experiences and environments.
COMMITMENT TO HOST
RESPONSIBILITY
At SkyCity, we place great importance on host
responsibility throughout every part of the
organisation. All SkyCity Board members and
staff receive training in problem gambling
awareness.
The Board’s Risk and Compliance Committee is
responsible for overseeing and monitoring the
company’s host responsibility and responsible
gambling programme and initiatives and
monitoring licensing and regulatory compliance,
and assists the SkyCity Board in fulfilling its
responsibilities relating to risk management and
compliance.
Within the business, a senior management-led
Host Responsibility Governance Group
meets regularly to discuss and review host
responsibility matters that have arisen or may
arise in the future across the SkyCity Group.
The key objectives of the Governance Group are to:
• provide collective guidance to SkyCity
management on host responsibility matters
of interest;
• oversee delivery and implementation of
major host responsibility projects, including
technology-related projects, and monitor
progress of host responsibility strategic and
operational plans; and
• develop initiatives that will collectively
benefit SkyCity customers and shareholders
by way of discussion, provision or
endorsement of responsible gambling
and/or harm prevention components.
A dedicated team of experienced host
responsibility specialists is employed at each of
SkyCity’s land-based casinos and, through our
partnership with GiG, an experienced harm
minimisation team is in place for the SkyCity
Online Casino.
Our team of Responsible Gambling Hosts in
Auckland and Hamilton provide additional
and dedicated host responsibility coverage in
gaming areas. Working collaboratively with our
Gaming Machines, Table Games, Security and
Surveillance teams, the Responsible Gambling
Hosts are responsible for:
• proactively monitoring the main gaming floor
for customers who remain within the casino
or play for extended periods and approaching
and interacting with customers as required;
• assisting with the actioning of continuous play
system alerts;
• assisting with the actioning of continuous
presence system alerts;
• assisting with the actioning of repeat ATM
withdrawal/decline alerts; and
• acting as a visible point of contact for
customers that would like to know more
about SkyCity’s host responsibility practices.
A robust Host Responsibility Programme is in place
at each of our physical sites, and within the SkyCity
Online Casino, to prevent and minimise harm from
problem gambling.
An outline of SkyCity’s commitment to host
responsibility and detailed individual
site-related information, including the Host
Responsibility Programme for each site and
the SkyCity Online Casino, is available at www.
skycityentertainmentgroup.com/our-commitment/
responsible-gambling.
BEST PRACTICE HOST RESPONSIBILITY
We are immensely proud of the culture of care we
have developed within our casinos and continue to
focus on ways to ensure that this culture of care is
maintained and that we have the highest standard
of host responsibility practice.
Over the past financial year, we implemented
additional host responsibility measures to improve
our ability to prevent and minimise harm from
problem gambling, including:
• the introduction of an updated Host
Responsibility Programme (approved by the
Gambling Commission) for each of our New
Zealand casinos. The updated programmes
include SkyCity’s commitment to introduce
mandatory carded play across our New
Zealand properties by July 2025;
• adapting and enhancing our facial recognition
technology at the SkyCity Auckland and
SkyCity Hamilton properties to monitor
At SkyCity, we place
great importance on
host responsibility
throughout every part
of the organisation.
repeat withdrawals and multiple declined
transactions at ATMs for indicators of
problem gambling, with the technology soon
to be implemented in SkyCity Queenstown;
• refreshing all of our staff host responsibility
training programmes to ensure staff are
up-to-date on the latest harm minimisation
practices;
• increasing our host responsibility resourcing,
with additional staff recruited as Responsible
Gambling Hosts and Host Responsibility
Executives and for host responsibility training
and data insights; and
• the introduction of PatronScan technology
at all of our casino properties to support the
identification of minors and verification of ID
documentation.
In a dynamic casino environment, maintaining
effectiveness, relevancy and consistency in harm
minimisation best practice is an ongoing challenge.
In response to that challenge, SkyCity continues to
explore available technology solutions, seek expert
advice, consult stakeholder groups and source a
range of research material.
Over the last financial year, we were subject to
regulatory action in New Zealand for historic
non-compliance with our host responsibility
obligations. In September 2023, the Secretary
for the Department of Internal Affairs made
an application to the Gambling Commission to
temporarily suspend SkyCity Casino Management
Limited’s (SCML) casino operator’s licence for
a period in the range of 10 days following a
complaint made to the Department by a former
customer who gambled at the SkyCity Auckland
casino from August 2017 to February 2021. In July
2024, SCML reached agreement with the Secretary
to resolve the application, pursuant to which
SCML:
• acknowledged that it did not meet the
requirement in the SkyCity Auckland Host
Responsibility Programme, and therefore
SCML’s casino operator's licence, relating to
the detection of some incidents of continuous
play by the customer due to a design error in
a technology system developed by SkyCity to
monitor continuous play by carded customers
(which has since been rectified);
• acknowledged that it failed to exercise
the level of vigilance required by the Host
Responsibility Programme to use staff
observation and intervention independently
and alongside that technology to identify
those incidents of continuous play by the
customer and then act appropriately –
such vigilance being especially relevant
for customers like the complainant whose
problematic behaviour was silent or hidden;
and
• agreed to close the gambling area of the
SkyCity Auckland casino for five consecutive
days in September 2024 in an effort to resolve
the matter in an expedient manner and
without undue delay.
ASSURANCE AND AUDIT
As part of SkyCity’s assurance activities,
independent audit activities and mystery shopping
programmes are carried out at each land-based
casino to monitor compliance with SkyCity’s
relevant Host Responsibility Programme.
SkyCity also has an independent internal audit
programme in place to monitor and improve
compliance with SkyCity’s land-based harm
minimisation framework and undertakes internal
mystery shopping training exercises across its
land-based casinos to test the robustness of its host
responsibility practices.
Each SkyCity Host Responsibility Programme is
also subject to audit by the relevant gambling
regulator.
EMBRACING TECHNOLOGY
SkyCity operates a predictive algorithm risk model
created by Focal Research at SkyCity Auckland,
which analyses loyalty data as a tool to identify
players who may be at risk from gambling harm.
The algorithm was last upgraded in June 2020
with the addition of Focal Research’s ‘ALeRT
BETTOR Protection System’ software to enhance
and improve SkyCity’s ability to identify potential
at-risk gamblers. The ALeRT BETTOR Protection
System software uses routinely stored customer
data to create complex models for identifying
and managing high-risk play (the algorithm)
that otherwise may not be outwardly visible to
operators or customers.
The algorithm (including the ALeRT BETTOR
Protection System software) was rolled out and
implemented at the SkyCity Hamilton casino
in 2020. Discussions with the South Australian
regulator are ongoing regarding the use of this
HOST Responsibility
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58

technology at the SkyCity Adelaide casino.
Since 2019, SkyCity has operated a full facial
recognition technology solution across all its
land-based casinos using cameras positioned at
all entry points to the gambling areas to assist in
identifying customers excluded from re-entering
its casinos. An automated alert is triggered
notifying SkyCity personnel when an individual
matching an image from SkyCity’s database of
excluded patrons re-enters a SkyCity gambling
area. Prior to the introduction of this technology,
staff recall was the primary mechanism for
identifying excluded persons returning to the
casino in breach of their exclusion orders.
This technology was subsequently enhanced with
the assistance of additional cameras installed
within the casino to assist SkyCity in identifying
customers who remain within the casino for
extended periods (an automated alert is triggered
notifying SkyCity personnel when an individual
is identified within the casino for an extended
period) – with the enhanced technology being
implemented at the SkyCity Hamilton casino in
2020 and at the SkyCity Auckland casino in 2021.
Subject to obtaining regulatory approval, we also
intend to implement this technology at the SkyCity
Adelaide casino.
In 2023, SkyCity introduced facial recognition
monitoring at its SkyCity Auckland and SkyCity
Hamilton ATMs to monitor repeat withdrawals and
declined transactions for indicators of problem
gambling. This technology will also be rolled out
to ATMs at SkyCity Queenstown during the second
half of 2024.
SkyCity has also committed to using all reasonable
endeavours to introduce mandatory carded play
in its land-based New Zealand casinos by July
2025 and at the SkyCity Adelaide casino in early
2026. Through delivering this transformative
approach to gaming, SkyCity is seeking to elevate
its customer care approach in a way that enables
customers to help track and monitor their play
activity, and take regular breaks from gaming.
The introduction of facial recognition technology
and other technological solutions, such as
mandatory carded play, significantly bolsters
and assists SkyCity’s ongoing efforts to detect and
prevent excluded customers from re-entering its
casinos and to detect continuous presence and
play. However, despite our best efforts and host
responsibility measures and initiatives, there is no
guarantee that such technology will be effective
in each and every case and some individuals may
nonetheless find ways to elude staff.
CONSISTENCY OF RESPONSIBLE
GAMING CULTURE AND PRACTICE
The alignment of excellent host responsibility and
harm minimisation practice and culture across
the SkyCity Group remains challenging due to
differences from site to site, such as size, scale
and staffing structure. There are also market and
customer differences that impact our approach to
staff training and programme design, in addition
to unique cultural distinctions to consider.
Furthermore, our sites across New Zealand and
in South Australia each have different regulatory
environments in which to operate.
These differences mean that while SkyCity’s Host
Responsibility Programmes have similarities,
they are often carried out quite differently.
However, problem gambling is an addiction and
the possibility of harm from this type of behaviour
manifests itself in the same way regardless of
jurisdiction or location. That is why SkyCity
endeavours to lead in this area and employ best
practice prevention methods across the business.
A key strategic focus across the SkyCity Group
for minimising gambling harm is prevention.
Robust prevention initiatives can be developed
and implemented across the Group with few or
no regulatory or local procedural constraints. By
adopting a prevention approach, we can increase
our ability to identify and respond early to new
or emerging concerns that may lead to problem
gambling related issues for our customers.
We are committed to carrying out regular reviews
of each of our Host Responsibility Programmes to
ensure alignment of our practices across our sites
where possible.
CUSTOMER EXPERIENCE AND
ENGAGEMENT
SkyCity promotes a range of tools to support
responsible gambling. Exclusion is an important
host responsibility offering for those that may
be vulnerable to problem gambling. Our casinos
offer extensive information to customers
about exclusion options and referral details to
problem gambling support services, including
gambling helplines and face-to-face counselling
organisations.
In New Zealand, customers can choose to exclude
themselves from all SkyCity casinos in New
Zealand for a period of up to two years. In some
cases, SkyCity itself makes the decision to exclude
a customer as a means to prevent risk of harm
occurring, or as a means to stop further harm
through a customer’s gambling at SkyCity’s casinos.
In Adelaide, customers can also choose to exclude
themselves from the SkyCity Adelaide casino and,
in some cases, SkyCity itself or the Liquor and
Gambling Commissioner makes the decision to
exclude a customer – all exclusions are referred
to Consumer and Business Services (the South
Australian Gaming regulator).
A dedicated team of Responsible Gambling Hosts
in Auckland and Hamilton proactively monitor
and interact with uncarded players, action long
play alerts for carded and uncarded players,
action long stay alerts, and act as a source of host
responsibility information for all customers.
In Adelaide, a dedicated team of Responsible
Gambling Coordinators monitor customers to
identify signs and indicators of problematic
gambling behaviour.
With the size of our customer base and premises,
it can be a challenge to identify individuals
immediately and, despite our best efforts and
measures (including new technologies), some
individuals may nonetheless find ways to elude
staff and re-enter a SkyCity casino.
COMMUNITY KNOWLEDGE
Given that a material issue to our internal and
external stakeholders is responsible gambling,
we aim to foster good relationships with
problem gambling stakeholders. As part of this
approach, we provide tours of our facilities and
literature to treatment providers to assist them
in understanding our gaming environments and
Host Responsibility Programmes. We also partner
with local experts and support agencies to ensure
we have up-to-date resources in place for harm
minimisation and prevention.
The objective is to improve information sharing
and collaboration between stakeholders in
order to advance SkyCity’s harm minimisation
approach. This collaborative approach ensures
that knowledge about problem gambling is shared
between SkyCity and the relevant stakeholders,
who will work together to minimise harm.
During the past financial year, we continued
to engage with community stakeholders both
at their request and through scheduled formal
Harm Prevention and Minimisation Community
Work Group meetings in Auckland, Hamilton
and Queenstown, and Harm Minimisation
Community Stakeholder Committee meetings in
Adelaide. Stakeholders from relevant treatment
service providers, public health providers and
Government agencies are invited to attend these
regular meetings. We also invite treatment service
providers to attend our internal host responsibility
training programmes wherever possible.
SkyCity also works collaboratively with problem
gambling service providers in connection with
Gambling Harm Awareness Week, inviting service
providers to have a presence on SkyCity’s main
gaming floors over the week to provide opportunities
for customers to engage and learn about available
services.
Alongside this activity, SkyCity undertakes additional
Gambling Harm Awareness Week initiatives to create
host responsibility awareness. Since 2022, SkyCity
Auckland has promoted a ‘Sit this One Out’ initiative
for customers to educate and encourage customers to
take a break from gambling in a separate area of the
gaming floor where they can enjoy complimentary
refreshments. During Gambling Harm Awareness
Week in September 2023, this initiative resulted in
over 1,000 customer interactions promoting host
responsibility.
The Grill,
SkyCity Auckland
THIS
ONE
OUT
SIT
SkyCity wants all of
our visitors to enjoy
their experience with us.
Please take regular
breaks, know your limits
and game responsibly.
Sit this One Out
campaign poster
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EXCLUSIONS AT SKYCITY PROPERTIES
The following graph summarises the number of exclusion orders and common law barrings issued by
each of the SkyCity properties over the 2020–2024 financial years:
The number of exclusion orders and common law barrings issued in FY22 was likely impacted by COVID-19
closures/restrictions.
The increase in the number of exclusion orders and common law barrings issued from FY22 to FY23 is likely
due to the business returning to normal operations following the lifting of COVID-19 restrictions.
FY24
FY23
FY22
FY21
FY20
1,00050010020001,1001,2001,3001,4001,5001,600600300800900700400
1,128
11261189
1,288
1,412
480
516
683
761
85
95
40
40
3868143391
901
766
67858217
1,077
124
HamiltonQueenstownAdelaideAuckland
EXCLUDED PERSONS IDENTIFIED AT SKYCITY PROPERTIES
The following graph summarises the number of excluded persons identified returning to each of
the SkyCity properties in breach of an exclusion order or common law barrings over the 2020–2024
financial years:
During FY20, a facial recognition technology solution was implemented across SkyCity's land-based casinos to assist in
identifying excluded customers. The reduction in the number of exclusion-related breaches from FY20 to FY22 is likely due
to changes in excluded patron behaviour following the introduction of this technology and COVID-19 closures/restrictions.
The increase in the number of exclusion-related breaches from FY22 to FY23 is likely due to the business returning to normal
operations following the lifting of COVID-19 restrictions.
HamiltonQueenstownAdelaideAuckland
1,00050010020001,1001,2001,3001,4001,5001,6001,7001,8001,900600300800900700400
FY24
FY23
FY22
FY21
FY20
1,759
1,41018256109
940226148591,373
3911075576
629
1,087111737
43196
455
4557724351907
SENIOR MANAGEMENT
GOVERNANCE &
OVERSIGHT
BOARD GOVERNANCE
& OVERSIGHT
HOST RESPONSIBILITY
PROGRAMMES
HOST RESPONSIBILITY
ROLES & DUTIES
• A Host Responsibility
Governance Group meets
regularly to discuss host
responsibility matters
• SkyCity Board and
Risk and Compliance
Committee governance
and oversight of
performance of harm
minimisation framework
• Site-specific programmes
outlining SkyCity’s host
responsibility obligations
(approved by the
regulator)
• Roles and activities
focused on customer
care and host
responsibility monitoring
SOFTWARE AND
ALGORITHMS TO
MONITOR GAMING
MACHINE PLAY
INDEPENDENT
ASSURANCE
ITRAK MONITORING
& REPORTING
LEARNING &
DEVELOPMENT
FRAMEWORK
• Blended software for
analysis and insight
into player behaviour
and spend/visitation
traits, including real time
monitoring of continuous
use of gaming machines
• An independent audit
is carried out every
two years at each
land-based casino to
monitor compliance with
its Host Responsibility
Programme
• Internal independent
assurance programme
(internal audit and
continuous improvement)
• Mystery shopping
programme
• A record management
tool for host responsibility
incidents and
assessments, including
reports for ongoing
oversight
• A suite of host
responsibility modules
for staff, including
online courses, in-person
courses, and annual
refresher courses
FACIAL RECOGNITION
TECHNOLOGY
COMMUNICATIONS
& BRAND
REPORTS TO THE
REGULATOR
STAKEHOLDER
ENGAGEMENT
• Use of facial recognition
and alert technology to
detect excluded patrons
• An internal brand
communications
campaign to promote
awareness of host
responsibility
• Annual reporting to
the regulator on the
effectiveness of SkyCity’s
Host Responsibility
Programmes
• Regular engagement
with community gaming
organisations and
academics
FRAMEWORK
Harm Minimisation
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At SkyCity, we take our anti-money laundering
and countering financing of terrorism (AML/CFT)
obligations very seriously and are committed
to ensuring that we provide entertaining and
profitable, yet safe and responsible, experiences
and environments. We understand that, as a
casino operator, we play a key role in combatting
money laundering and terrorism financing and
safeguarding the community against these risks.
OUR AML/CFT PROGRAMMES
The New Zealand and Australian AML/CFT
legislation places obligations on certain
organisations (including financial institutions and
casinos) to detect and deter money laundering
and terrorism financing and take appropriate
measures to guard against money laundering and
terrorism financing.
As a casino operator and reporting entity for
the purposes of the AML/CFT legislation in New
Zealand and Australia, SkyCity has the following
measures in place across its land-based casinos:
• an assessment of the money laundering and
financing of terrorism risks that SkyCity could
face in the course of running its business;
• AML/CFT Programmes in New Zealand and
Australia that include procedures to detect,
deter, manage and mitigate money laundering
and the financing of terrorism;
• an AML Compliance Officer appointed in each
of New Zealand and Australia to administer
and maintain the AML/CFT Programmes;
• customer due diligence processes, including
customer identification and verification of
identity;
• suspicious activity reporting, threshold
transaction reporting, auditing and annual
reporting of systems and processes. For
example, SkyCity reports any suspicious
activity that may be related to illegal activity,
and cash transactions over $10,000, to
the New Zealand Police and AUSTRAC (as
applicable); and
• regular internal and external audits and
reviews of AML/CFT compliance.
COMMITMENT TO TACKLING
FINANCIAL CRIME
We are committed to continually uplifting our
AML/CFT practices, complying with our obligations
and upholding our customer, community and
regulatory expectations.
The SkyCity Board’s Risk and Compliance
Committee discusses, as a standing agenda item
at each scheduled meeting, matters relating to
the Group’s AML/CFT obligations and other key
compliance obligations.
Within the business, a specialist Financial
Crime team in New Zealand oversees SkyCity’s
compliance with AML/CFT requirements in New
Zealand and a specialist Financial Crime team in
Adelaide oversees SkyCity’s compliance with
AML/CFT requirements in Australia. SkyCity senior
managers and employees engaged in AML/CFT
related duties also receive training on AML/CFT
matters.
SkyCity’s online gaming site, the SkyCity Online
Casino, is operated from Malta in partnership
with international iGaming company Gaming
Innovation Group Inc (GiG). GiG has in place an
AML/CFT Policy that includes procedures to detect,
deter, manage and mitigate money laundering and
the financing of terrorism, customer due diligence
processes (including customer identification and
verification of identity), and suspicious activity
reporting, auditing and annual reporting systems
and processes. A Money Laundering Reporting
Officer within GiG administers and maintains the
AML/CFT Policy.
SkyCity continues to explore available technology
solutions and seek expert advice where required to
deliver best practice AML/CFT standards at SkyCity.
ASSURANCE AND AUDIT
As part of SkyCity’s assurance activities, an
independent review is conducted on a regular
basis of SkyCity’s New Zealand and Australian
AML/CFT Programmes to assess the effectiveness
of these Programmes. An internal audit function
is responsible for monitoring the outcomes of the
independent reviews and ensuring that any issues
are appropriately addressed.
RESOLUTION OF AML/CFT
PROCEEDINGS
Over the past financial year, SkyCity has resolved
two significant civil proceedings filed against
SkyCity for non-compliance with AML/CFT
obligations:
• SkyCity Adelaide Pty Limited (SkyCity
Adelaide) and the Australian Transaction
Reports and Analysis Centre (AUSTRAC)
reached agreement in relation to the
contraventions admitted by SkyCity
Adelaide in the civil penalty proceedings filed
by AUSTRAC in December 2022 for
non-compliance with the Australian AML/CFT
laws and the amount of a civil penalty. This
agreement was approved by the Australian
Federal Court on 7 June 2024, bringing an end
to these proceedings; and
• SkyCity Casino Management Limited (SCML)
and the Department of Internal Affairs
have reached agreement in relation to the
contraventions that SCML will admit in
the civil penalty proceedings filed by the
Department in February 2024 for
non-compliance with the New Zealand
AML/CFT laws and the amount of a civil
penalty. This agreement remains subject to
the New Zealand High Court’s approval at a
penalty hearing set down in September 2024.
There continues to be continued media
and regulator focus on the casino industry,
particularly in Australia, and consequently
heightened expectations on SkyCity around its
AML/CFT obligations, including monitoring cash
and third-party transactions and undertaking
enhanced due diligence checks on higher risk
customers.
ONGOING UPLIFT ACTIVITIES
Since late 2021, SkyCity has had in place a
significant AML/CFT enhancement programme
to address compliance systems and correct
historical shortcomings in Adelaide and New
Zealand. These uplift activities remain ongoing
and are wide-ranging, covering policies,
processes, people and systems:
• Policy Changes – we have reduced risk and
complexity from the business by changing
policies in line with a lower risk tolerance.
For example, we stand down customers
whilst they are subject to enhanced due
diligence, we have limited the ways in which
customers can transact with us and we have
established an automatic barring process
across our casino properties;
• Process Enhancements – we have reviewed
and enhanced our compliance processes,
including refinement of our transactional
monitoring rules in line with known
money laundering typologies, creation
of a time-bound enhanced due diligence
process which considers a greater number
of customers, introduced new testing and
assurance processes, and enhanced our
ongoing customer due diligence process by
requiring additional know your customer
(KYC) information;
• People and Culture – we have continued
to increase awareness of AML/CFT
risk, capacity and capability across the
business with on-floor assurance processes
to support training, and continued to
increase the capacity and capability of our
Financial Crime teams through additional
recruitment. We have also delivered new
training modules for frontline staff; and
• Technology and System Enhancements
– we have developed a new data
management and analytics system to
widen and strengthen our transactional
monitoring processes which is expected
to be fully functional in the 2025 financial
year, and developed and deployed a new
case management workflow system to
enable more efficient tracking of cases and
reporting of statutory obligations.
Over the past financial year, we have also
developed a new AML/CFT risk assessment
methodology to ensure the latest changes to
the criminal landscape are assessed and risks
identified and controlled. This will lead to a
further refinement of our AML/CFT Programmes
and new controls to help detect and deter money
laundering.
FINANCIAL Crime
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SUSTAINABILITY

SENIOR MANAGEMENT
GOVERNANCE & OVERSIGHT
BOARD GOVERNANCE
& OVERSIGHT
AML/CFT PROGRAMMES
• An AML Senior Management
Group meets to discuss AML/CFT
issues relevant to the Group
• An Adelaide AML Management
Committee oversees AML/CFT
issues specific to the Adelaide
operations
• SkyCity Board and Risk and
Compliance Committee oversight
of AML/CFT compliance
• AML/CFT Programmes
established in New Zealand and
Adelaide outlining SkyCity’s AML/
CFT processes and procedures for
customer screening, transaction
monitoring, regulatory reporting,
customer due diligence and
enhanced due diligence
(subject to regular internal and
external review)
LEARNING & DEVELOPMENTEXTERNAL ADVISORSINDEPENDENT ASSURANCE
• AML/CFT training programmes
for staff
• Assisted by experienced
external AML/CFT advisors
• An independent review is carried
out every 2–3 years in New
Zealand and Adelaide to monitor
compliance with the AML/CFT
Programmes
AML/CFT ROLES & DUTIESAML/CFT RISK ASSESSMENTIT SYSTEMS
• A specialist Financial Crime
team (including designated AML
Compliance Officers) within the
business oversees the Group’s
ongoing day-to-day compliance
with AML/CFT requirements
• Each AML/CFT Programme
contains a risk assessment
identifying the money laundering
and terrorism financing risks that
SkyCity may reasonably expect to
face in the course of its business
• Specialist IT systems for AML/CFT
record keeping and to facilitate
transaction monitoring, customer
screening and reporting
COMMUNITY
Our
We understand that to do this we need to engage meaningfully with our communities, listen to their critical needs and expectations,
and respond through developing meaningful community partnerships and by taking action to address key issues in our operations.
Our aim is to create value in our business and in the
communities in which we operate.
PRIORITY
KEY STAKEHOLDERS
• Positively contributing to vibrant communities in the
places where we operate
• Community groups
• Sponsorship partners, including Leukaemia
& Blood Cancer New Zealand and
Variety – The Children’s Charity
• Community partnerships
• Recipients of SkyCity Community Trust grants
• Philanthropy New Zealand
• Mana Whenua, including Ngāti Whātua Ōrākei
• Ministry of Social Development
• TupuToa
IMPLEMENTATION PRINCIPLES
• Building and operating vibrant destinations in the places
where we operate. Contributing back to local communities
• Exceeding the expectations of a responsible business in the
communities in the places where we operate
• Commitment to continuous improvement and having
the systems and processes necessary to deliver vibrant
experiences, responsibly
FOCUS AREAS
• Supporting our communities through our
Community Trusts
• Investing in collaborative partnerships in our local
communities where we operate
• Providing employment and development opportunities for
young people in our communities
• Build SkyCity’s confidence and capability to engage
authentically with mana whenua and the indigenous
peoples of South Australia
FRAMEWORK
AML/CFT Control
Project Employ assists
young people with
disabilities into work
through hospitality
training at the Flourish
Café (recipient of a
$90,000 grant in FY24).
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FY23 – FY25 TARGETS
FY24 PERFORMANCE
AGAINST TARGETS
300 Project Nikau recruits by 2025
47 rangatahi (young people) onboarded during
FY24 and a total of 175 rangatahi onboarded since
the programme commenced in 2019.
Project Nikau retention rate equivalent to, or
better than, SkyCity Group retention rate
78% retention rate for Project Nikau recruits in
FY24 compared to 75% for the SkyCity Group.
Commitments (in line with Community
Trust Deeds) met, and impact of these
commitments measured
Grants approved for 130 community organisations
totalling $5.9 million, aligned directly with the
strategic intent and desired outcomes for the
Community Trusts.
SkyCity Adelaide employee population
reflects South Australia with 1.49% of
employees identifying as Aboriginal or
Torres Strait Islander
As at 30 June 2024, 0.5% of Adelaide employees
identified as Aboriginal or Torres Strait Islander
(0.5% as at 30 June 2023).
FY24 KEY CHALLENGESFY25 FOCUS AREAS
• Challenging economic conditions and lower
staff turnover impacted the availability
of suitable job opportunities for Project
Nikau graduates resulting in a reduction in
intakes over FY24 and the overall number of
recruits.
• Managing community expectations when
applicants seek funding for initiatives that
do not align with the priorities of the SkyCity
Community Trusts. This has required open
and honest communication, ensuring
we maintain excellent relationships and
reputation within our communities.
• Further investment in the evolution and
enhancement of SkyCity’s youth strategy and
partnerships, strengthening and diversifying
future internal and external youth pipelines
with the objective of becoming a premier hub
for hospitality and gaming development.
• Continued liaison with indigenous
employment partnerships, including SYC, the
Department of Employment and Workplace
Relations, Career Trackers and Workskil in
Australia and TupuToa and the Ministry of
Social Development in New Zealand.
• Ensure the SkyCity Community Trusts are
effectively governed and continue to provide
funding to community organisations that
align with the Trusts’ newly refined funding
priorities and outcomes.
INVESTING IN OUR
LOCAL ECONOMIES AND
COMMUNITIES
SkyCity is a cornerstone of each of the
communities in which it operates. We understand
that our scope for influence and change is huge,
and SkyCity invests in and works to develop our
communities in a variety of ways.
Engaging with our stakeholders helps us to
understand community attitudes toward SkyCity,
the communities’ expectations of us, and how
stakeholders believe SkyCity should create value.
SkyCity engages with stakeholders in a variety of
ways, both formal and informal, in each of the
communities in which it operates. These actions
range from legally required engagement with
regulators to less formal feedback mechanisms
such as social media, customer surveys and public
perception monitoring.
Whilst it is easy for organisations to talk about
inputs and outputs, such as how much money
or ‘in-kind’ contributions are given to charity,
the number of charities receiving support, or
how many hours staff spend on volunteering
for community projects, it is a more challenging
exercise to determine the outcomes and impacts
of those activities. We want to ensure that there is
genuine and measurable social impact from our
SkyCity Community Trusts and other charitable
giving. We therefore continue to review and assess
our community investments and partnerships in
a more holistic and strategic way, to ensure that
they are aligned to our unique business assets and
are ultimately delivering both social and business
value.
SOURCING LOCALLY
SkyCity is committed to sourcing and procuring
locally made and supplied products from
Australasian owned and operated businesses as a
preference wherever possible. Our primary focus
is procuring from businesses operating in the
same countries in which SkyCity operates, thus
supporting local economies and reducing carbon
emissions even where, in some instances, goods
are imported. Our secondary focus is procuring
local products and produce from businesses that
are geographically close to our businesses.
SkyCity is able to categorise items in some detail,
including location of the supplier, which enables
SkyCity to modify procurement practices where
required to support the intention outlined in
SkyCity’s Group Procurement Framework. The
framework drives greater rigour in the onboarding
of new suppliers and has an emphasis on supplier
consolidation and ethical sourcing with SkyCity
choosing the best mix of suppliers to meet its
business requirements.
In the financial year ended 30 June 2024, SkyCity
spent over $550 million on operational goods and
services, the bulk of which was spent with local
suppliers – with over $45 million on food and
beverage items across New Zealand and Australia.
TOP 100 SUPPLIERS
PER SITE (AS AT 30 JUNE 2024)
SAME COUNTRYLOCALLY BASED
MAJORITY
LOCALLY OWNED
Auckland85%65%57%
Adelaide91%74%69%
Hamilton96%31%75%
Queenstown95%40%70%
CATEGORIESDEFINITION
SUPPLIERS
Same countryProducts procured from businesses in the same country
Locally based
Products procured from businesses in the same region as the relevant
SkyCity property (for example, the Waikato region for SkyCity Hamilton)
Majority locally ownedProducts procured from businesses with greater than 50% local ownership
PRODUCTS
Locally manufacturedProducts manufactured locally, but from imported products
Locally produced and/or manufacturedEntire product is manufactured from locally sourced products
BUILDING COMMUNITIES BY DEVELOPING
PEOPLE AND DEVELOPING DEEPER
CONNECTIONS
Founded in 2019, Project Nikau is a SkyCity employment pathway programme focused
on developing employability skills, career planning, coaching, youth leadership and
professional development opportunities through a Māori and Pasifika lens. The
programme provides rangatahi (young people) with a three-week academy at onboarding
before they integrate into the SkyCity workforce and ongoing mentoring and pastoral
care during their employment. To date, 175 rangatahi have participated in Project Nikau.
Project Nikau has fostered numerous success stories and highlights SkyCity’s ability to
improve the career pathway and trajectory of indigenous youth to positively impact
Aotearoa communities.
In addition, through collaboration with the SkyCity Auckland Community Trust, greater
social impact has been achieved in the areas of youth advancement and development
through the Trust's prioritisation of initiatives that support youth development, wellbeing
and employability.
SkyCity also continues to be a major partner of TupuToa and the TupuToa Internship
Programme, an employment pathway that provides professional opportunities for Māori
and Pacific tertiary students in corporate, government and community organisations. In
the last financial year, we provided a 12-week corporate pathway placement at SkyCity
for ten TupuToa interns.
We continue to work with our food and beverage
suppliers to gain more understanding as to where
our products are being sourced to ensure a local
focus where practical.
SkyCity engages local contractors wherever
possible for its construction projects who, in
turn, procure local products, materials and
subcontractors where feasible. Many of the
gaming products and equipment required by
SkyCity for its casino operations are not able to
be manufactured or sourced locally - in sourcing
these items internationally, SkyCity's focus is on
procuring such items from ethical suppliers.
Federal Delicatessen,
SkyCity Auckland
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69
SUSTAINABILITY

Pacific Islands Dance Fono is an annual festival showcasing culture,
heritage and artistic innovation (recipient of a $58,000 grant in
FY24). Their production of Alatini enjoyed a sell-out season at the
SkyCity Theatre.
Te Karanga Charitable Trust provides a safe space to empower
rangatahi through creativity, providing them with experience with
digital, technical, music and arts with a view to further education or
vocation (recipient of a $119,000 grant in FY24 and a total of $279,000
in grants over the last three years).
SKYCITY AUCKLAND COMMUNITY
TRUST RECIPIENTS IN FY24
Auckland City Mission – Te Tāpui Atawhai
Auckland Pride Festival
Auckland Young Women’s Christian Association
(YWCA) Incorporated
Bangerz Education and Wellbeing Trust
Blue Light Ventures Counties Manukau
CAPS Northland Inc - Jigsaw North Manaaki Whanau
Coast Youth Community Trust Inc.
Dance Therapy NZ
Dayspring Trust
Depot Arts & Music Space Trust
Driving Change Network
E Tipu E Rea Whanau Services
ECPAT Child Alert Trust
Faith City Trust Board
Family Success Matters
Far North Safer Community Council
- Building Safer Communities
Fathers for Families Foundation
Feeling Fab Foundation
Good Seed Trust
Habitat for Humanity Northern Region
Hapai Tuhono Charitable Trust
He Iwi Kotahi Tatou Trust
Island Base Trust
Kenzie's Gift Charitable Trust
Kick Back Make Change Charitable Trust
Kila’s Style Trust
Know Your Status Community Trust
Kura Cares Charity
Mahitahi Trust
Mana Services Aotearoa Charitable Trust
Manaaki Rangatahi
SKYCITY COMMUNITY TRUSTS
Established to provide funds for community and
charitable purposes, the SkyCity Community Trusts
are one of the vehicles SkyCity uses to ‘put something
back’ into the New Zealand communities in which the
company operates. The SkyCity Auckland Community
Trust, SkyCity Hamilton Community Trust and SkyCity
Queenstown Casino Community Trust aim to help
local and regional organisations carry out community
assistance and development work, focusing on
supporting families to thrive and communities to
prosper, with a specific focus on youth development.
SkyCity contributed a total of $4.6 million to the SkyCity
Community Trusts for distribution to community
groups and organisations in the Auckland, Waikato and
Queenstown Lakes regions for the financial year ended
30 June 2024, with $5.9 million in grants being approved
by the SkyCity Community Trusts to 130 community
organisations over the period.
Since establishing the first SkyCity Auckland Community
Trust in 1996, SkyCity has awarded more than 5,230
grants totalling $77.4 million to various community
groups and organisations in New Zealand, large and
small, through the SkyCity Community Trusts.
New Zealand Islamic Cultural Trust
Ngā Rangatahi Toa Creative Arts Initiative
NZ Ethnic Women Incorporated
Ola le Ola Aotearoa Trust
ONEONESIX Trust
Pacific Islands Dance Fono
Papatuanuku Kokiri Marae
Parachute Arts Trust
Participatory Grant Fund held by
Foundation North
PHAB Association (Auckland) Incorporated
Pillars Ka Pou Whakahou
Project Employ Limited
Pūhoro Charitable Trust
Rainbow Youth Incorporated
Recreate NZ
Rural Youth and Adult Literacy Trust
Silver Fern MotorSport Charitable Trust
Springboard Community Works
Te Ara Poutama AEC
Te Karanga Charitable Trust
Te Matatini Society Incorporated
Te Pu-a-nga Maara
Te Raranga Charitable Trust
Te Whangai Trust Board
The Kindness Institute
The Rising Foundation Trust
The TYLA Trust
Threeone Productions Ltd
To’utupu Tonga Trust
Toi Ngāpuhi Limited
Tuilaepa Youth Mentoring Service
Vinnies Tāmaki Makaurau Trust
Visionwest Community Trust
Well Women Franklin
West Auckland Pasifika Forum Community Trust
Whai Maia Charitable Trust
WithINNature
Youth Arts New Zealand – Te Kāhui
Youth in Transition Charitable Trust
Youthline Auckland Charitable Trust
SKYCITY HAMILTON COMMUNITY
TRUST RECIPIENTS IN FY24
Arts for Health Community Trust
Bellyful New Zealand Trust
Big Buddy Mentoring Trust
Cambridge Community House Trust
Cambridge Disability Enterprise Incorporated
Christians Against Poverty New Zealand
Clothe our Kids - Waikato
Community Link Trust
Diversity Counselling New Zealand
Dress for Success Hamilton Trust
Driving Change Network
Efalata Trust
Friendship House (Huntly) Community
Charitable Trust
Graeme Dingle Foundation – Waikato
Grandparents Raising Grandchildren Trust
New Zealand
Hamilton Combined Christian Foodbank Trust
Hamilton Multicultural Services Trust
Hohou te Rongo Kahukura – Outing Violence
Hospice Waikato Trust
Kids in Need Waikato Charitable Trust
KidsCan Charitable Trust
Kihikihi Health Sports Arts and Recreation Trust
Ko Wai Au Trust
Louise Perkins Foundation
Meat the Need
Rainbow Hub Waikato
RAW 2014 LTD
Recreate NZ
Road Safety Education Limited
Society St Vincent de Paul
South East Kirikiriroa Community Association Inc
Te Awamutu Food Forest
Te Kauwhata Community House
Te Po ki te Ao Marama Tihei Mauriora
Te Tamawai Trust
Te Whakaruruhau 2013 Incorporated
Te Whangai Trust
Te Whare o Te Ata Fairfield/Chartwell Community
Centre Trust
The Asian Network Incorporated
The House of Grace Trust Inc
The Refugee Orientation Centre Trust
The Serve
The Young Women’s Christian Association of
Hamilton Incorporated
Thrive Ōtorohanga Youth Trust
Waikato Environment Centre Trust
Waikato Ethnic Family Services Trust
Waikato Family Centre Trust
Waikato Refugee Forum Inc.
Waikato Seeds for Change Charitable Trust
Waitomo Waipa Women’s Refuge Incorporated
Xtreme Zero Waste
Youthline Auckland Charitable Trust
YSAR Trust
SKYCITY QUEENSTOWN COMMUNITY
TRUST RECIPIENTS IN FY24
Alpine Community Development Trust
Driving Change Network
Kahu Youth Trust
Kiwi Harvest Limited
Mana Tahuna Charitable Trust
Mint Charitable Trust
Whakatipu Youth Trust
YSAR Trust
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SUSTAINABILITY

PRIORITYFOCUS AREAS
• Protecting and enhancing the environment
in the places where we operate
• Climate change mitigation, adaptation and transition for our
business
• Transitioning to a circular economy for our business
• Building a sustainability culture and engaging employees on
climate change and sustainability
• Supporting the environmental performance of our supply chain
IMPLEMENTATION PRINCIPLES KEY STAKEHOLDERS
• Respecting, protecting, and enhancing the
environment in the places where we operate
• Responsible use of natural resources and a
commitment to minimise our impact and, where
possible, enhancing the environment in the
places where we operate
• Dedicated focus on complying with all
relevant environmental regulations, including
climate-related risk disclosures
• Toitū Envirocare
• Climate Leaders Coalition
• REMONDIS (formerly SUEZ-ResourceCo)
• Beca
• Sustainable Business Council
• Proxima
ENVIRONMENT
Our
We are committed to growing in a sustainable manner
with a commitment to protecting and enhancing the
environment in the places where we operate.
Working within the limits of the natural environment will allow
current and future generations to benefit from its resources to
ensure continual economic and social prosperity, which we believe
results in business continuity and positive impacts on staff and
stakeholder wellbeing.
SkyCity is a climate reporting entity for the
purposes of the New Zealand Financial Markets
Conduct Act 2013 and, as such, is required to
publish certain climate-related disclosures in
accordance with the Aotearoa New Zealand
Climate Standards issued by the New Zealand
External Reporting Board (XRB) in December 2022.
The climate-related disclosures regime was
established to provide a framework to assist
organisations in making clear, comprehensive, and
consistent information about the financial risks
and opportunities associated with climate change.
The framework is designed to enable stakeholders
to make informed decisions by integrating
climate-related considerations into financial
reporting processes.
GOVERNANCE OF
CLIMATE-RELATED RISKS
Our Sustainability Implementation Plan outlines
our approach and commitments to managing the
environmental impacts of our business activities
and operations and our commitments related to
climate change. The SkyCity Board approves the
Sustainability Implementation Plan and oversees
adherence to it and our people are responsible for
meeting the requirements of the plan.
As at the date of this annual report and following
the disestablishment of the Board's Sustainability
Committee in August 2022, SkyCity does not have a
dedicated Board committee with specific
climate-related responsibilities. However, the
Board’s Risk and Compliance Committee oversees
the governance of risks impacting SkyCity,
including environmental, social and governance
(ESG) risk, and assists the SkyCity Board on
matters related to the governance and oversight
of risks, the design and operation of the company’s
Enterprise Risk Management Framework, and
setting and monitoring risk appetite. The Board
Audit Committee ensures the accuracy and
reliability of climate-related disclosures and its
integration into the broader financial reporting
framework.
The SkyCity Board and its Committees, including
the Risk and Compliance Committee and Audit
Committee, meet on a regular scheduled basis and
more frequently as required to address urgent
matters. Currently, the SkyCity Board has six
scheduled meetings per year and the Risk and
Compliance Committee and Audit Committee each
has five scheduled meetings per year. However,
the SkyCity Board, in its current processes, does
not regularly discuss climate-related risks and
opportunities. There is also currently no formal
process for assigning specific climate-related
responsibilities to SkyCity's governance bodies,
management or committees, and SkyCity is yet
to consider and implement a formal reporting
process to the Board on climate-related risks and
opportunities.
Details of Board and Committee meeting
attendance during the financial year ended
30 June 2024 are outlined on page 87 of this
annual report.
Details regarding the Board’s ESG-related skills
and competencies are provided on pages 37, 38
and 84 of this annual report. No formal internal
climate-related training was undertaken by SkyCity
directors in the financial year ended 30 June 2024,
however some of the directors attended external
climate-related training.
FY24 KEY CHALLENGESFY25 FOCUS AREAS
• Managing our suppliers’ awareness of carbon
reduction and climate change risks.
• Managing carbon reduction alongside
increased business activity.
• Deliver and implement a Scope 3 reductions initiative and continue
to build awareness, capability, and capacity within our employees,
customers, and communities to drive reductions in their Scope 3
emissions.
• Continued focus on reducing carbon emissions across the Group by
25% by 2025.
• Continual enhancement of climate risk and resilience processes,
integrating them seamlessly into our business operations, strategies,
and risk management frameworks.
• Continued focus on waste diversion from landfill - partnering with
our expert businesses to help repurpose and recycle waste.
• Preparation of a SkyCity Climate Change Transition Plan in alignment
with our climate-related disclosures.
FY23 – FY25 TARGETS
FY24 PERFORMANCE AGAINST TARGETS
• Climate risk assessment and reporting (TCFD)
completed for FY24
• Completed - this annual report contains SkyCity’s first
climate-related disclosures as required by the Aotearoa
New Zealand Climate Standards.
• Emissions reduction of 25% by 2025 (38%
reduction in Scope 1 and 2 by 2030 and 73% by
2050)
• In progress.
• 5% reduction year on year in waste to landfill• A 3.1% reduction from FY23 was achieved.
• 10% reduction year on year in single-use plastic
products
• A 10% reduction from FY23 was achieved.
• Employees’ knowledge of, and engagement on,
sustainability enhanced
• Increased employee awareness via Recycling Week activations
and the launch of a new Sustainability page on the staff online
communication platform.
• By FY25, SkyCity’s EcoVadis score is at or above
the benchmark score of 55
• In progress – SkyCity’s reassessment is scheduled to occur in FY25.
CLIMATE-RELATED DISCLOSURES
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SUSTAINABILITY

CLIMATE STRATEGY
Although SkyCity is not, through its usual
day-to-day operations, a major emitter of
greenhouse gases, we recognise the role that we
need to play in reducing our impacts. We are
committed to progressing initiatives to reduce
emissions and taking action to combat climate
change.
At a strategic level, SkyCity has integrated ESG
considerations into its business strategy as detailed
on pages 20 and 21 of this annual report. However,
due to the ranking of climate change in our
most recent materiality assessment in May 2023
(where climate change was ranked by external
stakeholders as SkyCity’s sixth most material issue
(from a list of 12 potentially material issues)) and
SkyCity’s current internal readiness regarding
climate change, climate-related risks and
opportunities are not currently factored into the
Board’s strategic decision-making process.
In 2021, SkyCity commissioned an independent
third party to assess the projected growth of the
SkyCity Group’s greenhouse gas (GHG) emissions’
footprint in relation to planned activities with
the aim of reducing GHG emissions in alignment
with SkyCity’s Science Based Targets Initiative
(SBTi) goals - being to reduce absolute Scope 1
and 2 GHG emissions by 63% by 2030 and by
90-95% by 2050 (from a 2014-2015 base year).
This analysis provided insights into the impact
of SkyCity’s major projects, including the New
Zealand International Convention Centre
development project, on SkyCity’s GHG emissions
and progress towards achieving its SBTi targets. In
FY24 SkyCity spent $150,000 towards an Auckland
decarbonisation strategy. While the outputs of
this work have not yet been integrated into the
company’s capital investment planning process,
they influence SkyCity’s investment decisions.
SkyCity is currently conducting a comprehensive
review of all its assets to inform long term capital
investment planning.
SkyCity has not yet considered integrating
sector-aligned time horizons into its existing risk
management framework.
The SkyCity Adelaide
property is located in
the centre of the CBD
SkyCity’s focus is on activities that reduce
environmental impacts, may relate to impacting
lifestyle choices outside of the work environment,
benefit the wider community and contribute to
SkyCity’s social licence, and build sustainability
capability and awareness for all staff and other
stakeholders.
Whilst SkyCity’s emissions reduction strategy
covers a reduction in Scope 1, 2 and 3 emissions,
the majority of SkyCity’s reduction initiatives will
focus on reducing SkyCity’s Scope 1 and 2 emissions.
Many of the reduction initiatives are currently
being implemented across SkyCity, but further
improvements can be made. SkyCity will continue
to conduct an annual audit of its carbon footprint to
measure and track its progress to its SBTi targets.
CLIMATE-RELATED SCENARIOS
SkyCity’s scenario analysis is based on the climate
change scenarios developed for the New Zealand
tourism sector by the Aotearoa Circle - the Tourism
Sector Climate Change Scenarios (available at
www.theaotearoacircle.nz). SkyCity’s Sustainability
Manager and previous Chief People and Culture
Officer were involved in the Aotearoa Circle’s scenario
analysis process. This framework was considered
appropriate and adopted as SkyCity’s business relies
on the success and sustainability of the New Zealand
tourism sector, both domestically and internationally.
The key tenants of SkyCity’s emissions reduction
strategy are summarised below:
• Scope 1 emissions (direct emissions from
sources owned or controlled by SkyCity) -
to drive reductions in Scope 1 emissions,
SkyCity will focus on future infrastructure
investments and introduce a carbon cost to
investment decisions. The primary focus is on
energy efficiency, phasing out gas, shifting to
less harmful refrigerants, and focusing on the
end-of-life processes for assets;
• Scope 2 emissions (indirect emissions from
electricity purchased by SkyCity) – in the
long term, SkyCity will benefit from the New
Zealand and South Australian Governments’
commitment to 100% renewable electricity
generation by 2030 - however, in the
meantime, SkyCity will investigate the
purchase of renewable energy credits through
its partner electricity providers; and
• Scope 3 emissions (indirect emissions from
sources not owned or controlled by SkyCity
but resulting from SkyCity's activities) –
SkyCity will continue to build awareness,
capability, and capacity within its employees,
customers, and communities to drive
reductions in SkyCity’s Scope 3 emissions and
its stakeholders’ emissions.
Within the business, our Senior Leadership
Team (including the Chief Executive Officer) is
responsible for promoting and championing the
environmental considerations outlined in the
Sustainability Implementation Plan through its
business decisions and actions. An Environmental
and Social Governance Group, comprised of senior
leaders, has been established to assist the Senior
Leadership Team and is responsible for embedding
environmental and social considerations into
SkyCity’s business processes and decision
making, identifying and assessing risk, setting
environmental and social priorities, and tracking
and reporting progress against these to the Senior
Leadership Risk and Assurance Committee. The
Senior Leadership Team and the Environmental
and Social Governance Group meet as required to
address urgent matters.
As part of SkyCity’s Scope 3 awareness strategy,
we intend to establish locally-based Sustainability
Committees across the SkyCity Group with
these Committees reporting through to the
Environmental and Social Governance Group.
Climate-related risks and opportunities are not
factored into SkyCity's incentive weighting process.
At the date of this annual report, SkyCity does
not have a dedicated process for establishing and
monitoring metrics and targets related to
climate-related risks and opportunities, and
there is no remuneration system in place at both
the Board and management levels to incentivise
actions in this regard.
Further information about SkyCity’s material
risks, including its environmental and social
risks, are outlined on pages 32 - 36 of this annual
report. Further information about SkyCity’s
commitments on and progress against social
objectives, including through our Modern
Slavery Statement, is available on page 81 of
this annual report and on SkyCity’s website at
www.skycityentertainmentgroup.com.
Toitū Carbon Certification Disclosure - Certification Overview
SkyCity Entertainment Group Limited (SkyCity) is a Toitū carbonreduce certified
organisation. The Toitū carbonreduce certification is a voluntary programme that SkyCity
participates in as part of its commitment to climate action. This certification programme
requires adherence to a set of standards and rules on an annual basis, focusing on
measuring and reducing GHG emissions according to ISO 14064-1: 2018 standards.
Certification Details:
Certification Type:  carbonreduce
Voluntary Participation:  Yes
Standards and Rules:  Adherence to ISO 14064-1: 2018 and the Toitū Carbon
Standard
Annual Requirements:  Evidence of measurement and reduction of GHG emissions
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SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
SUSTAINABILITY

ORDERLY
NET-ZERO 2050
DISORDERLYHOT HOUSE
• Immediate and smooth climate policy
• Policy ambition: 1.5°C
• Transition risk severity: initially high,
then gradual and ordered
• Physical risk severity: low-medium
• Delayed climate policy
• Policy ambition: 2.0°C
• Transition risk severity: initially low,
then severe after 2030
• Physical risk severity: medium-high
• No climate policy
• Policy ambition: >3.0°C
• Transition risk severity: low
domestic, economically damaging
internationally
• Physical risk severity: extreme
KEY INDICATORS IN 2050 (UNLESS OTHERWISE STATED)
• 1.6°C increase in global temperature
(relative to pre-industrial levels)
• New Zealand extreme rainfall +15%
• New Zealand extreme heat +15 days
• 16% New Zealand population
increase (relative to 2020)
• 98% renewable electricity
• 2.0°C increase in global temperature
(relative to pre-industrial levels)
• New Zealand extreme rainfall +18%
• New Zealand extreme heat +20 days
• 22% New Zealand population increase
(relative to 2020)
• 96% renewable electricity
• 2.5°C increase in global temperature
(relative to pre-industrial levels)
• New Zealand extreme rainfall +22%
• New Zealand extreme heat +30 days
• 26% New Zealand population
increase (relative to 2020)
• 92% renewable electricity
TRANSITIONAL
RISKS
DESCRIPTIONTIMEIMPACT
Transitional risks are risks related to the transition to a lower carbon economy, including policy and legal risk, market risk,
technology risk and reputation risk.
POLICY AND LEGAL RISKS
Increased regulatory
requirements
Climate-related certifications, carbon-related policies, and disclosures
could raise financial pressure on the tourism sector and limit customers’
discretionary spending
Short to
medium
• Increased costs
Changing regulationsStricter regulations might increase the difficulty of obtaining capital, while
rising insurance costs add financial pressure
MARKET RISKS
Decreasing satisfaction
among customers/visitors
towards Australasia
Perception shifts on sustainability, safety concerns, or operational
disruptions due to climate risks might reduce customers’ desire for travel
within Australasia
Short to
medium
• Decreased
visitation
• Increased costs
Rising pricesIncreased costs of utilities (electricity, fossil fuels, and waste-related charges)
could impact customer spending habits
REPUTATION RISK
Increased frequency and
severity of dangerous
weather conditions
Negative impacts from weather conditions such as power outages and
supplier disruptions can affect the business’ reputation if customers are
unable to visit the SkyCity precincts or experience inconvenience
Short to
medium
• Decreased
visitation
• Increased costs
PHYSICAL RISKSDESCRIPTIONTIMEIMPACT
Physical risks are risks related to the potential physical impacts of climate change. Acute physical risks are short term events
stemming from extreme weather events or natural disasters, such as flooding, storms and other extreme weather events.
Chronic physical risks are longer term risks associated with gradual changes in climate patterns, such as sea level rise.
ACUTE RISKS
Increase in extreme
weather events
This includes property damage, power outages, reliance on backup
generators, and decline in visitor numbers due to sudden and severe
weather conditions
Short to
medium
• Decreased
visitation
• Increased costs
Inability to reach destinations
and attractions
Loss of access to SkyCity’s precincts due to sudden destruction of
infrastructure or harsh weather conditions
Fewer operating daysSudden restrictions in operating days caused by unpredictable weather
patterns, infrastructure damage, or extreme weather events
CHRONIC RISKS
Rise in global temperature Increased load on air conditioning, longer term increased fire risk, and a
reduced ski season in Queenstown due to continuous rising temperature
Short to
medium
• Decreased
visitation
• Increased costs
Failure to keep Australasia
appealing as a travel
destination
Long term impacts such as rising sea levels, shifting landscapes, and
changing seasonal patterns affecting the attractiveness of the region
CLIMATE-RELATED RISKS AND OPPORTUNITIES
The following tables outline SkyCity’s climate-related risks and opportunities as identified by SkyCity:
SkyCity’s scenario analysis was completed by its Sustainability Manager and reviewed by its General Manager Finance New Zealand.
The scenario analysis process was not integrated with the company’s broader strategic planning process.
The scenarios have been tailored to the industry in which SkyCity operates and take into consideration the significant challenges that
SkyCity faces as a business as well as those faced by the tourism sector generally. However, a significant challenge that was excluded,
due to the difficulty in quantifying it, is the appeal of Australasia to our customers as a tourist destination – although this is included
in SkyCity’s climate-related risk matrix on pages 77 - 79 of this annual report.
The decision-making process, financial planning, and the development of relevant metrics and targets to more effectively manage
SkyCity’s climate-related risks and opportunities are yet to be considered.
The following table outlines SkyCity’s climate-related scenarios. The risks identified highlight the key risks to the sustainability of
SkyCity’s operations. These risks have not yet been directly integrated into the company’s wider Group strategy given the ranking of
climate-related issues in our most recent materiality assessment in May 2023. The impacts of these scenarios on the SkyCity Group
have been reflected in SkyCity’s climate-related risk matrix on pages 77 - 79 of this annual report.
CLIMATE-RELATED SCENARIOS
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SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
SUSTAINABILITY

OPPORTUNITIESDESCRIPTIONTIMEIMPACT
Opportunities are the positive possibilities that arise due to climate-related changes and the movement to a net-zero economy,
including improved resource efficiency, entry into new markets, innovation in products and services, using renewable energy
sources and increased resilience.
RESOURCE EFFICIENCY
Waste reduction
strategies
• Implementing waste reduction measures
such as recycling programmes, composting,
or waste-to-energy initiatives within
SkyCity’s precincts
• Composting – SkyCity Auckland’s surplus
food, unsuitable for donation, undergoes
composting offsite. The compost produced
is then utilised within New Zealand’s
horticulture industry
• Zero Waste Strategy – eliminate
waste-to-landfill and improve the efficiency
of resource use through reduction and
recycling – in particular, by removing or
reducing plastic packaging
Short to
medium
• SkyCity’s commitment to
minimising food waste has led to a
consistent decrease in the volume
of composted food waste annually
since the inception of the initiative
• Reduction in waste sent to landfill
• Transition to sustainable packaging
• Partnerships for sustainable
practices
• Reduction in carbon emissions
• Lower waste management costs
Water conservation practicesAdoption of water-efficient technologies and
practices to minimise water usage operations,
including water-efficient landscaping and
infrastructure
• Decreased water usage
• Cost savings
• Improved environmental
sustainability
ENERGY SOURCE
Transition to renewable energyInvesting in onsite renewable energy sources
such as solar panels or exploring partnerships
for clean energy procurement
Medium
to long
• Lower carbon footprint
• Potential cost savings long term
Energy efficiency initiativesImplementing energy-efficient technologies
throughout SkyCity’s precincts, such as LED
lighting, smart heating and cooling systems, and
energy management systems to reduce energy
consumption across facilities
• Reduced energy consumption
• Cost savings
• Environmental benefits
PRODUCTS AND SERVICES
Green building and designDeveloping or retrofitting buildings to meet
green building standards, and integrating
sustainable design principles in new
constructions or renovations
Medium
to long
• Enhanced environmental
performance
• Potential cost savings long term
• Attract environmentally conscious
customers
Sustainable dining and
entertainment
Offering eco-friendly dining options,
promoting locally sourced food, and organising
environmentally themed events to attract
eco-conscious visitors
Short to
medium
• Improved customer satisfaction
• Positive branding
• Attract eco-conscious customers
MARKETS
Eco-tourism promotionCapitalising on the growing trend of eco-tourism
by marketing SkyCity’s precincts as eco-friendly
destinations, highlighting sustainability
initiatives
Short to
medium
• Increased visitation numbers
• Enhanced reputation as an
eco-friendly destination
• Tapping into a growing market
segment
Green meetings and eventsProviding sustainable event hosting services,
and offering carbon-neutral options for
conferences and events held within SkyCity’s
properties
• Differentiation in the market
• Attraction of environmentally
conscious customers
• Potential revenue growth
METRICS AND TARGETS
SkyCity’s targets for its environmental goals are
outlined in the Sustainability Implementation Plan
on page 53 of this annual report.
As part of SkyCity’s commitment to climate
action, we conduct an annual audit of our carbon
footprint to measure and track our progress
against these targets. We have measured, audited
and verified SkyCity’s carbon footprint since FY15
through the Certified Emissions Measurement and
Reduction Scheme programme operated by Toitū
Envirocare.
SkyCity has not yet conducted a quantitative
analysis to assess the impact of climate change on
its business, specifically regarding the transitional
OPPORTUNITIESDESCRIPTIONTIMEIMPACT
RESILIENCE
Climate-resilient infrastructure Investing in infrastructure upgrades
or modifications to withstand extreme
weather events, ensuring continuity of
operations during disruption
Short to
medium
• Improved operational continuity
• Reduced risks from extreme weather
events
• Safeguarding assets
Business continuity planningDeveloping comprehensive plans to
mitigate climate-related risks, ensuring
the resilience of operations in the face of
potential climate impacts
• Improved risk management, readiness
for climate-related disruptions, and
maintenance of business operations
SUSTAINABLE SOURCING
Leveraging purchasing powerSkyCity’s purchasing power presents
an opportunity to drive sustainability
within its supply chain. By partnering
with suppliers that prioritise social and
environmental responsibility, particularly
in sectors such as food, beverage and
property, SkyCity can actively reduce its
carbon footprint and promote sustainability
Short to
medium
• Reduced carbon footprint
• Enhanced resilience by diversifying
suppliers
• Reputation and brand value
• Anticipating and adhering to evolving
environmental regulations
• Market differentiation
MITIGATING CLIMATE-RELATED RISKS
Minimising carbon footprintFocusing on key vendors in areas like food
and beverage allows SkyCity to target
significant sectors contributing to its carbon
footprint. By working with suppliers that
adhere to sustainable practices, SkyCity
can minimise indirect emissions associated
with its supply chain, thereby mitigating
climate-related risks
Ongoing
to long
• Fostering stronger partnerships with
suppliers who prioritise sustainability
• Long term cost reductions through
energy-efficient and waste-reducing
practices
• Reduced carbon footprint
SUPPLY CHAIN IMPACT ON EMISSIONS
Significant procurement
expenditure
With a substantial spending amount
directed towards food, beverage, and retail
procurement, SkyCity has an opportunity
to influence emissions reduction by
partnering/leading with suppliers that
prioritise sustainability
Ongoing
to long
• Emissions reduction
• Cost savings
• Compliance
• Risk mitigation - reducing dependence
• Reputation enhancement
• Market competitiveness
• Supplier collaboration
• Increasing transparency in supply
chain emissions
risks, physical risks and/or climate-related
opportunities outlined on pages 77 - 79 of this
annual report. To date, SkyCity has also not:
• established a dedicated process for setting and
monitoring risk and opportunity metrics and
targets, along with a remuneration system at
either the Board or management level;
• formulated a statement that outlines SkyCity’s
performance against industry-relevant
metrics;
• introduced a key performance indicator
overview to measure and manage its
climate-related risks and opportunities; or
• applied an internal emissions price for CO
2

used internally.
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SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
SUSTAINABILITY

Total Emissions (Scope 1, 2 and 3) (Tonnes CO
2
e) – by Site
FY24 CARBON FOOTPRINT INVENTORY
The total carbon footprint for the Group for FY24 was 15,288 tonnes CO
2
e (FY23: 17,107 tonnes CO
2
e). SkyCity has continued
efforts to reduce its carbon footprint – with Scope 1 and 2 emissions combined reducing by 20.6% since FY15 and emissions
from waste reducing by 66.4%.
SkyCity has an emissions intensity measurement as part of Toitū Envirocare's carbonreduce programme focusing on
emissions per million dollars of gross revenue (tCO
2
e/$M). SkyCity's baseline measurement in 2015 was 28.27 tCO
2
e/$M, 20.01
tCO
2
e/$M in 2023, and 17.75 tCO
2
e/$M in 2024. A reduction in emissions intensity of 2.74 tCO
2
e/$M has been achieved based
upon a five-year rolling average since FY15.
The following graphs summarise SkyCity's key environmental performance data for FY15–FY24 (noting that the New Zealand
Ministry for the Environment issued an updated Measuring Emissions Guide in August 2022, which included revised
electricity emission factors that have impacted the calculation of prior periods).
SkyCity’s full Inventory Management Report is available in the Sustainability section of SkyCity’s corporate website at
www.skycityentertainmentgroup.com
TOTAL EMISSIONS (SCOPE 1, 2 AND 3) (TONNES CO
2
E) – BY SITE
7,139
8,541
799
208
7027
6845
635
164
5,158
8287
730
310
8,096
7,859
927
663
7,290
9,168
999
286
8,800
6,166
807
246
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
FY15 (Baseline)FY20FY21FY22
FY23FY24
AdelaideAucklandHamiltonQueenstown
Scope 1Scope 2Scope 1 & 2
2,000
1,500
1,000
500
0
FY15 (Baseline)
1,425
1,477
FY20
653
1,520
FY21
674
112
FY22
277
106
FY23
684
420
FY24
478
616
WasteFlights
17,500
15,000
12,500
10,000
7,500
5,000
2,500
0
FY15 (Baseline)FY20FY21FY22FY23FY24
4,736
8,955
13,691
4,514
9,355
13,849
5,126
12,207
17,333
4,454
11,556
16,010
5,361
8,512
13,873
12474
7402
5072
Scope 1 and 2 Emissions (Tonnes CO
2
e) - Group
REDUCING WASTE
The goals of SkyCity’s Zero Waste Strategy are to eliminate
waste sent to landfill and improve the efficiency of
resource use through reduction and recycling – in
particular, by removing or reducing plastic packaging.
Since 2015, SkyCity has made significant efforts to reduce
its waste sent to landfill, reporting a 8.8% reduction
from 2015 as at 30 June 2023. However, due to increased
business activity over the last financial year, including
preparing for the opening of the new Horizon by SkyCity
hotel in Auckland, waste sent to landfill has increased
from 2015 by 5% as at 30 June 2024.
Food that cannot be donated from the SkyCity Auckland
kitchens is collected and commercially composted offsite
to be used on New Zealand soils to aid the horticulture
industry. During the past financial year, through the
efforts of our kitchen teams, SkyCity Auckland sent over
187 tonnes of food waste to be commercially composted
- bringing the total amount collected and composted since
the programme began in April 2017 to over 1,450 tonnes.
SkyCity’s focus on reducing food wastage has resulted in a
reduction of food waste being composted each year since
the programme began.
In Adelaide, SkyCity partners with REMONDIS to assist
in achieving zero waste to landfill. REMONDIS offers
recycling and commercial food composting solutions
with the remaining dry general waste being diverted
to a facility that processes commercial, industrial and
construction waste into Processed Engineered Fuel (PEF)
which is then used as a fuel source by Adelaide Brighton
Cement instead of using traditional fossil fuels. PEF is used
to power cement kilns, reducing carbon emissions by 30%.
ETHICAL AND SUSTAINABLE
SOURCING PRACTICES
We leverage our relationships with other organisations
to promote positive outcomes in areas of impact such as
anti-corruption, fair competition and promoting social and
environmental responsibility in our supply chain.
As a major purchaser of goods and services (we spent over
$550 million with a vast array of suppliers of goods and
services in the financial year ended 30 June 2024), SkyCity
has a significant opportunity to use its purchasing power
to drive sustainability. Our approach is to focus on the
areas in which we can have the biggest impact in terms of
minimising our carbon footprint and with respect to key
vendors at high ongoing expenditure levels. These areas
include food, beverage, property and marketing portfolios
in particular.
ETHICAL SOURCING CODE
Our Ethical Sourcing Code (available on SkyCity’s
corporate website at www.skycityentertainmentgroup.
com) outlines SkyCity’s alignment with the ten principles
of the United Nations Global Compact, which are derived
from the Universal Declaration of Human Rights, the
International Labour Organization’s Declaration on
Fundamental Principles and Rights at Work, the Rio
Declaration on Environment and Development, and the
United Nations Convention against Corruption.
All new vendors are made aware of the Code at the time of
onboarding and we request that our suppliers acknowledge
SkyCity’s commitment to the principles in the Code. Through
distribution of the Code, we aim to encourage our suppliers
to improve their practices and to assist them in doing so.
SUPPLY CHAIN TRANSPARENCY
AND TRACEABILITY
Since 2017, we have engaged an external provider,
EcoVadis, to audit and rate our key suppliers in New
Zealand against an industry-tailored set of environmental,
social and governance criteria (where suppliers are invited
to complete a questionnaire and provide supporting
evidence). This process was expanded to include SkyCity’s
key Adelaide suppliers during the 2022 financial year as
the expanded SkyCity Adelaide property (including the
new hotel and additional food and beverage facilities)
has a comparable procurement footprint to SkyCity’s New
Zealand business. As at 30 June 2024, 74 of our key active
New Zealand and Adelaide suppliers, representing over
$55 million (16%) of our total annual procurement spend,
had completed the EcoVadis assessment/audit process.
Of SkyCity’s food, beverage and retail procurement spend
across the Group in the last financial year, $26 million (57%)
was captured under the EcoVadis process.
We continue to focus on obtaining a clearer picture
of our suppliers’ supply chains to ensure they align
with our Ethical Sourcing Code and new suppliers are
asked about their supply practices prior to becoming an
approved supplier of the company. However, the scope and
geographic spread of our supply chain, together with the
wide variety of suppliers we engage with, creates challenges
for embedding the Code and ensuring our suppliers are
doing more than acknowledging their commitments.
MODERN SLAVERY ACT
In Australia, the Modern Slavery Act 2018 (Cth) requires
reporting entities to disclose the risks of modern slavery
practices in the operations and supply chains of the
reporting entity, and any entities that the reporting
entity owns or controls. SkyCity’s annual modern slavery
statements are published on the Australian Government’s
Online Register for Modern Slavery Statements at
www.modernslaveryregister.gov.au/statements/299/ and are
also available in the Governance section of the company’s
website at www.skycityentertainmentgroup.com.
SkyCity operates primarily in New Zealand and Australia
with limited supply chains and, as such, we believe that our
exposure to the risks of modern slavery is low. However,
we still recognise that there is scope for modern slavery
to occur and our modern slavery statement sets out the
steps we have taken to minimise this risk. SkyCity has
several policies, practices and procedures in place to assist
in conducting supply chain due diligence which, in turn,
enables SkyCity to take significant measures to mitigate the
risks of modern slavery. SkyCity always aims to obtain a
clear picture of a potential suppliers’ supply chain to ensure
that it will align with SkyCity’s high expectations around
ethical procurement practices – all new suppliers are asked
about their supply practices prior to becoming an approved
supplier.
Scope 3 Emissions (Tonnes CO
2
e) - Group
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SkyCity Entertainment Group Limited is committed
to maintaining the highest standards of corporate
behaviour and responsibility and has adopted
governance policies and procedures reflecting this.
CORPORATE
Governance Statement
and Other Disclosures
In establishing its governance policies and
procedures, the SkyCity Board has adopted
eleven governance parameters as the cornerstone
principles of its corporate governance charter as
set out in the company’s Board Charter (available
in the Governance section of the company’s
website at www.skycityentertainmentgroup.com).
As a New Zealand company listed on the New
Zealand and Australian stock exchanges, these
cornerstone principles, detailed below and on
the following pages, reflect the Listing Rules
and Corporate Governance Code (1 April 2023
edition) of NZX Limited (NZX), the Listing Rules
of ASX Limited (ASX), the Corporate Governance
Principles and Recommendations (Fourth Edition)
of the ASX Corporate Governance Council, and
the New Zealand Financial Markets Authority’s
Corporate Governance Principles and Guidelines.
SkyCity is listed as a ‘Foreign Exempt Listing’ on
the ASX. The ASX Foreign Exempt Listing category
is based on a principle of substituted compliance
recognising that, for secondary listings, the
primary regulatory role and oversight rest with the
home exchange and the supervisory regulator in
that jurisdiction. As a company with ASX Foreign
Exempt Listing status, SkyCity is not required to
comply with ASX Listing Rule 4.10, which requires
entities to include certain prescribed information
in their annual reports, or the Corporate
Governance Principles and Recommendations
(Fourth Edition) of the ASX Corporate Governance
Council. Notwithstanding, SkyCity has taken into
account ASX Listing Rule 4.10 when preparing
this annual report and considers its corporate
governance practices and principles have
substantially reflected the recommendations set by
the ASX Corporate Governance Council, in addition
to all the corporate governance principles set out
in the NZX’s Corporate Governance Code, during
the financial year ended 30 June 2024. In addition,
as mentioned above, the cornerstone principles
set out in SkyCity’s Board Charter (available in the
Governance section of the company’s website at
www.skycityentertainmentgroup.com) continue to
reflect the principles in the Corporate Governance
Principles and Recommendations (Fourth Edition)
of the ASX Corporate Governance Council.
SkyCity’s constitution and relevant charters and
policies are available in the Governance section of
the company’s website at
www.skycityentertainmentgroup.com.
1.
Roles and
Responsibilities
of the Board and
Management
SkyCity is committed to maintaining the
highest standards of corporate behaviour and
responsibility and has adopted governance
policies and procedures reflecting this. Our
corporate governance framework ensures
Board accountability to shareholders and
provides for an appropriate delegation of
responsibilities to the Chief Executive Officer
and Senior Leadership Team.
SkyCity’s procedures are designed to:
• enable the Board to provide strategic
guidance for the company and effective
oversight of management;
• clarify the respective roles and
responsibilities of Board members and
senior executives in order to facilitate
Board and management accountability to
both the company and its shareholders;
and
• ensure a balance of authority so that no
single individual has unfettered powers.
The Board Charter details the Board’s role
and responsibilities. The Board establishes
the company’s objectives, the major strategies
for achieving those objectives and the overall
policy framework within which the business
of the company is conducted, and monitors
management’s performance with respect to
these matters.
The Board is also responsible for ensuring
that the company’s assets are maintained
under effective stewardship, that
decision-making authorities within the
organisation are clearly defined, that the
letter and intent of all applicable company
and casino laws and regulations are complied
with, and that the company is well managed
for the benefit of its shareholders and other
stakeholders.
Specific responsibilities of the Board include:
• oversight of the company, including its control
and accountability procedures and systems;
• appointment, performance, and removal of
the Chief Executive Officer;
• confirmation of the appointment and removal
of the senior executive group (being the direct
reports to the Chief Executive Officer);
• setting the remuneration of the Chief
Executive Officer and approval of the
remuneration of the senior executive group;
• approval of the corporate strategy and
objectives and oversight of the adequacy of
the company’s resources required to achieve
the strategic objectives;
• approval of, and monitoring of actual results
against, the annual business plan and budget
(including the capital expenditure plan);
• review and ratification of the company’s
systems of risk management and internal
compliance and control, codes of conduct and
legal compliance; and
• approval and monitoring of the progress of
capital expenditures, capital management
initiatives, acquisitions and divestments.
The Board has responsibility for the affairs and
activities of the company, which in practice
is achieved through delegation to the Chief
Executive Officer and the Senior Leadership
Team (including SkyCity appointed directors on
subsidiary company boards) who are charged
with the day-to-day leadership and management
of the company. The Chief Executive Officer also
has the responsibility to manage and oversee
the interfaces between the company and the
public and to act as the principal representative
of the company. The Board maintains a formal
set of delegated authorities that details the
extent to which employees can commit the
company. These delegated authorities are
approved by the Board and are subject to
annual review by the Board.
Each director and senior executive has a written
agreement with the company setting out their
terms of appointment and responsibilities.
BOARD AND SENIOR LEADERSHIP TEAM STRUCTURE
SKYCITY BOARD
Board Committees
Governance and
Nominations Committee
(standing committee)
Chief Executive Officer
Senior Leadership Team
Management Governance Groups
People and Culture
Committee
(standing committee)
Risk and Compliance
Committee
(standing committee)
Specialist
Sub-Committees
(eg. Transformation
Sub-Committee)
Audit Committee
(standing committee)
Further details of the standing Board Committees, including membership and their respective roles and responsibilities, are outlined
on pages 86 - 87 of this annual report.
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SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
CORPORATE

2.
Structure the Board
to Add Value
Board effectiveness requires the efficient discharge
of the duties imposed on the directors by law and
the addition of value to the company. To achieve
this, the SkyCity Board is structured to:
• have a sound understanding of, and
competence to deal with, the current and
emerging issues of the business;
• effectively review and challenge the
performance of management and exercise
independent judgement; and
• assist in the selection of candidates to stand
for election by shareholders at annual
meetings.
BOARD COMPOSITION AND SKILLS
MATRIX
The Board ensures that it is of an effective
composition and size to adequately discharge its
responsibilities and duties and to add value to the
company’s decision-making. In order to meet these
requirements, the Board membership comprises
a range of skills and experience to ensure that it
has a proper understanding of and competence
to deal with the current and emerging issues of
the business, to effectively review and challenge
the performance of management, and to exercise
independent judgement.
The areas of expertise and experience determined
by the Board as being the key competencies
required to meet these objectives are:
• health and safety
• people and culture
• accounting and finance
• legal
• property and real estate
• corporate finance and capital markets
• shareholder and investment relationships
• public relations and media
• government and regulatory
• marketing
• sustainability
• customer insight
• hospitality and tourism
• digital and new markets
• gaming industry
• risk management
• listed company experience
• business strategy and leadership
Where there is an identified gap in expertise
and/or experience, the Board seeks to address that
gap through learning and personal development,
the use of independent expert advisors in specific
areas of perceived need when necessary, or by the
appointment of a director or directors with the
relevant expertise and experience.
APPOINTMENT
The Board has established the Governance and
Nominations Committee to:
• identify and recommend to the Board suitable
persons for nomination as members of the
Board and its committees (taking into account
such factors as experience, qualifications,
judgement, and the ability to work with other
directors);
• annually review the overall composition
and structure of the Board and its committee
memberships and, if appropriate, the removal
of a director from the Board and/or its
committees;
• monitor the succession and rotation of Board
and committee members;
• monitor the outside directorships and other
business interests of directors with a view
to ensuring independence/no conflicts of
interest, and director capability and time
availability to effectively undertake the
requirements of their SkyCity Board and
committee positions;
• monitor related parties, conflicts of interest,
and independence issues;
• ensure that potential candidates understand
the role of the Board and the time commitment
involved when acting as a member of the
Board;
• oversee the evaluation of the Board; and
• review the Board’s succession planning.
External consultants are engaged to access a wide
base of potential candidates and to review the
suitability of candidates for appointment.
The procedures for the appointment and removal
of directors are prescribed in the company’s
constitution, which, amongst other things,
requires all potential directors to have satisfied
the extensive probity requirements of each
jurisdiction in which the Group holds gaming
licences.
Subject to satisfaction of the probity requirements,
the Board may appoint directors to fill casual
vacancies that occur or to add persons to the
Board up to the maximum number (currently
10) prescribed by the constitution. If the Board
appoints a new director during the year, that
person will stand for election by shareholders
at the next annual meeting. Shareholders are
provided with relevant information on any
candidate standing for election in the company’s
Notice of Meeting.
Directors are appointed under the company’s
Terms of Appointment and Reference for
Directors and Board Charter (both available in
the Governance section of the company’s website
at www.skycityentertainmentgroup.com) for a
term of three years and subject to re-election by
shareholders in accordance with the rotation
requirements of the NZX and ASX and as
prescribed in the company’s constitution.
DIRECTOR INDEPENDENCE
The Board Charter and the company’s constitution
require that the Board contains a majority of its
number who are independent directors. SkyCity
also supports the separation of the role of Board
chair from the Chief Executive Officer position. The
Board Charter requires the Board chair and (where
appointed) deputy chair to be independent directors
and prohibits the company’s Chief Executive Officer
from filling either of these roles.
Directors are required to ensure all relationships
and appointments bearing on their independence
are disclosed to the Governance and Nominations
Committee on a timely basis. In determining the
independence of directors, the Board has adopted
the definition of independence set out in the NZX
Main Board Listing Rules and has taken into account
the independence guidelines as recommended in
the ASX Corporate Governance Council’s Corporate
Governance Principles and Recommendations
(Fourth Edition) (ASX Independence Guidelines).
At its June 2024 meeting, the Board reviewed the
status of each director in accordance with the
definition of independence set out in the NZX Main
Board Listing Rules and taking into account the ASX
Independence Guidelines. The Board determined at
that time that, with the exception of Julian Cook who
was appointed Executive Chair on a temporary basis
with effect from 26 February 2024, all other current
directors were independent at the balance date
having regard to the factors described in the
NZX Corporate Governance Code and ASX
Independence Guidelines that may impact director
independence. The Board has since determined that
Mr Cook is an independent director as at the date of
this annual report.
ACCESS TO INFORMATION
AND ADVICE
New directors participate in an individual induction
programme, tailored to meet their particular
information requirements.
Directors receive regular reports and comprehensive
information on the company’s operations before each
Board and committee meeting and have unrestricted
access to any other information they require. Senior
management is also available at and outside each
meeting to address queries.
Directors are expected to maintain an up-to-date
knowledge of the company’s business operations and
of the industry sectors within which the company
operates. Directors are provided with updates on
industry developments and undertake training and
regular visits to the company’s key operations. The
Board also undertakes periodic educational trips (as
a group and/or individually) to observe and receive
briefings from other companies in the gaming and
entertainment industries.
Directors are entitled to obtain independent
professional advice (at the expense of the company)
on any matter relating to their responsibilities
as a director or with respect to any aspect of the
company’s affairs, provided they have previously
notified the Board chair of their intention to do so.
AVERAGE RATING
BOARD COMPETENCIES
In July 2024, Board members completed a self-assessment survey to identify the Board’s overall competency in
relation to the agreed areas of expertise and experience. The results of the survey are set out in the following
graph – where 1 indicates low competency and 5 indicates high competency. Details of individual expertise and
experience of the directors are set out on pages 37 and 38 of this annual report.
Business Strategy and Leadership
4.50
05.04.03.02.04.53.52.51.51.00.5
4.67
Finance/Accounting/Audit
4.0
Risk Management
4.17
Listed Company Experience
3.33
Legal
3.50
Property/Real Estate
4.17
Shareholder/Investment
Relationship
4.00
Corporate Finance/Capital Markets/
Transactional
3.67
Public Relations/Media
Government/Regulatory
4.17
4.00
Marketing
3.50
Sustainability
3.17
Hospitality/Tourism/
Entertainment
Customer Insight
4.00
3.50
Digital/New Markets (including online)
3.50
Gaming Industry
People and Culture/Reputation
Management
3.83
Health and Safety
3.83
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INDEMNITIES AND INSURANCE
The company provides a deed of indemnity in favour
of each director and member of senior management
and provides professional indemnity insurance cover
for directors and executives acting in good faith in
the conduct of the company’s affairs.
BOARD COMMITTEES
As at the date of this annual report, the Board has
four formally appointed standing committees –
the Audit Committee, the Risk and Compliance
Committee, the People and Culture Committee and
the Governance and Nominations Committee.
The members of each of these committees are
non-executive directors and the non-executive
directors of the Board appoint the chair of each
committee.
Each of the Board’s standing committees operates
under a formal charter document as agreed by
the Board. Each charter sets out the role and
responsibilities of the relevant committee and is
available in the Governance section of the company’s
website at www.skycityentertainmentgroup.com.
Each committee charter and the performance of each
committee are subject to formal review by the Board
on an annual basis or more regularly if required.
From time to time, the Board creates specific
sub-committees to deal with a particular matter
or matters and/or to have certain decision-making
authority as the Board may elect to delegate to that
sub-committee. As at the date of this annual report,
the Board has established a Transformation
Sub-Committee to oversee and monitor the
Transformation Programme across the SkyCity Group.
AUDIT
COMMITTEE
RISK AND
COMPLIANCE
COMMITTEE
PEOPLE AND
CULTURE
COMMITTEE
GOVERNANCE AND
NOMINATIONS
COMMITTEE
MembersChad Barton (Chair)
Julian Cook
Kate Hughes
David Attenborough
Kate Hughes (Chair)
Julian Cook
Glenn Davis
Donna Cooper
Julian Cook (Chair)
Chad Barton
David Attenborough
Donna Cooper
Julian Cook (Chair)
Chad Barton
Kate Hughes
Glenn Davis
David Attenborough
Donna Cooper
RoleAssists the Board
in fulfilling its
responsibilities relating
to financial accounting
and reporting, external
and internal audit,
tax planning and
compliance, and
treasury matters
Assists the Board
in fulfilling its
responsibilities
relating to risk
assessment,
management and
monitoring, and
ongoing regulatory
and other legal
compliance
Oversees the
management
of the human
resource activities
of the company, the
organisational culture,
the senior management
structure, senior
executive performance,
remuneration and
incentivisation, and
succession planning
Monitors the overall
governance of the
business, Board and
committee composition
and performance,
director independence,
conflicts of interest,
statutory compliance,
and the identification
of and planning for
emerging issues
Key
Responsibilities
• Financial statements
and reports
• Compliance with
generally accepted
accounting
principles
• Tax planning and
compliance
• Internal and external
audit
• Accounting policies
and procedures
• Expenditure
authorities
• Treasury policy and
operations
• Dividend policy
• Risk management
• Business resilience,
including business
continuity, crisis
management and
disaster recovery
• Workplace health
and safety and
other critical safety
and staff wellbeing
issues
• Anti-money
laundering
compliance
• Host responsibility
and responsible
gaming
• Gaming regulatory
compliance and
casino licensing
• Insurance coverage
• Human resource
matters
• Performance and
remuneration
• Senior personnel
structure and
effectiveness
• Senior executive
succession planning
• Board structure and
performance
• Board succession
planning
• Appointment and
removal of directors
• Performance
evaluation of the
Board and its
committees
• Corporate
governance best
practice
BOARD AND COMMITTEE MEETING ATTENDANCE
The following table shows director attendance at Board meetings and committee member attendance at
the Board’s standing committee meetings (both scheduled and unscheduled) during the financial year
ended 30 June 2024:
BOARDAUDIT
RISK AND
COMPLIANCE
PEOPLE
AND
CULTURE
GOVERNANCE
AND
NOMINATIONS
Total Number of Meetings126561
Julian Cook126561
Chad Barton11
(1)
6–61
Kate Hughes1265–1
Glenn Davis11
(1)
–5–1
David Attenborough126–61
Donna Cooper
(2)
8–33 1
Sue Suckling
(3)
3–1––
(1)
Unavailable to attend a meeting due to being in transit and/or insufficient notice being provided.
(2)
Donna Cooper was appointed as a director effective from 28 September 2023. She was appointed a member of the Risk and
Compliance Committee and a member of the People and Culture Committee effective from 27 October 2023.
(3)
Sue Suckling resigned as a director effective from 27 October 2023.
3.
Integrity and Ethical
Behaviour
For SkyCity, it is important to be a good corporate
citizen, whilst operating a sustainable and
successful business model. SkyCity expects its
Board, management and employees to act in
accordance with the company’s values, policies
and legal obligations and actively promotes
ethical and responsible behaviour and
decision-making by:
• clarifying and promoting observance of its
guiding values; and
• clarifying the standards of ethical
behaviour required of company directors
and key executives (that is, officers and
employees who have the opportunity to
materially influence the integrity, strategy
and operations of the business and its
financial performance) and encouraging the
observance of those standards.
Training and information on the company’s
values, policies and legal obligations are provided
to all employees on induction and periodically
throughout their time at SkyCity.
The SkyCity Board is responsible for monitoring
the organisational integrity of business operations
to ensure the maintenance of a high standard of
ethical behaviour.
This includes ensuring that SkyCity operates in
compliance with its Code of Conduct (available in
the Governance section of the company’s website at
www.skycityentertainmentgroup.com), which sets
out the guiding principles of its relationships with
stakeholder groups such as regulators, shareholders,
suppliers, customers, community groups and
employees.
Compliance with the Code of Conduct is monitored
through education and notification by individuals
who become aware of any breach. In addition, all
senior managers are required annually to provide a
confirmation to the company that to the best of their
knowledge all business matters undertaken within
their areas of responsibility have been conducted
in accordance with the Code of Conduct. The most
recent annual confirmations were provided by senior
managers in August 2024.
TRADING IN SECURITIES
The company maintains a Securities Trading Policy
(available in the Governance section of the company’s
website at www.skycityentertainmentgroup.com)
for directors and employees that sets out guidelines
in respect of trading in, or giving recommendations
concerning, the company’s securities, including
derivatives of such listed securities.
Details of any securities trading by directors or
executives who are subject to the company’s
Securities Trading Policy are notified to the Board.
In addition, directors and officers of the company
must comply with the disclosure obligations under
The following table sets out the members of each of the Board’s standing committees as at the date of this annual
report and summarises the role and key responsibilities of each committee:
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SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
CORPORATE

subpart 6 of the New Zealand Financial Markets
Conduct Act 2013 and the NZX Main Board
Listing Rules and formally disclose their SkyCity
shareholdings and other securities holdings to the
NZX and, consequently, the ASX within prescribed
timeframes.
CONFLICTS OF INTEREST
SkyCity expects its directors and employees to
avoid conflicts of interest in their decisions and to
avoid any direct or indirect interest, investment,
association, or relationship which is likely to, or
appears to, interfere with the exercise of their
independent judgement.
Where conflicts of interest may arise (or where
potential conflicts of interest may arise), directors
must formally advise the company or, in the case
of an employee, their manager about any matter
relating to that conflict (or potential conflict) of
interest.
GAMING PROHIBITION
Directors and employees are not permitted to
participate in any gaming or wagering activity at
any SkyCity land-based casino.
4.
Safeguard the Integrity
of the Company’s
Financial Reporting
The Board is responsible for ensuring that effective
policies and procedures are in place to provide
confidence in the integrity of the company’s
financial reporting.
The Audit Committee has responsibility for
oversight of the quality, reliability, and accuracy
of the company’s internal and external financial
statements, the quality of the company’s external
result presentations, and its relationships with
its internal and external auditors. The Audit
Committee and the Board undertake sufficient
inquiry of the company’s management and the
company’s internal and external auditors in order
to enable them to be satisfied as to the validity and
accuracy of the company’s financial reporting. The
Chief Executive Officer and the Chief Financial
Officer are required to confirm in writing that the
annual and interim financial statements present
a true and fair view of the company’s financial
condition and results of operations, and comply
with relevant accounting standards.
The Audit Committee oversees the independence
of the company’s internal and external auditors
and monitors the scope and quantum of work
undertaken and fees paid to the auditors for
non-audit services. The Audit Committee has
adopted an External Audit Independence
Policy that sets out the framework for assessing
and maintaining audit independence. The
Audit Committee has formally reviewed the
independence status of PricewaterhouseCoopers
and is satisfied that its objectivity and
independence is not compromised as a
consequence of non-audit work undertaken for the
company. PricewaterhouseCoopers has confirmed
to the Audit Committee that it is not aware of
any matters that could affect its independence in
performing its duties as auditor of the company.
Fees paid to PricewaterhouseCoopers during the
financial year ended 30 June 2024 are set out in
note 8 to the financial statements. Fees for audit
and other assurance work for the financial year
ended 30 June 2024 represented 89.8% of total
PricewaterhouseCoopers fees.
5.
Timely and Balanced
Disclosure
The Board is committed to ensuring timely and
balanced disclosure of all material matters
concerning the company to ensure compliance
with the letter and intent of the NZX and ASX
Listing Rules such that:
• all investors have equal and timely access
to material information concerning the
company, including its financial situation,
performance, ownership and governance; and
• company announcements are factual and
comprehensive.
SkyCity believes high standards of reporting and
disclosure are essential for proper accountability
between SkyCity and its investors, employees and
stakeholders.
The company is committed to promoting
investor confidence by providing timely and
balanced disclosure of all material matters
relating to SkyCity and its subsidiaries (SkyCity
Group). The company maintains a Market
Disclosure Policy (available in the Governance
section of the company’s website at www.
skycityentertainmentgroup.com) for directors and
employees that sets out guidelines in respect of the
company’s continuous disclosure obligations.
The Market Disclosure Policy is designed to ensure
that SkyCity:
• satisfies the requirements of the New
Zealand Financial Markets Conduct Act 2013,
Australian Corporations Act 2001, NZX Main
Board Listing Rules and ASX Listing Rules;
• meets its disclosure obligations in a way that
allows all interested parties equal opportunity
to access information;
• meets stakeholders’ expectations for equal,
timely, balanced and meaningful disclosure;
and
• provides guidance on the processes to ensure
compliance.
The company is also committed to presenting its
financial and key operational performance results
in a clear, effective, balanced and timely manner
to the stock exchanges on which the company’s
securities are listed, and to its shareholders,
analysts and other market commentators, and
ensures that such information is available on the
company’s website.
The company’s annual report (including this
annual report) is prepared by the General
Counsel for SkyCity Entertainment Group with
input from the Chief Executive Officer and other
senior management who bear responsibility
for the topics covered in the annual report with
a view to ensuring the contents are materially
accurate, balanced and provide investors sufficient
information about SkyCity and its performance
over the relevant financial year. The Board also
contributes to and approves the contents of the
annual report.
Jo Wong, General Counsel, is Company
Secretary and the Disclosure Officer for SkyCity
Entertainment Group Limited and is responsible
for bringing to the attention of the Board any
matter relevant to the company’s disclosure
obligations. The Company Secretary is also
accountable directly to the Board, through the
chair of the Board, on all matters to do with the
proper functioning of the Board.
6.
Respect and Facilitate the
Rights of Shareholders
The company’s shareholder communications
strategy is designed to facilitate the effective
exercise of shareholder rights by:
• communicating effectively with shareholders;
• providing shareholders with ready access to
balanced and understandable information
about the company and corporate proposals;
and
• facilitating participation by shareholders in
general meetings of the company.
The company achieves this by:
• ensuring that information about the company
(including its corporate governance framework,
media releases, current and past annual reports,
dividend histories and notices of meeting) is
available to all shareholders in the Investor
Centre and Governance sections of the company’s
website at www.skycityentertainmentgroup.com;
• posting stock exchange announcements in the
Investor Centre section of the company’s website
promptly after they have been disclosed to the
market;
• giving shareholders the option to
receive communications from, and send
communications to, the company and its security
registry, Computershare, electronically;
• engaging in a programme of regular interactions
with institutional investors, shareholder
associations and proxy advisers;
• promoting two-way interaction with
shareholders, by encouraging shareholders to
attend general meetings of the company;
• making appropriate time available at such
meetings for shareholders to ask questions of
directors and management. Each year, in the
company’s Notice of Meeting, shareholders are
invited to submit questions to the company prior
to the annual meeting to enable the company
to aggregate the main themes of the questions
asked and respond to them at the annual
meeting. Representatives of the company’s
external auditors are also invited to attend
the company’s annual meeting to answer any
shareholder questions concerning their audit
and external audit report; and
• ensuring that continuous disclosure obligations
are understood and complied with throughout
the SkyCity Group.
7.
Recognise and
Manage Risk
The company maintains a risk management
framework for the identification, assessment,
monitoring and management of risk to the company’s
business.
A centrally managed Group Risk function evaluates
and reports on risks across the Group. Management
is required to report to the Risk and Compliance
Committee and Board on the effectiveness of the
company’s management of its material business
risks at least annually. SkyCity also maintains an
independent, centrally managed Group Internal Audit
function which evaluates and reports on controls
across the Group. Management is required to report
to the Audit Committee and Board on the effectiveness
of the company’s management of its controls at least
annually.
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SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
CORPORATE

7
Recognise and
Manage Risk
During the last financial year, the annual evaluation
of the Board’s and its committees’ performance was
carried out by way of self-evaluation questionnaires
in late 2023, with the results discussed by the Board
at a meeting in December 2023.
EVALUATION OF SENIOR
MANAGEMENT
The Board undertakes the performance review
of the Chief Executive Officer and reviews the
performance outcomes of those reporting directly
to that position in accordance with the company’s
performance review procedures.
In the case of the Chief Executive Officer,
the review generally involves a formal
response/feedback process at both the half year and
full year. In the case of each senior executive, the
review involves a formal response/feedback process
between the Chief Executive Officer and each senior
executive.
9.
Remunerate Fairly and
Responsibly
Our remuneration arrangements are designed and
managed to support effective long term sustainable
risk management and required compliance
standards, and structured to ensure positive risk
and compliance outcomes are rewarded and
the company has the ability to address poor risk
and compliance outcomes in a fair and balanced
manner.
Our remuneration programmes reward our
people for doing the right thing (behaviours) and
having regard for our shareholders, customers,
communities, regulators, and ongoing corporate
sustainability. Performance conditions attached to
incentives are designed to align the interests of our
people and SkyCity by ensuring a clear link between
remuneration outcomes and company performance
(financial, non-financial, and risk and compliance).
Additionally, a proportion of senior leaders’
incentive outcomes and value is linked to the
SkyCity share price, ensuring they receive rewards
that are aligned with shareholders' interests and
encourage long term value creation.
Details of SkyCity's various employee incentive
plans are available in the Governance section
of the company’s website at
www.skycityentertainmentgroup.com.
The Audit Committee approves the internal
audit plan, with the results and performance of
the organisation’s risk and controls regularly
reviewed by the Audit Committee and the external
auditors. The Chief Executive Officer and the
Chief Financial Officer are required to confirm in
writing to the Audit Committee at least annually
that the statement in respect of the integrity of
the company’s financial statements referred
to above is founded on a sound system of risk
management and internal control which aligns to
the policies of the Board, and that the company’s
risk management and internal control systems are
operating efficiently and effectively in all material
respects. The most recent confirmations were
provided by the Chief Executive Officer and Chief
Financial Officer in August 2024.
The company maintains business continuity,
material damage and liability insurance cover to
ensure that the earnings of the business are well
protected from adverse circumstances.
SkyCity’s ability to create and preserve value for
its shareholders requires the successful execution
of its business strategy, while maintaining a sound
culture and practices to maintain compliance with
responsible gaming frameworks. Risks influencing
its ability to do this, including SkyCity’s material
exposure to economic, environmental and social
sustainability risks, if any, and how it manages
or intends to manage those risks, are outlined on
pages 32 - 36 of this annual report.
8.
Performance Evaluation
EVALUATION OF THE BOARD AND
ITS COMMITTEES
The Board and committee charters require an
evaluation of the Board’s and its committees’
performance on an annual basis. The Governance
and Nominations Committee determines and
oversees the process for evaluation, which includes
assessment of the role and responsibilities,
performance, composition, structure, training and
membership requirements of the Board and its
committees.
The annual evaluation of the Board’s and its
committees’ performance is generally carried
out in the form of a self-evaluation questionnaire
completed by each of the directors and select
management. From time to time, an independently
facilitated evaluation process may be carried out,
in addition to or in substitution of the
self-evaluation process, for the purpose of
evaluating the performance of the Board and its
committees.
Remuneration
REPORT
I am pleased to present the remuneration report for the
financial year ended 30 June 2024, which outlines SkyCity’s
remuneration frameworks and plans, including detailed
remuneration information for the Chief Executive Officer
and directors, and outcomes for the financial year ended
30 June 2024.
REMUNERATION PRINCIPLES
AND POLICY
Over the last financial year, the People and
Culture Committee approved a new remuneration
policy for SkyCity, underpinned by the following
remuneration principles:
• fair and valued
• aligned to our social and regulatory licences
• outcomes are balanced and commensurate
with our risk and compliance profile
• performance focused
• transparent and simple
A full explanation of our remuneration
principles can be found in the Governance
Section of the company’s website at
www.skycityentertainmentgroup.com.
Over the period, the People and Culture
Committee completed a review of senior executive
remuneration, centred on these principles, with
resulting changes to the company’s short term
(STI) and long term (LTI) incentive plans from the
2025 financial year. These changes include:
• upweighting the LTI allocations for senior
executives, balanced by a decrease in the STI
targets;
• including non-financial performance
measures in the LTI plan, which cover
strategic objectives, cultural aspirations and
our risk and compliance maturity; and
• simplifying the STI plan to ensure it remains
relevant and transparent for participants.
Full details of these changes will be provided in
our 2025 remuneration report.
CHIEF EXECUTIVE OFFICER
REMUNERATION
One of the People and Culture Committee’s key
responsibilities is to oversee the recruitment
process for the Chief Executive Officer and
recommend to the Board for approval the terms
and conditions of employment for the Chief
Executive Officer.
The Committee determined the appropriate
remuneration arrangements for Jason Walbridge,
who commenced as Chief Executive Officer
on 15 July 2024, by giving consideration to the
company’s overarching remuneration principles
as well as the markets in which we operate, and
benchmarking across New Zealand and Australia.
These arrangements will include a one-off
commencement offer of restricted share rights to
Mr Walbridge, which will act as both a retention
lever and ensure he is appropriately incentivised
to grow sustainable shareholder value through
share price returns. An overview of the terms and
conditions of employment for Mr Walbridge is
included in this remuneration report.
FY24 STI OUTCOME
Our STI plans have two gateways, being financial
and company risk related. The financial gateway
requires the SkyCity Group’s underlying net profit
after tax (NPAT) to exceed 90% of the Group’s
budgeted underlying NPAT, and the company risk
gateway requires acceptable achievement of the
company risk goals as determined by the Board.
Notwithstanding the significant progress made
across the business over the past financial year in
regard to our risk and compliance maturity, the
Board, on recommendation from management,
has determined that no payments or awards will
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CORPORATE

Julian Cook
Chair
People and Culture Committee
DIRECTOR FEES
Shareholders at the company’s annual meeting determine the total remuneration available to the
company’s non-executive directors. At the 2023 Annual Meeting, shareholders approved, effective from
1 July 2023, a total remuneration amount for non-executive directors of $1,540,000 (plus GST, if any) for
each financial year.
The company’s Policy on Non-Executive Director Remuneration (available in the Governance section
of the company’s website at www.skycityentertainmentgroup.com) sets out a framework for SkyCity to
attract and retain qualified, highly capable directors for the purpose of driving value and maintaining
the highest standards of corporate governance on behalf of shareholders. The guiding principles that
underpin the Policy are that:
• non-executive director remuneration will be regularly benchmarked against external comparator
markets to ensure it is broadly in line with that payable in other large publicly-listed companies in
Australasia; and
• the incremental accountability and commitment that accompanies specific roles will be recognised
in the company’s non-executive director remuneration structure.
The People and Culture Committee is responsible for making recommendations to the Board annually
on non-executive director remuneration changes. In turn, the Board seeks shareholder approval for
any proposed increase to the total remuneration pool under the Policy on Non-Executive Director
Remuneration.
SKYCITY ENTERTAINMENT GROUP
LIMITED BOARD
POSITION
FEES
(exclusive of GST,
if any, and per financial year)
Board
Chair
Non-Executive Director
$280,000
$128,500
Audit Committee
Chair
Member
$35,000
$15,000
Risk and Compliance Committee
Chair
Member
$35,000
$15,000
People and Culture Committee
Chair
Member
$35,000
$15,000
Transformation Sub-Committee
Chair
Member
$35,000
N/A
Governance and Nominations Committee
All non-executive directors are members of this Committee,
but receive no additional fees for this Committee
SKYCITY ADELAIDE PTY LIMITED
BOARD
POSITION
FEES
(exclusive of GST,
if any, and per financial year)
Board
Chair
Non-Executive Director
$130,000
$65,000
The following table outlines the directors’ fees for the SkyCity Board, its standing Committees and any
ad-hoc Sub-Committees as at 30 June 2024:
Directors’ fees are also payable to non-executive directors appointed to the Board of SkyCity Adelaide Pty
Limited as outlined in the table below (as at 30 June 2024):
In addition to directors’ fees, non-executive directors may also receive remuneration for additional
services provided to the company outside of their capacities as directors of the company at the discretion
of the Board and subject to the maximum remuneration amount which has been approved by the
shareholders of the company. SkyCity also meets the expenses incurred by directors in relation to
company matters which are incidental to the performance of their duties, including travel.
Individuals who are invited by the SkyCity Board to join the Board as non-executive directors are
appointed subject to the company obtaining the approval of the regulatory authorities in each of the
gaming jurisdictions in which the company operates (a process which usually takes some months to
conclude) and are entitled to receive remuneration for consultancy services provided to the company
pending receipt of the requisite approvals.
be made under either the SkyCity STI plan or
the SkyCity Performance Incentive Plan for the
financial year ended 30 June 2024 due to neither
of the gateways being met. This decision was
made both to reflect the challenging financial
environment and outcomes for the financial year,
as well as the regulatory action and resolutions
during the period.
DISCLOSURE CHANGES
The People and Culture Committee has considered
the information provided in this remuneration
report to ensure that adequate detail is provided
to link our remuneration framework to strategic
outcomes and delivery. Given the gateways for the
STI plan were not met this financial year, as well
as the changes in the Chief Executive Officer role
through the period, we have not made material
changes to the way we present our remuneration
related disclosures. However, it is our intention
that our next remuneration report (for the
financial year ending 30 June 2025) will pay
particular focus on the disclosures supporting the
achievement and measurement of objectives and
how they influence remuneration outcomes for
our Chief Executive Officer, senior executives and
other employees.
NON-EXECUTIVE DIRECTOR FEES
Base non-executive director fees were last
increased by 2% in 2018, with an increase to
the non-executive director fee pool sought and
approved at the 2023 Annual Meeting to allow, in
part, for the recruitment of a seventh director.
In light of the restrained trading conditions and
the current pause on dividends, the Board will
not be seeking shareholder approval to increase
the existing non-executive director fee pool at the
2024 Annual Meeting, as foreshadowed at the 2023
Annual Meeting.
As such, the People and Culture Committee
did not seek independent benchmarking of
non-executive director fees this year. However,
the Board intends to seek shareholder approval
for a fee pool increase in 2025 to allow for
increases to the base fees payable to directors for
their Board and Committee commitments. We will
ensure appropriate benchmarking is sourced and
available to support that resolution.
On behalf of the Board, I hope you find the detail
in this remuneration report useful and, as always,
I welcome your feedback.
93
CORPORATE
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SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024

REMUNERATION AND OTHER BENEFITS FOR THE YEAR ENDED 30 JUNE 2024
Remuneration paid to, and other benefits received by, directors during the financial year ended 30 June 2024
and, comparatively during the financial year ended 30 June 2023, are outlined in the table below:
DIRECTOR
FINANCIAL
YEAR
SKYCITY
ENTERTAINMENT
GROUP LIMITED
BOARD AND
COMMITTEE FEES
SKYCITY
ADELAIDE PTY
LIMITED BOARD
FEES
OTHER
FEES AND
BENEFITS
TOTAL
Julian Cook
2024
2023
$300,000.00
(1)
$300,000.00
(1)
$65,000.00
$32,500.00
$161,538.00
(2)
–
$526,538.00
$332,500.00
Chad Barton
2024
2023
$178,500.00
$174,699.77
–
–
–
–
$178,500.00
$174,699.77
Kate Hughes
2024
2023
$178,500.00
$142,963.93
–
–
–
$29,315.06
(3)
$178,500.00
$172,278,99
Glenn Davis
2024
2023
$143,500.00
$114,372.60
$130,000.00
$75,955.40
–
$28,164.38
(3)
$273,500.00
$218,492.38
David Attenborough
2024
2023
$158,500.00
$49,834.59
–
–
–
$704.11
(4)
$158,500.00
$50,538.70
Donna Cooper
(5)
2024$120,406.73–
$24,937.22
(6)

$28,500.00
(7
)
$173,843.95
2023––––
Sue Suckling
(8)
2024
2023
$46,490.07
$144,074.20
–
–
$1,847.11
(9)
$5,148.75
(9)
$48,337.18
$149,222.95
DIRECTOR
SHARES
BENEFICIALLY
HELD
PERCENTAGE OF BASE FEE
RETAINED IN SHARES
(based on the value at the
relevant purchase date)
PERCENTAGE OF BASE FEE
RETAINED IN SHARES
(based on the value at
28 June 2024)
(6)
Julian Cook 115,000
(1)
135%60%
Chad Barton60,000
(2)
135%68%
Kate Hughes50,30081%57%
Glenn Davis70,000
(3)
121%80%
David Attenborough100,000
(4)
174%114%
Donna Cooper57,109
(5)
100%65%
The figures shown are gross amounts and exclude GST where applicable.
(1) Includes $20,000 (plus GST) per financial year for additional services provided to the People and Culture Committee.
(2) Being remuneration payable for executive support to the company for the period from 26 February 2024 to 30 June 2024 pending
the commencement of Jason Walbridge as the new Chief Executive Officer.
(3) Being fees payable for consultancy services provided to the company for the period from 20 June 2022 to 7 September 2022
(inclusive) prior to his/her appointment as a director on 8 September 2022.
(4) Being fees payable for consultancy services provided to the company for the period from 1 to 2 March 2023 (inclusive) prior to his
appointment as a director on 3 March 2023.
(5) Donna Cooper was appointed as a director effective from 28 September 2023.
(6) Being fees payable for consultancy services provided to the company for the period from 21 July 2023 to 27 September 2023
(inclusive) prior to her appointment as a director on 28 September 2023.
(7) Being fees payable for additional services provided to the company for consultancy services in relation to strategic
communications and the organisational transformation programme.
(8) Sue Suckling retired as a director at the 2023 Annual Meeting on 27 October 2023.
(9) Being premiums paid to SkyCity’s health insurance provider during the period for the relevant director, who received the benefit
of a health insurance plan that SkyCity offers to all of its employees (either at no cost or at a discounted rate).
SHARE OWNERSHIP IN SKYCITY
To further align non-executive directors’ interests with those of shareholders, each non-executive
director is encouraged, over a period of two years from appointment, to build up and retain shares in the
company (purchased on market by each non-executive director) equivalent to at least one year of their
base non-executive director fees. Following this initial two-year period, non-executive directors are then
encouraged to acquire 15% of their base director fees per year in shares in the company.
The directors disclosed the following relevant interests in SkyCity shares as at 30 June 2024:
(1) Shares held by Motutapu Investments Limited.
(2) Shares held by the trustee of the Casheaw Super Fund.
(3) Shares held by Aloren (No 148) Pty Ltd as trustee for The Davis Family Trust.
(4) Shares held by JJJ Family Pty Limited as trustee for the JJJ Family Trust.
(5) Shares held by Adminis Custodial Nominees Limited as the custodian for the trustees of The Stanley Cooper Family Trust.
(6) Based on a closing price on 28 June 2024 of $1.46 per share.
REMUNERATION OF
EMPLOYEES
This section details the company’s approach
to remuneration frameworks, outcomes and
performance of SkyCity’s Chief Executive Officer,
other Group executives and employees for the
financial year ended 30 June 2024.
Remuneration of Senior
Executives
Remuneration components are offered in the context
of a total remuneration package, measured on a
“total cost to the company” basis. The remuneration
arrangements for each senior executive comprise
both fixed and variable remuneration where:
• the fixed portion comprises a base salary, a
KiwiSaver/superannuation contribution and a
limited number of other benefits; and
• the variable portion comprises both short term
incentive (STI) at-risk remuneration and long
term incentive (LTI) at-risk remuneration.
The remuneration arrangements for the Chief
Executive Officer are detailed in the ‘Remuneration
of Chief Executive Officer’ section on pages 99 and
100 of this annual report.
The Board determines appropriate levels of fixed
remuneration taking into account recommendations
from the People and Culture Committee. The STI
component is based on performance against both key
financial and non-financial measures (including risk
and compliance outcomes) and all STI bonuses are at
the ultimate discretion of the Board.
The disclosures in this remuneration report reflect
the total rewards earned by, although not necessarily
paid to, senior executives for the financial year ended
30 June 2024 as the Board believes this approach
more appropriately describes executive pay and
performance. Accordingly, the disclosures include the
STI and LTI components earned by senior executives
in respect of the financial year ended 30 June 2024.
FIXED REMUNERATION
Senior executive roles are benchmarked to consider
the industry in which we operate, meaning senior
executive roles may be benchmarked across
Australian and New Zealand markets. Fixed
remuneration is reviewed annually for each senior
executive and, when appropriate, the People and
Culture Committee approves remuneration increases
for senior executives.
VARIABLE REMUNERATION
Short Term Incentive Remuneration
To drive outstanding company and individual
performance, SkyCity introduced the SkyCity
Performance Incentive Plan (PIP) for senior
executives and senior managers in 2018.
The PIP:
• recognises and rewards short and medium
term performance by providing participants
an opportunity to be further aligned with
shareholders’ interests by earning, subject to the
company achieving its financial performance
gateway, an incentive award which is delivered
in cash and deferred equity awards (in the form
of restricted share rights in the company); and
• provides participants the opportunity to earn a
cash payment under a STI scheme and acquire
restricted share rights under a deferred STI
scheme.
STI Scheme Component of PIP
STI awards are delivered in cash at the end of the
financial year following the completion of the
external audit of the company’s year-end results,
where the maximum award under the STI is 120% of
the target award.
Deferred STI Scheme Component
of PIP
The deferred STI scheme under the PIP offers
participants, subject to the relevant STI performance
conditions being met, the opportunity to acquire
restricted share rights of an amount equivalent to
between 10% and 30% of their base salary. Restricted
share rights (if any) issued to a participant on a STI
cash payment date (Declaration Date) will only vest
if that participant remains an employee up and until:
• the first anniversary of the Declaration Date in
respect of 50% of the restricted share rights; and
• the second anniversary of the Declaration Date
in respect of the remaining 50% of the restricted
share rights.
Upon vesting, a participant will be allocated one
ordinary share in the company for each restricted
share right that vests as soon as practicable after
the relevant anniversary of the Declaration Date.
Subject to complying with the company’s Securities
Trading Policy and Code of Conduct, participants are
free to sell, transfer or otherwise deal with shares
issued to them under the PIP (subject to minimum
shareholding requirements for the Chief Executive
Officer and other Group executives).
Horizon by SkyCity,
SkyCity Auckland
9594
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
CORPORATE

Senior Executive STI Remuneration for the Financial Year ended
30 June 2024
For the financial year ended 30 June 2024, offers made under the PIP included company risk goals as part
of a balanced scorecard, which also included individual financial and non-financial goals. The company
risk goals accounted for 20% of the target outcome with the individual financial and non-financial goals
comprising in aggregate 80% of the target outcome.
By way of example, the high level balanced scorecard for the Chief Executive Officer, including
weightings for the three goal categories, is set out in the table below. These goals will cascade down
appropriately through the organisation and recognise the focus for each individual through their
non-financial goals. The compliance goals are standardised across all salaried roles and are
pre-populated into the performance system.
GOAL CATEGORYGOALWEIGHTING
FinancialAchievement of company NPAT target50%
Non-Financial
A number of non-financial objectives specific to the Chief
Executive Officer, based on the strategic priorities for the Group.
For the financial year ended 30 June 2024, these included:
• transformation of the business, including cashless gaming
technology, carded and digital customers
• online gaming strategy
• progression of the New Zealand International Convention
Centre and Horizon by SkyCity project
30%
Compliance
Goals specifically relating to risk and assurance, anti-money
laundering, host responsibility, and health and safety
20%
For the financial year ended 30 June 2024, in consideration of the challenging operating environment
as well as the significant regulatory action and resolutions, management recommended to the Board
that no payments or awards should be made under either the STI plan or the PIP. However, the Board
has approved a small discretionary bonus pool to recognise exceptional performance of front line and
operational employees as appropriate. The Chief Executive Officer and senior executives will not be
eligible for any bonus payments under this discretionary pool.
EXECUTIVE LONG TERM INCENTIVE
RESTRICTED SHARE RIGHTS PLAN
The Executive Long Term Incentive Restricted
Share Rights Plan (Long Term RSR Plan) was
introduced in 2022 to replace the 2018 SkyCity
Executive Long Term Incentive Plan (as detailed
below). The following enhancements were
included in the Long Term RSR Plan:
• introduction of a total shareholder return
gate - the Long Term RSR Plan requires that
SkyCity’s total shareholder return be greater
than zero over the restrictive period in
order for any shares to vest in respect of the
‘Absolute TSR Tranche’, ‘NZX Comparator
Group Tranche’ and ‘ASX Comparator Group
Tranche’;
• removal of the competitor comparator group
tranche – following the delisting of Crown
Resorts Limited from the ASX, the Board
reviewed this hurdle and determined that,
due to limited suitable competitors being
available on the ASX or NZX, this tranche
should be removed from the Plan;
• enhancement to Board discretion – invitation
letters to senior executives include explicit
mention of the ability for the Board to
exercise its discretion prior to vesting
(regardless of performance conditions)
if it is appropriate to do so to reflect the
company’s performance or non-performance
in meeting its regulatory, risk and compliance
obligations; and
• change in plan vehicle – the Long Term
RSR Plan is a share-based performance
incentive which delivers potential rewards
utilising restricted share rights (RSRs). RSRs
issued to participants will only vest if that
participant remains an employee throughout
the restrictive period and the relevant
performance hurdles are achieved. Upon the
vesting criteria being met, participants will be
allocated one ordinary SkyCity share for each
RSR that vests.
The Long Term RSR Plan is similar to the 2018
SkyCity Long Term Incentive Plan in that it aligns
remuneration with the creation of shareholder
value over the long term through absolute and
relative total shareholder return (TSR) measures:
• 50% of the shares are allocated to an absolute
TSR tranche which includes a cost of equity
premium;
• the remaining 50% of the shares are allocated
equally to each of an NZX comparator group
tranche and an ASX comparator group
tranche; and
• performance is assessed three years after the
issue of the shares, with no retesting dates in
the event the performance hurdles are not
satisfied as at that date.
In order to determine whether any shares will vest
in a participant following the three-year restrictive
period for those shares, each tranche is measured
against the performance hurdle for that tranche
on the performance testing date for those shares,
where the performance hurdle for each of the
tranches is:
• for the absolute TSR tranche, a comparison
of SkyCity’s TSR over the restrictive period
against the cost of equity for the SkyCity
Group over the restrictive period as
determined by the Board;
• for the NZX comparator group tranche,
a comparison of SkyCity’s TSR over the
restrictive period against the TSR of each of
the constituent entities of the NZX 50 index
(as at the grant date, other than SkyCity) over
the same period; and
• for the ASX comparator group tranche,
a comparison of SkyCity’s TSR over the
restrictive period against the TSR of each of
the constituent entities of the ASX 200 index
(as at the grant date, other than SkyCity) over
the same period.
The maximum award under the Long Term RSR
Plan is 100% of the relevant grant allocation.
The transfer of shares to participants at the end
of the three-year restrictive period is dependent
on satisfaction of the performance conditions
and continued employment with SkyCity. If a
participant resigns or is dismissed for misconduct
or poor performance before the end of the
restrictive period, any unvested shares will be
forfeited, unless:
• SkyCity terminates the employment of a
senior executive without cause;
• a senior executive ceases employment as
a result of a material change to the terms
and conditions of his/her employment
which results in a diminution of that senior
executive’s role, status and responsibility
in the period of 12 months immediately
preceding a performance testing date; or
• a senior executive dies or ceases to be an
employee due to medical incapacity or
permanent disability.
Horizon by SkyCity,
SkyCity Auckland
SÔl Rooftop,
SkyCity Adelaide
LONG TERM INCENTIVE REMUNERATION
During the financial year ended 30 June 2024:
• grants were made to senior executives under the
Executive Long Term Incentive Restricted Share Rights
Plan (as detailed below); and
• a vesting calculation was completed in relation to
allocations made to participants in September 2020
under the 2018 SkyCity Executive Long Term Incentive
Plan, resulting in 16.7% of the shares vesting to
participants. The unvested shares (83.3%) were forfeited
in accordance with the terms of the 2018 SkyCity Senior
Executive Long Term Incentive Plan.
From time to time as directed by SkyCity, the Public Trust
acquires shares in the company on-market for the purposes
of the company’s long term incentive employee plans. As at
30 June 2024, the Public Trust held a total of 1,471,616 shares
– 150,690 of which were allocated and held on behalf of
eligible participants and 1,320,926 of which were unallocated
and held on behalf of future participants in the company’s
employee incentive plans.
97
CORPORATE
96
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024

In the event that a genuine error is made by,
or on behalf of, the Board or the company in
determining a participant’s entitlement under
the Long Term RSR Plan, including where the
company’s or a third party’s financial statements
are subsequently required to be restated, the
Board may seek to recover from a participant the
value of any shares erroneously determined to
have vested to them.
Until the restrictive period for the relevant shares
has ended a participant may not sell the RSRs or
use them as security for any loan.
2018 SKYCITY EXECUTIVE LONG
TERM INCENTIVE PLAN
The 2018 SkyCity Executive Long Term Incentive
Plan provided participants with financial
assistance by way of an interest-free loan by a
subsidiary of the company to acquire shares in the
company. A trustee holds legal title to the relevant
shares on behalf of those participants for a
restrictive period of three years until the following
performance hurdles are tested:
• 50% of the shares are allocated to an absolute
TSR tranche which includes a cost of equity
premium;
• the remaining 50% of the shares are allocated
equally to each of an NZX comparator group
tranche, an ASX comparator group tranche
and a competitor comparator group tranche;
and
• performance is assessed three years after the
issue of the shares, with no retesting dates in
the event the performance hurdles are not
satisfied as at that date.
In order to determine whether any shares will vest
in a participant following the three-year restrictive
period for those shares, each tranche is measured
against the performance hurdle for that tranche
on the applicable performance testing date. The
performance hurdle for each of the tranches is:
• for the absolute TSR tranche, a comparison
of SkyCity’s TSR over the restrictive period
against the cost of equity for the SkyCity
Group over the restrictive period as
determined by the Board;
SALARY AND BENEFITS
AT RISK REMUNERATION
OUTCOMES
TOTAL
REMUNERATION
BASE
SALARYKIWISAVER
HEALTH
INSURANCESUBTOTAL
STI
OUTCOME
LTI
GRANTSUBTOTAL
$386,205
(1)
$11,586.15$2,159$399,950NilNil
(2)
Nil$399,950
PLAN
GRANT
YEAR
VESTING
DATESECURITIES
PERFORMANCE
PERIOD
PERFORMANCE
MEASURE
VESTING
OUTCOME
SHARES
VESTED
VALUE ON
VESTING
SkyCity
Performance
Incentive
Plan
FY217 September
2023
Restricted
Share Rights
1 July 2020 to
30 June 2021
Financial and
Non-financial
Objectives
100%
Vested
16,366
(1)
$32,732
(2)
SkyCity
Performance
Incentive
Plan
FY2222 September
2023
Restricted
Share Rights
1 July 2021 to
30 June 2022
Financial and
Non-financial
Objectives
100%
Vested
11,982
(3)
$22,526
(4)
(1) Represents the pro-rata salary paid to Mr Mallett during his tenure as Interim Chief Executive Officer from a full year equivalent
base of $1,255,168.
(2) Mr Mallett was granted an award to the value of $200,000 under the Long Term RSR Plan in September 2023, relating to his
position as Chief Operating Officer New Zealand.
The following equity-based incentives vested to Mr Mallett in the financial year ended 30 June 2024, and
relate to his position as Chief Operating Officer New Zealand:
(1) Represents the total number of vested restricted share rights and number of corresponding ordinary SkyCity shares transferred.
SkyCity sold 6,383 shares on-market to settle Mr Mallett’s PAYE obligations, and accordingly 9,983 net ordinary SkyCity shares were
transferred to Mr Mallett.
(2) Determined by multiplying the number of gross ordinary SkyCity shares transferred to Mr Mallett by the closing price on
7 September 2023 (being $2.00 per share).
(3) Represents the total number of vested restricted share rights and number of corresponding ordinary SkyCity shares transferred.
SkyCity sold 4,673 shares on-market to settle Mr Mallett’s PAYE obligations, and accordingly 7,309 net ordinary SkyCity shares were
transferred to Mr Mallett.
(4) Determined by multiplying the number of gross ordinary SkyCity shares transferred to Mr Mallett by the closing price on
21 September 2023 (being $1.88 per share).
No award of either a cash STI or deferred STI was made to Mr Mallett under the SkyCity Performance
Incentive Plan in respect of his position as Interim Chief Executive Officer or Chief Operating Officer
New Zealand.
In his position as Interim Chief Executive Officer, Mr Mallett’s base salary remuneration ratio to the
median annualised employee base salary was 20.
• for the NZX comparator group tranche,
a comparison of SkyCity’s TSR over the
restrictive period against the TSR of each of
the constituent entities of the NZX 50 index
(as at the grant date, other than SkyCity)
over the same period;
• for the ASX comparator group tranche,
a comparison of SkyCity’s TSR over the
restrictive period against the TSR of each of
the constituent entities of the ASX 200 index
(as at the grant date, other than SkyCity)
over the same period; and
• for the competitor comparator group
tranche, a comparison of SkyCity’s TSR
over the restrictive period against the TSR
of each of Crown Resorts Limited and The
Star Entertainment Group Limited over
the same period. Due to the delisting of
Crown Resorts Limited from the ASX in
June 2022, it was removed from the tranche
and the Board decided not to substitute
it with another entity. As such, The Star
Entertainment Group Limited is the sole
comparator for this tranche.
The maximum award under the 2018 SkyCity
Executive Long Term Incentive Plan is 100% of
the relevant grant allocation.
Remuneration of
Salaried Employees
All salaried roles within SkyCity are sized using a
recognised methodology to measure the impact,
accountability and complexity of each role as it
contributes to the organisation. Remuneration
data is obtained from several sources to
determine remuneration ranges by job band
or level to ensure competitiveness at both base
salary and total remuneration levels.
Individual remuneration is set within the
appropriate range considering such matters as
individual performance, scarcity/availability of
resource/skill, internal relativities and specific
business needs. This process ensures internal
equity between roles and allows comparison
with the overall market. Remuneration ranges
are reviewed annually to reflect market
movements.
Remuneration of Chief Executive Officer
This section details the remuneration earned by the former Interim Chief Executive Officer
(Callum Mallett) and the former Chief Executive Officer (Michael Ahearne) during the financial year
ended 30 June 2024, as well as the remuneration and benefits payable to the current Chief Executive
Officer (Jason Walbridge) from his commencement date on 15 July 2024.
A. CALLUM MALLETT – FORMER INTERIM CHIEF EXECUTIVE OFFICER
The total remuneration earned by Callum Mallett for duties relating to the position of Interim Chief
Executive Officer over the period from 11 March 2024 to 30 June 2024 is outlined in the following table:
100
80
60
40
20
0
FY24 Actual
Remuneration
FY24 Target
Remuneration
FY24 Maximum
Remuneration
100%
62.5%
37.5%
42%
58%
Fixed RemunerationShort Term Incentives
The graph shows the mix of
remuneration earned by Mr
Mallett for his performance over
the period from 11 March 2024
to 30 June 2024 in his position as
Interim Chief Executive Officer,
alongside the target and maximum
remuneration mixes.
9998
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
CORPORATE

The numbers of employees or former employees
of the company and its subsidiaries, not
being directors of the company, who received
remuneration and other benefits in their capacity
as employees, the value of which was in excess of
$100,000 and was paid to those employees during
the financial year ended 30 June 2024, are listed in
the table opposite.
For the purposes of the table, remuneration
includes, where applicable (if any),
(a) salary;
(b) short term cash bonuses (earned in the
financial year ended 30 June 2023 but paid in
the financial year ended 30 June 2024);
(c) health insurance premiums and other health
benefits;
(d) the value of shares expected to vest
under the 2023 SkyCity Performance Incentive
Plan;
(e) the value of share rights expensed during
the year (including PAYE and PAYG on vested
share rights, but excluding accrued PAYE and
PAYG on unvested share rights) under the 2018
SkyCity Executive Long Term Incentive Plan
and the Long Term RSR Plan;
(f ) sign-on cash payments; and
(g) settlement payments and payments in lieu of
notice with respect to certain employees upon
their departure from the company.
REMUNERATION
NUMBER OF
EMPLOYEES
$100,000–$109,999139
$110,000–$119,99979
$120,000–$129,99960
$130,000–$139,99943
$140,000–$149,99939
$150,000–$159,99935
$160,000–$169,99928
$170,000–$179,99917
$180,000–$189,99921
$190,000–$199,99915
$200,000–$209,9998
$210,000–$219,99914
$220,000–$229,9999
$230,000–$239,9997
$240,000–$249,9997
$250,000–$259,9998
$260,000–$269,9995
$270,000-$279,9993
$280,000-$289,9991
$290,000-$299,9993
$300,000-$309,9993
$310,000-$319,9994
$320,000-$329,9993
$330,000–$339,9992
$340,000-$349,9991
$350,000–$359,9991
$360,000-$369,9993
$380,000-$389,9993
$390,000-$399,9992
$410,000-$419,9991
$420,000-$429,9991
$440,000-$499,9991
$460,000-$469,9991
$470,000-$479,9992
$490,000-$499,9991
$590,000-$599,9991
$620,000-$629,9991
$720,000-$729,9991
$800,000-$809,9991
$830,000-$839,9991
$990,000-$999,9991
$1,230,000-$1,239,9991
$1,760,000-$1,769,9991
$1,990,000-$1,999,9991
TOTAL579
SALARY AND BENEFITS
AT RISK REMUNERATION
OUTCOMES
TOTAL
REMUNERATION
BASE
SALARYKIWISAVER
HEALTH
INSURANCE
ANNUAL
LEAVE
(1)
RELOCATION
BENEFITS
(2)
SUBTOTAL
STI
OUTCOME
LTI
GRANTSUBTOTAL
$1,096,154Nil$5,800$176,460$70,537$1,348,951NilNilNil$1,348,951
PLAN
GRANT
YEAR
VESTING
DATESECURITIES
PERFORMANCE
PERIOD
PERFORMANCE
MEASURE
VESTING
OUTCOME
SHARES
VESTED
VALUE ON
VESTING
SkyCity
Performance
Incentive Plan
FY21
19 September
2023
LTI
Performance
Shares
17 September 2020
to 18 September 2023
Absolute and
Relative TSR
Measures
16.7% vested11,619$22,076
(1)
SkyCity
Performance
Incentive Plan
FY21
7 September
2023
Restricted
Share Rights
1 July 2020
to 30 June 2021
Financial and
Non-financial
Objectives
100% Vested31,648
(2)
$27,296
(3)
B. MICHAEL AHEARNE - FORMER CHIEF EXECUTIVE OFFICER
Michael Ahearne resigned as Chief Executive Officer effective from 8 March 2024. The total remuneration earned by Mr Ahearne
for duties relating to the position of Chief Executive Officer for the financial year ended 30 June 2024 (up to his departure date on
8 March 2024) is outlined in the following table:
(1) Reflects entitled and accrued annual leave not taken by Mr Ahearne.
(2) Reflects contributions made for the relocation of Mr Ahearne, including removal services and flights.
The following equity-based incentives vested to Mr Ahearne in the financial year ended 30 June 2024:
(1) Determined by multiplying the number of ordinary SkyCity shares transferred to Mr Ahearne by the closing price on 19 September 2023 (being $1.90 per share).
(2) Represents the total number of vested restricted share rights and number of corresponding ordinary SkyCity shares transferred. SkyCity sold 5,323 shares
on-market to settle Mr Ahearne’s PAYE obligations, and accordingly 8,325 net ordinary SkyCity shares were transferred to Mr Ahearne.
(3) Determined by multiplying the number of gross ordinary SkyCity shares transferred to Mr Ahearne by the closing price on 7 September 2023 (being $2.00 per
share).
C. JASON WALBRIDGE – CURRENT CHIEF EXECUTIVE OFFICER
Mr Walbridge commenced in the position of Chief Executive Officer on 15 July 2024.
The remuneration and benefits payable to Mr Walbridge under his employment agreement include fixed annual remuneration of
$1,500,000 (inclusive of employer KiwiSaver contributions and health insurance premiums), an annual target incentive payment of
50% of base salary under a short term incentive plan, and an annual allocation of 40% of base salary under the Long Term RSR Plan.
Mr Walbridge will receive his first allocation under the Long Term RSR Plan in September 2024.
Under the short term incentive plan, 25% of Mr Walbridge's outcome each year will be deferred as RSRs for a period of 12 months.
Mr Walbridge’s first invitation to participate in the short term incentive plan will be made in September 2024.
The Board intends to make a one-off commencement grant to Mr Walbridge of RSRs under the SkyCity Restricted Share Rights Plan.
This one-off commencement grant will be made to Mr Walbridge in consideration of his long term retention as the Chief Executive
Officer and to ensure he is appropriately incentivised to grow sustainable shareholder value through share price returns. The RSRs
will only vest if Mr Walbridge remains continuously employed by the company up until the relevant vesting date(s) and will include
an exercise price that will act as the performance measure associated with the vesting of the RSRs. Further disclosures on this grant
will be made once the details are finalised.
FY24 Employee Remuneration
101100
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
CORPORATE

Twenty Largest Registered Shareholders
as at 1 August 2024
NUMBER
OF SHARES
% OF
SHARES
1JP Morgan Nominees Australia Limited 102,911,830 13.54
2Citicorp Nominees Pty Limited 99,969,699 13.15
3HSBC Custody Nominees (Australia) Limited 68,198,406 8.97
4Accident Compensation Corporation - NZCSD 55,587,085 7.31
5
HSBC Nominees A/C NZ Superannuation Fund
Nominees Limited - NZCSD
36,462,783 4.80
6
JPMorgan Chase Bank NA NZ Branch
- Segregated Clients Acct – NZCSD
36,156,290 4.76
7BNP Paribas Nominees (NZ) Limited - NZCSD 34,548,202 4.55
8Citibank Nominees (New Zealand) Limited - NZCSD 22,519,319 2.96
9
HSBC Nominees (New Zealand) Limited A/C State Street
- NZCSD
19,057,392 2.51
10BNP Paribas Nominees Pty Ltd 17,912,456 2.36
11HSBC Nominees (New Zealand) Limited - NZCSD 17,239,404 2.27
12New Zealand Depository Nominee Limited 16,843,013 2.22
13ANZ Custodial Services New Zealand Limited - NZCSD 11,081,262 1.46
14Citicorp Nominees Pty Limited 10,741,689 1.41
15ANZ Wholesale Australasian Share Fund - NZCSD 10,222,706 1.35
16Tea Custodians Limited Client Property Trust Account – NZCSD 8,096,774 1.07
17FNZ Custodians Limited 7,190,532 0.95
18Masfen Securities Limited 5,750,986 0.76
19Custodial Services Limited 5,531,182 0.73
20Forsyth Barr Custodians Limited 5,027,516 0.66
TOTAL 591,048,526 77.75
Total ordinary shares on issue as at 1 August 2024 were 760,205,209 of which 1,471,616 were held in
aggregate by the Public Trust on behalf of eligible and future participants pursuant to the SkyCity Senior
Executive Long Term Incentive Plan and 2018 SkyCity Executive Long Term Incentive Plan.
The ordinary shares are quoted on both the NZX Main Board and ASX under the ticker code ‘SKC’.
No shares were held by the company directly as treasury stock (i.e. where SkyCity is the registered owner).
NUMBER OF
SHAREHOLDERS
NUMBER OF
SHARES
% OF TOTAL
ORDINARY SHARES
IN THE COMPANY
1–1,000 4,518 1,737,129 0.23
1,001–5,000 5,902 16,194,291 2.13
5,001–10,000 2,322 16,785,192 2.21
10,001–100,000 2,633 65,925,731 8.67
> 100,000 181 659,562,866 86.76
Total 15,556 760,205,209 100
As at 1 August 2024, there were 2,436 shareholders (with a total of 324,038 shares) holding less than a
marketable parcel of shares under the ASX Listing Rules, based on the closing share price of A$1.44.
The ASX Listing Rules define a marketable parcel of shares as a parcel of shares of not less than A$500.
Substantial Product Holders
DATE OF
SUBSTANTIAL
PRODUCT
HOLDER NOTICE
RELEVANT
INTEREST IN
NUMBER OF
SHARES
% OF SHARES
HELD AT
DATE OF NOTICE
Allan Gray Group3 June 202497,514,40312.863
AustralianSuper Pty Ltd22 September 202363,705,0998.38
Accident Compensation Corporation22 November 202358,266,8887.665
Investors Mutual Limited4 August 202347,843,3146.29
Tyndall Asset Management (Yarra
Capital Management Group)
2 May 202445,957,3266.05
Substantial product holder notices received since 30 June 2024 can be viewed at
www.nzx.com/companies/SKC/announcements.
The total number of quoted voting securities of SkyCity Entertainment Group Limited as at 30 June 2024
was 760,205,209.
The following persons had given notice as at 30 June 2024, in accordance with subpart 5 of Part 5 of the
New Zealand Financial Markets Conduct Act 2013, that they were substantial product holders in the
company and held a relevant interest in the number of ordinary shares shown below.
Distribution of Ordinary Shares and
Registered Shareholdings as at 1 August 2024
Shareholder
and Bondholder
INFORMATION
103102
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024

NUMBER OF
BONDHOLDERS
NUMBER OF
BONDS
% OF TOTAL
BONDS ISSUED
1,001–5,00034 170,000 0.10
5,001–10,000122 1,161,000 0.66
10,001–100,000393 12,505,000 7.15
> 100,00051 161,164,000 92.09
TOTAL600 175,000,000 100
Twenty Largest Registered Bondholders
as at 1 August 2024
Distribution of Bonds and Registered Holdings
as at 1 August 2024
NUMBER
OF BONDS
% OF
BONDS
1Forsyth Barr Custodians Limited 65,801,000 37.60
2Custodial Services Limited 30,621,000 17.50
3FNZ Custodians Limited 25,872,000 14.78
4Forsyth Barr Custodians Limited 7,731,000 4.42
5Investment Custodial Services Limited 5,691,000 3.25
6JBWere (NZ) Nominees Limited 3,877,000 2.22
7HSBC Nominees (New Zealand) Limited O/A Euroclear Bank -
NZCSD
2,000,000 1.14
8FNZ Custodians Limited 1,898,000 1.09
9Forsyth Barr Custodians Limited 1,630,000 0.93
10NZX WT Nominees Limited 1,182,000 0.68
11FNZ Custodians Limited 1,147,000 0.66
12Public Trust Class 10 Nominees Limited - NZCSD 1,120,000 0.64
13Woolf Fisher Trust Incorporated 815,000 0.47
14Forsyth Barr Custodians Limited 807,000 0.46
15ANZ Custodial Services New Zealand Limited - NZCSD 792,000 0.45
16Richard Barton Adams & Allison Ruth Adams 750,000 0.43
17Leveraged Equities Finance Limited 750,000 0.43
18BNP Paribas Nominees (NZ) Limited - NZCSD 680,000 0.39
19Junwen Wang 658,000 0.38
20Westpac Banking Corporate NZ Financial Markets Group - NZCSD 555,000 0.32
TOTAL 154,377,000 88.22
On 21 May 2021, SkyCity issued 175 million unsecured, unsubordinated, fixed rate, 6 year bonds at
an issue price of $1.00 per bond. The bonds pay a fixed rate of interest of 3.02% per annum until the
maturity date and are quoted on the NZX Debt Market under the ticker code ‘SKC050’.
DISCLOSURE OF DIRECTORS’ INTERESTS
Section 140(1) of the New Zealand Companies Act 1993 requires a director of a company to disclose
certain interests. Under section 140(2) of the Act, a director can make disclosure by giving a general notice
in writing to the company of a position held by a director in another named company or entity.
The following are particulars included in the company’s Interests Register as at 30 June 2024
(notices given by directors during the financial year ended 30 June 2024 are marked with an asterisk):
DAVID ATTENBOROUGH
DRAMLA Pty LtdDirector
Host-Plus Pty LimitedDirector
JJJ Family Pty LtdDirector
DONNA COOPER
Green Sheep Consultancy LimitedDirector and Shareholder
JULIAN COOK (CHAIR)
Deakin TopCo Pty LimitedDirector
Motutapu Investments LimitedDirector
WEL Networks LimitedDirector
Winton Land LimitedDirector
KATE HUGHES
Australian Prudential Regulation AuthorityChair of Audit and Risk Committee
Comcare (Australia)Chair of Audit and Risk Committee
Department of Health (VIC) Chair of Audit and Risk Committee
Lower Murray WaterDirector
SuniTAFEDirector
GLENN DAVIS
A Raptis & Sons GroupDirector
Adrad Holdings LtdChair
DMAW Lawyers Pty LtdChair
iTech Minerals LtdChair
Mitolo Family FarmsChair
Mort & Co Holdings LtdDirector
Stratco GroupChair
CHAD BARTON
Casheaw Pty LimitedChair and Shareholder
Nuix Canada IncDirector*
Nuix Holding Pty LimitedDirector
Nuix Ireland LimitedDirector
Nuix Limited
Chief Operating Officer and
Chief Financial Officer
Nuix North America IncDirector
Nuix Philippines ROHQ (Brand of Nuix Holding Pty Limited)Director
Nuix Pte. LtdDirector
Nuix SaleCo LimitedDirector
Nuix Technology UK LimitedDirector
Nuix USG IncDirector
The following details included in the Interests Register as at 30 June 2023, or entered during the financial year ended
30 June 2024, have been removed during the financial year ended 30 June 2024:
• Glenn Davis is no longer the Chair of Beach Energy Ltd.
Directors'
DISCLOSURES
105104
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
CORPORATE

Directors’ and Senior Managers’ Indemnities
Indemnities have been given to directors and senior managers of the company and its subsidiaries to
cover acts or omissions of those persons in carrying out their duties and responsibilities as directors and
senior managers.
Disclosure of Directors’ Interests in Securities
Transactions
Directors disclosed, pursuant to section 148 of the New Zealand Companies Act 1993, the following
acquisitions and disposals of relevant interests in SkyCity securities during the period to 30 June 2024:
DIRECTOR
NATURE OF
RELEVANT
INTEREST
NATURE OF
SECURITY
DATE OF
TRANSACTION
DURING PERIOD
CONSIDERATION
(PER SECURITY)
ACQUIRED/
(DISPOSED)
Julian Cook
Beneficially
owned
Shares29 August 2023NZ$2.2715,000
Kate Hughes
Beneficially
owned
Shares
24 August 2023
1 March 2024
A$2.08
A$1.81
9,000
33,000
Glenn Davis
Beneficially
owned
Shares
25 August 2023
25 August 2023
28 August 2023
A$2.09
A$2.09
A$2.09
10,000
40,000
20,000
David
Attenborough
Beneficially
owned
Shares24 August 2023A$2.10100,000
Donna Cooper
Beneficially
owned
Shares24 August 2023NZ$2.2557,109
Details of the directors’ relevant interests in SkyCity securities as at 30 June 2024 are outlined on page 94
of this annual report.
Company
DISCLOSURES
Stock Exchange Listings
SkyCity Entertainment Group Limited is a listed issuer with ordinary shares quoted on both the NZX Main Board and ASX
(in each case, under the ticker code ‘SKC’) and bonds quoted on the NZX Debt Market (under the ticker code ‘SKC050’).
SkyCity Entertainment Group Limited has been designated as ‘Non-Standard’ by NZX Limited due to certain restrictions
in the company’s constitution. In particular, the constitution places restrictions on the transfer of shares in the company
in certain circumstances and provides that votes and other rights attached to shares may be disregarded and shares may
be sold if these restrictions are breached, as more particularly described on page 109 of this annual report.
SkyCity is listed as a ‘Foreign Exempt Listing’ on the ASX.
DIRECTORSAPPOINTMENT TO OFFICE
Julian Cook (Chair)8 June 2021
Chad Barton8 June 2021
Kate Hughes8 September 2022
Glenn Davis8 September 2022
David Attenborough3 March 2023
Donna Cooper28 September 2023
SUBSIDIARY COMPANIES
The following persons held office as directors of subsidiaries of SkyCity Entertainment Group Limited
as at 30 June 2024:
NEW ZEALAND SUBSIDIARIES
DirectorsCallum Mallett and Jo Wong
CompaniesCashel Asset Management Limited
Horizon Tourism (New Zealand) Limited
New Zealand International Convention
Centre Limited
Otago Casinos Limited
Queenstown Casinos Limited
Sky Tower Limited
SkyCity Action Management Limited
SkyCity Auckland Holdings Limited
SkyCity Auckland Limited
SkyCity Casino Management Limited
SkyCity Development Limited
SkyCity Enterprises Limited
SkyCity Hamilton Limited
SkyCity Holdings Limited
SkyCity International Holdings Limited
SkyCity Investments Australia Limited
SkyCity Investments Queenstown Limited
SkyCity Management Limited
SkyCity Precinct Limited
SkyCity Projects Limited
SkyCity Properties Limited
SkyCity Properties Albert St Limited
SkyCity Properties Victoria St Limited
SkyCity Ventures Limited
Directorships
SKYCITY ENTERTAINMENT GROUP LIMITED
The following persons held office as directors of SkyCity Entertainment Group Limited as at 30 June 2024:
Sue Suckling ceased to hold office as a director of SkyCity Entertainment Group Limited effective from
27 October 2023.
SkyBar,
SkyCity Auckland
107
CORPORATE
106
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024

OVERSEAS SUBSIDIARIES
DirectorsCallum Mallett and Jo Wong
CompaniesHorizon Tourism Limited
SkyCity Investment Holdings Limited
DirectorsJo Wong and Avril Baynes
CompaniesSkyCity Australia Finance Pty Limited
SkyCity Australia Pty Limited
SkyCity Treasury Australia Pty Limited
DirectorsGlenn Davis, Julian Cook and Avril Baynes
CompanySkyCity Adelaide Pty Limited
DirectorsSteve Salmon and Joe Borg
CompanySkyCity Malta Limited
DirectorsSteve Salmon and WH Management Limited
CompanySkyCity Malta Holdings Limited
DirectorsSteve Salmon and Callum Mallett
CompanySkyCity Management (UK) Limited
For the financial year ended 30 June 2024, SkyCity
paid director’s fees of:
• €12,000 (plus VAT) to WH Partners for
professional services provided by Joe Borg in
relation to his directorship of SkyCity Malta
Limited; and
• €6,000 (plus VAT) to WH Management Limited
for professional services provided in relation
to its directorship of SkyCity Malta Holdings
Limited.
Other than:
• director’s fees paid to Glenn Davis in his
capacity as the Chair of the Board of SkyCity
Adelaide Pty Limited; and
• director’s fees paid to Julian Cook in his
capacity as a director of the Board of SkyCity
Adelaide Pty Limited,
(as detailed on pages 93 and 94 of this annual
report), no director’s fees were paid to, or received
by, any other director of a subsidiary company
during the financial year ended 30 June 2024.
WAIVERS FROM THE
NEW ZEALAND AND AUSTRALIAN
STOCK EXCHANGES
The following waiver from the NZX and ASX
Listing Rules was either granted and published
by the NZX or ASX (as the case may be) within, or
relied upon by the company during, the 12-month
period preceding the balance date:
• on 17 September 2019, the NZX granted
SkyCity a waiver from NZX Listing Rule 8.1.5
(which provides that no benefit or right
attaching to a quoted financial product may
be cancelled or varied by reason only of a
transfer of that quoted financial product)
to the extent that that rule would otherwise
prevent SkyCity from suspending voting
rights or requiring a transfer of shares in
accordance with the provisions set out in the
company’s constitution. Further details of
those provisions are set out below. The waiver
was granted following the introduction of
new NZX Listing Rules on 1 January 2019
and effectively re-documents prior decisions
of NZX Regulation in respect of the same
matters.
All other waivers granted prior to the 12-month
period preceding the balance date had ceased
to have effect or were not relied upon during the
period.
VOTING RIGHTS ATTACHED TO
SECURITIES
Each share gives the holder a right to attend and
vote at a meeting of shareholders. Holders have
the right to cast one vote per share on a poll of any
resolution put to the shareholders.
There are no voting rights attached to SkyCity’s
debt securities although bondholders are welcome
to attend the annual meeting of shareholders.
LIMITATIONS ON ACQUISITIONS OF
ORDINARY SHARES
The company’s constitution contains various
provisions which are included to take into account
the application of the:
• Gambling Act 2003 (New Zealand);
• Casino Act 1997 (South Australia); and
• legislation providing for the establishment,
operation and regulation of casinos in any
other jurisdiction in which SkyCity or any of
its subsidiaries may hold a casino licence.
SkyCity needs to ensure when it participates in
gaming activities that:
• it has the power under its constitution to take
such action as may be necessary to ensure
that its suitability to do so in a particular
jurisdiction is not affected by the identity
or actions (including share dealings) of a
shareholder; and
• there are appropriate protections to ensure
that persons do not gain positions of
significant influence or control over SkyCity
or its business activities without obtaining any
necessary statutory or regulatory approvals in
those jurisdictions.
Accordingly, the constitution contains the following
provisions restricting the acquisition of shares in
the company to achieve this.
Clause 11.12 of the constitution provides that if a
transfer of shares results in the transferee, and the
persons associated with that transferee:
• holding more than 5% of the shares in
SkyCity; or
• increasing their combined holding further
beyond 5% if:
› they already hold more than 5% of the
shares in SkyCity; and
› the transferee has not been approved by
the relevant regulatory authority as an
associated casino person of any casino
licence holder,
then the votes attaching to all shares held by the
transferee and the persons associated with that
transferee are suspended unless and until either:
• each regulatory authority advises that
approval is not needed; or
• any regulatory authority which determines
that its approval is required approves
the transferee, together with the persons
associated with that transferee, as an
associated casino person of any applicable
casino licence holder; or
• the Board of the company is satisfied that
registration of the proposed transfer will not
prejudice any casino licence; or
• the transferee and the persons associated
with that transferee dispose of such number
of SkyCity shares as will result in their
combined holding falling below 5% or, if the
regulatory authorities approve in respect of
the transferee and the persons associated
with that transferee a higher percentage,
the lowest such percentage approved by the
regulatory authorities.
If a regulatory authority does not grant its
approval to the proposed transfer, SkyCity may sell
such number of the shares held by the transferee
and by any persons associated with that transferee,
as may be necessary to reduce their combined
shareholding to a level that will not result in the
transferee and the persons associated with that
transferee being an associated casino person of
that casino licence holder.
The power of sale can only be exercised if SkyCity
has given one month’s notice to the transferee
of its intention to exercise that power and the
transferee has not, during that one-month period,
transferred the requisite number of shares in
SkyCity to a person who is not associated with the
transferees.
During the financial year ended 30 June 2024,
the Board considered all such transfers and was
satisfied in each case that the registration of the
relevant transfer would not prejudice any casino
licence.
DONATIONS
Donations of $13,791.76 were made by the
company during the financial year ended 30 June
2024 ($115,266.38 during the financial year ended
30 June 2023).
SkyCity also provides a range of in-kind donations
and contributions, directly and through the
SkyCity Community Trusts, to a variety of
community organisations as outlined elsewhere
in this annual report.
109108
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
CORPORATE

OTHER LEGISLATION AND
REQUIREMENTS
General limitations on the acquisition of securities
imposed by the jurisdiction in which SkyCity is
incorporated (ie. New Zealand law) are outlined in
the following paragraphs.
Other than the provisions included in the
company's constitution, the only significant
restrictions or limitations in relation to the
acquisition of securities are those imposed by
New Zealand laws relating to takeover, overseas
investment and competition.
The New Zealand Takeovers Code creates a
general rule under which the acquisition of more
than 20% of the voting rights in SkyCity, or the
increase of an existing holding of 20% or more
of the voting rights in SkyCity, can only occur
in certain permitted ways. These include a full
takeover offer in accordance with the Takeovers
Code, a partial takeover offer in accordance with
the Takeovers Code, an acquisition approved by
an ordinary resolution, an allotment approved by
an ordinary resolution, a creeping acquisition (in
certain circumstances), or compulsory acquisition
if a shareholder holds 90% or more of the shares in
the company.
The New Zealand Overseas Investment Act 2005
and the Overseas Investment Regulations 2005
regulate certain investments in New Zealand by
overseas persons. In general terms, the consent
of the New Zealand Overseas Investment Office
is likely to be required when an ‘overseas person’
acquires shares or an interest in shares in SkyCity
Entertainment Group Limited that amount to 25%
or more of the shares issued by the company or,
if the overseas person already holds 25% or more,
the acquisition increases that holding.
The New Zealand Commerce Act 1986 is likely
to prevent a person from acquiring shares in
SkyCity if the acquisition would have, or would be
likely to have, the effect of substantially lessening
competition in a market.
ESCROW AND BUY BACK
ARRANGEMENTS
SkyCity Entertainment Group Limited has no
securities subject to an escrow arrangement.
From time to time, the Public Trust acquires shares
in the company on-market for the purposes of the
company's employee incentive plans as detailed
in the Remuneration Report in this annual report.
In addition, SkyCity (or a nominee or agent of
SkyCity) may, from time to time, acquire existing
shares in the company to satisfy its obligations to
participating shareholders under the company’s
Dividend Reinvestment Plan established in
February 2011.
CREDIT RATING
As at the date of this annual report, SkyCity
Entertainment Group Limited has a BBB– rating
(stable outlook) from S&P Global Ratings.
for the Year ended
30 June 2024
FINANCIAL
STATEMENTS
AND NOTES
These financial statements
were signed on 21 August 2024
on behalf of the Board of directors
of SkyCity Entertainment Group Limited by:
Julian Cook
Chair of the SkyCity Board
Chad Barton
Chair of the Audit Committee
Horizon by SkyCity,
SkyCity Auckland
111110
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
CORPORATE

Independent auditor’s report
To the shareholders of SkyCity Entertainment Group Limited
Our opinion
In our opinion, the accompanying financial statements of SkyCity Entertainment Group Limited (the
Company), including its subsidiaries (the Group), present fairly, in all material respects, the financial
position of the Group as at 30 June 2024, its financial performance and its cash flows for the year then
ended in accordance with New Zealand Equivalents to International Financial Reporting Standards
(NZ IFRS) and International Financial Reporting Standards Accounting Standards (IFRS Accounting
Standards).
What we have audited
The Group's financial statements comprise:
●the balance sheet as at 30 June 2024;
●the income statement for the year then ended;
●the statement of comprehensive income for the year then ended;
●the statement of changes in equity for the year then ended;
●the statement of cash flows for the year then ended; and
●the notes to the financial statements, comprising material accounting policy information and other
explanatory information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in theAuditor’s responsibilities for the audit of the financial statementssection of our
report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1International
Code of Ethics for Assurance Practitioners (including International Independence Standards) (New
Zealand)(PES 1) issued by the New Zealand Auditing and Assurance Standards Board and the
International Code of Ethics for Professional Accountants (including International Independence
Standards)issued by the International Ethics Standards Board for Accountants (IESBA Code), and we
have fulfilled our other ethical responsibilities in accordance with these requirements.
Our firm carries out other services for the Group in the areas of tax compliance, executive
remuneration benchmarking, preliminary gap analysis in relation to climate reporting requirements,
specified reporting to the Supervisor of the Group’s retail bond and agreed-upon-procedure services in
relation to the allocation of Community Trust Revenue, compliance with banking and debt covenants,
the reconciliation of underlying results to reported results, scrutineering of the vote count at the Annual
Shareholder Meeting and the testing of share-based payment calculations. The provision of these
other services and relationships have not impaired our independence as auditor of the Group.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial statements of the current year. These matters were addressed in the context
of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.
PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, www.pwc.co.nz
Description of the key audit matterHow our audit addressed the key audit matter
Accounting considerations in respect of
SkyCity Adelaide
Impairment of the SkyCity Adelaide CGU
As disclosed in Note 24 of the financial
statements, the carrying amount of the SkyCity
Adelaide cash generating unit (CGU) has been
impaired by $94.3 million at 30 June 2024
(2023: $49.7 million).
The SkyCity Adelaide casino licence has a
finite useful life and, as such, accounting
standards require the Group to assess at the
end of each reporting period whether there is
any indication that it may be impaired.
An impairment assessment was prepared in
relation to the Adelaide CGU which includes
the SkyCity Adelaide casino licence. This was
prepared as the Group considered there to be
indications that the CGU may be impaired,
including the impact of the ongoing regulatory
matters on the business and planned future
enhancements such as mandatory carded
play . The Group engaged an external valuation
expert to calculate impairment using the fair
value less cost of disposal (FVLCOD) method.
Management and their external valuation
expert made a number of key assumptions that
impact the CGU’s recoverable value. As
described in Note 24, this includes the
compound annual EBITDA growth rate of
6.0%, terminal growth
rate of 2.5%, and
post-tax discount rate of 11.0%.
The impairment expense recognised
represents the difference between the carrying
value of the Adelaide CGU as at 30 June 2024
and the recoverable amount. The recoverable
amount adopted by management and the
Board falls within the indicative valuation range
determined by management’s valuation expert
under the FVLCOD method.
Our procedures in relation to the impairment of
the SkyCity Adelaide CGU included the following:
●Understood the process undertaken by
management to prepare the forecast cash
flows;
●Compared the forecast cash flows used in
the impairment assessment to the forecast
adopted by the Board;
●Considered the appropriateness and
accuracy of the ten-year forecast cash flows
included in management’s expert’s valuation,
as adopted by the Board, by comparing
historical performance against previous
budgets;
●Considered and challenged key assumptions
in the cash flow forecasts, with reference to
external evidence where possible;
●Engaged our auditor’s valuation expert to:
⎼Review and challenge key assumptions,
including the post-tax discount and
terminal growth rates based on their
experience and external market
evidence;
⎼Assess the reasonableness of the cost of
disposal assumption applied under the
FVLCOD method based on their
experience and industry knowledge; and
⎼Evaluate the final conclusions reached
with reference to external market
evidence;
●In conjunction with our auditor’s valuation
expert, we assessed the valuation report
prepared by management's valuation expert
and considered management’s and their
expert’s key sensitivities over the model. In
doing so, we met with management and their
expert to understand and challenge their
approach and assumptions;
●Assessed the professional competence,
independence and objectivity of
management's valuation expert; and
●Assessed the appropriateness of the
associated disclosures made in the financial
statements, including those for key
assumptions and sensitivities.
PwC

Description of the key audit matterHow our audit addressed the key audit matter
Recognition of deferred tax assets
In addition, as disclosed in Note 19 of the
financial statements, the Group has recognised
a deferred tax asset of $30.5 million as at 30
June 2024 (2023: $30.6 million) in relation to
unused tax losses in Australia. Under
Australian tax legislation, tax losses can be
carried forward indefinitely, however it must be
probable that future taxable income will
become available in order to recognise a
deferred tax asset for the unused tax losses.
Management’s forecasts, including
consideration of key sensitivities, indicate that
the Adelaide business will generate future
taxable income. On this basis, the Group has
considered it is probable that sufficient future
taxable income will be generated to utilise the
tax losses recognised.
There is an inherent level of uncertainty
associated with management’s forecasting and
the continued recognition of the deferred tax
asset is a significant area of judgement.
The impairment of the SkyCity Adelaide CGU
and recognition of deferred tax assets were
key focus areas of our audit and considered to
be a key audit matter due to the inherent
estimation uncertainties and significant
judgement involved, including the impact of
future regulatory changes and planned
enhancements, such as mandatory carded
play, on the assumptions applied.
Our procedures in relation to the recognition of
deferred tax assets for the unused tax losses
included performing the following:
●Considered the forecast accuracy of the
Board approved forecasts by comparing
historical performance against previous
budgets;
●Assessed the forecasts to determine the
expected timing for future utilisation of tax
losses in Australia, and considered the
impact of key sensitivities on this
assessment; and
●Considered and challenged management’s
assessment of the recoverability of the
deferred tax asset with reference to the
recognition criteria in NZ IAS 12Income
Taxes.
Provisions and contingent liabilities
relating to legal and regulatory matters
The Group operates in a highly regulated
environment. Given the extent of scrutiny by
regulators and the general nature of casino
operations across both New Zealand and
Australia, there remains a high degree of risk
in respect of legal and regulatory compliance.
As disclosed in Note 29 and Note 37 of the
financial statements, the Group is subject to
several ongoing legal and regulatory matters.
The assessment of these matters involves
complexity and uncertainty as to their outcome
and quantification of any associated future
economic outflows.
Our procedures included the following:
●Held meetings with management, including
in-house legal counsel, to obtain the most
recent facts and circumstances in relation to
ongoing regulatory matters;
●Assessed our obligations under auditing and
ethical standards and relevant legislation to
determine whether the matters are required
to be reported to third parties;
●Read meeting minutes from relevant
committees to identify and consider
information relating to regulatory matters;
●Discussed the matters with the Group’s
external legal counsel, where applicable, to
PwC
Description of the key audit matterHow our audit addressed the key audit matter
NZ IAS 37Provisions, Contingent Liabilities
and Contingent Assets(NZ IAS 37) outlines
the criteria for the recognition of a provision or
disclosure of a contingent liability. The
application of this standard required judgement
to be applied to determine if a provision for
these matters should be recognised, and the
extent of disclosures required.
Due to the significance of the matters
disclosed in Note 29 and Note 37, their
subjective nature and the associated
uncertainties, any related assumptions have
the potential to be subject to bias, error or
inconsistent application by management. This
was therefore considered to be an area of
focus for our audit and considered to be a key
audit matter.
corroborate the information provided by
management;
●Read correspondence between the Group
and the applicable regulatory bodies;
●Agreed the payment of regulatory penalties
subsequent to balance date to supporting
documentation;
●Evaluated management’s assessment of
whether the various regulatory matters
should be recognised as a provision or
disclosed as a contingent liability, against the
criteria in NZ IAS 37; and
●Assessed the appropriateness of the
associated disclosures in the financial
statements against the requirements of NZ
IAS 37.
Our audit approach
Overview
Overall group materiality: $8.0 million, which represents approximately
5% of profit before tax, excluding impairment of Adelaide assets and
regulatory penalties.
We chose profit before tax, which is a generally accepted benchmark, as
the benchmark because, in our view, it is the benchmark against which
the performance of the Group is most commonly measured by users.
We chose to adjust this benchmark as described above, because, in our
view, it provides a more stable measure of the Group’s performance.
We selected transactions and balances to audit based on the overall
group materiality to SkyCity Entertainment Group rather than
determining the scope of procedures to perform by auditing only specific
subsidiaries or entities.
As reported above, we have two key audit matters, being:
●Accounting considerations in respect of SkyCity Adelaide; and
●Provisions and contingent liabilities relating to legal and regulatory
matters.
PwC

As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the financial statements. In particular, we considered where management made
subjective judgements; for example, in respect of significant accounting estimates that involved
making assumptions and considering future events that are inherently uncertain. As in all of our audits,
we also addressed the risk of management override of internal controls, including among other
matters, consideration of whether there was evidence of bias that represented a risk of material
misstatement due to fraud.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain
reasonable assurance about whether the financial statements are free from material misstatement.
Misstatements may arise due to fraud or error. They are considered material if, individually or in
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of the financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality,
including the overall Group materiality for the financial statements as a whole as set out above. These,
together with qualitative considerations, helped us to determine the scope of our audit, the nature,
timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually
and in aggregate, on the financial statements as a whole.
How we tailored our group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion
on the financial statements as a whole, taking into account the structure of the Group, the accounting
processes and controls, and the industry in which the Group operates.
Other information
The Directors are responsible for the other information. The other information comprises the
information included in the Annual Report, but does not include the financial statements and our
auditor's report thereon.
Our opinion on the financial statements does not cover the other information and we do not express
any form of audit opinion or assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit, or otherwise appears to be materially
misstated. If, based on the work we have performed on the other information that we obtained prior to
the date of this auditor’s report, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of
the financial statements in accordance with NZ IFRS and IFRS Accounting Standards, and for such
internal control as the Directors determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
PwC
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements, as a whole,
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with ISAs (NZ) and ISAs will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the
External Reporting Board’s website at:
https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-1/
This description forms part of our auditor’s report.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our audit work has been
undertaken so that we might state those matters which we are required to state to them in an auditor’s
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company’s shareholders, as a body, for our
audit work, for this report or for the opinions we have formed.
The engagement partner on the audit resulting in this independent auditor’s report is Richard Day.
For and on behalf of:
Chartered AccountantsAuckland
21 August 2024
PwC

NOTES
2024
$'000
2023
$'000
Revenue5861,037855,785
Other income621,4227,449
NZICC fire related income7,a45,92661,882
NZICC fire related expenses7,b(52,390)(63,828)
Employee benefits expense(314,714)(303,067)
Asset impairments8(94,326)(50,856)
Other expenses8(123,548)(134,884)
Directors' fees(1,327)(1,198)
Gaming taxes and levies29(64,354)(52,833)
Direct consumables(62,879)(59,514)
Marketing and communications(21,505)(22,730)
Regulatory penalties29(41,300)(49,009)
Community contributions, sponsorships and donations(10,064)(10,110)
Fair value losses on investment properties16(3,979)(12,252)
Share of profits from associate1581,064
Earnings Before Interest, Tax, Depreciation and Amortisation Expenses
(EBITDA)
138,157 165,899
Depreciation and amortisation
8(85,601)(84,363)
Depreciation on right-of-use assets
11(6,420)(6,309)
Earnings Before Interest and Tax (EBIT)46,13675,227
Net finance costs12(15,996)(23,492)
(Loss)/Profit Before Income Tax30,14051,735
Income tax expense18(173,488)(43,760)
(Loss)/Profit for the Year Attributable to Shareholders of the Company(143,348)7,975
EARNINGS PER SHARE FOR PROFIT ATTRIBUTABLE TO THE
SHAREHOLDERS OF THE COMPANYCENTSCENTS
Basic and diluted (loss)/earnings per share9(18.9)1.1
INCOME STATEMENT
For the year ended 30 June 2024
The above income statement should be read in conjunction with the accompanying notes.
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 June 2024
NOTES
2024
$'000
2023
$'000
(Loss)/Profit for the Year(143,348)7,975
Other Comprehensive Income
Items that may be subsequently reclassified to profit or loss
Foreign Currency Translation Reserve31
Exchange differences on translation of overseas subsidiaries
214(4,877)
Cash Flow Hedge Reserve31
Cash flow hedges - revaluations
(1,587)(10,734)
Cash flow hedges - transfer to finance costs
1,62812,408
Cash flow hedges - income tax
(11)(469)
Cost of Hedging Reserve31
Cost of hedging reserve - costs incurred/revaluations
2,650(3,913)
Cost of hedging reserve - transfer to finance costs
1,157694
Cost of hedging reserve - income tax
(1,066)901
Other Comprehensive Income for the Year, Net of Tax
2,985(5,990)
Total Comprehensive Income for the Year
(140,363)1,985
The above statement of comprehensive income should be read in conjunction with the accompanying notes.
119118
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
FINANCIAL
STATEMENTS

The above balance sheet should be read in conjunction with the accompanying notes.
ASSETSNOTES
2024
$'000
2023
$'000
Current Assets
Cash and cash equivalents
27
60,536245,013
Receivables and prepayments
26
86,87850,833
Inventories8,3758,582
Derivative financial instruments
32
17,913489
Current tax receivables712
NZICC fire recoveries7,c2,48011,613
Other current assets–2,000
Assets held for sale
28
13,000–
Total Current Assets189,189318,542
Non-current Assets
Deferred tax assets
19
52,35025,465
Finance lease receivable-13,978
Derivative financial instruments3255011,943
Investments in associates
25
-43,200
Investment properties
16
78,800108,803
Property, plant and equipment
23
1,816,9611,652,476
Intangible assets
24
544,607566,553
Right-of-use assets
11
98,579122,538
Total Non-current Assets2,591,8472,544,956
Total Assets2,781,0362,863,498
BALANCE SHEET
As at 30 June 2024
LIABILITIESNOTES
2024
$'000
2023
$'000
Current Liabilities
Payables and provisions
29
226,796215,997
Interest bearing liabilities
14
241,11645,814
Current tax liabilities34,70742,849
Derivative financial instruments
32
36617
Lease income in advance22–39,815
Lease liabilities113,2853,045
Total Current Liabilities506,270347,537
Non-current Liabilities
Interest bearing liabilities13368,381525,666
Non-current payables20,05219,097
Derivative financial instruments327,1785,617
Deferred tax liabilities20210,73956,100
Lease liabilities11118,147116,840
Deferred licence value17246,408262,444
Total Non-current Liabilities970,905985,764
Total Liabilities1,477,1751,333,301
Net Assets1,303,8611,530,197
EQUITY
Share capital
301,342,4361,343,027
Reserves
31(7,450)(10,435)
Retained earnings
(31,125)197,605
Total Equity
1,303,8611,530,197
BALANCE SHEET
As at 30 June 2024
The above balance sheet should be read in conjunction with the accompanying notes.
121120
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
FINANCIAL
STATEMENTS

The above statement of changes in equity should be read in conjunction with the accompanying notes.
NOTES
SHARE
CAPITAL
$'000
RESERVES
$'000
RETAINED
EARNINGS
$'000
TOTAL
EQUITY
$'000
Balance as at 1 July 2022
1,340,556(4,445)235,1631,571,274
Total comprehensive income–(5,990)7,9751,985
Dividends paid10––(45,533)(45,533)
Shares issued under employee share schemes302,446––2,446
Net movement in treasury shares3025––25
Balance as at 30 June 2023
1,343,027(10,435)197,6051,530,197
Balance as at 1 July 2023
1,343,027(10,435)197,6051,530,197
Total comprehensive income–2,985(143,348)(140,363)
Dividends paid10––(85,382)(85,382)
Shares issued under employee share schemes30(620)––(620)
Net movement in treasury shares3029––29
Balance as at 30 June 2024
1,342,436(7,450)(31,125)1,303,861
STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2024
NOTES
2024
$'000
2023
$'000
Cash Flows from Operating Activities
Receipts from customers
858,009
859,631
Payments to suppliers and employees
(540,773)
(528,466)
Government grants received
475
560
Other insurance income received
–
1,744
Gaming taxes and levies paid
(59,465)
(46,338)
Income taxes paid
(54,672)
(7,034)
Net Cash Inflow from Operating Activities
39
203,574
280,097
Cash Flows from Investing Activities
Purchases of property, plant and equipment
(303,689)
(254,746)
Investment property additions
(7,859)
–
Purchased intangible assets
(7,047)
(8,113)
Proceeds from disposal of assets held for sale–7,812
NZICC fire related income–299,067
NZICC fire related expenses
(817)
(95,456)
Net Cash Outflow from Investing Activities(319,412)
(51,436)
Cash Flows from Financing Activities
Cash flows associated with net derivatives
2,295
632
Proceeds from borrowings
110,000
148,999
Repayment of borrowings
(75,814)
(98,000)
Movement in treasury shares
2925
Dividends paid to company shareholders10
(85,382)
(45,533)
Interest paid
(9,118)
(28,362)
Lease interest paid
(6,523)
(6,378)
Repayment of lease liabilities
(4,126)
(3,729)
Net Cash Outflow from Financing Activities(68,639)
(32,346)
Net (Decrease)/Increase in Cash and Cash Equivalents
15
(184,477)
196,315
Cash and cash equivalents at the beginning of the year
245,013
48,698
Cash and Cash Equivalents at the End of the Year
27
60,536
245,013
STATEMENT OF CASH FLOWS
For the year ended 30 June 2024
The above statement of cash flows should be read in conjunction with the accompanying notes.
123122
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
FINANCIAL
STATEMENTS

CONTENTS
PAGENOTE
125
1General Information
125
2Basis of Preparation
126
3Material Accounting Policies
127
4Segment Information
129
5Revenue
130
6Other Income
131
7NZICC Fire
131
a Income
131
b Expenses
132
c Current Assets
133
8Expenses
134
9Earnings per Share
135
10Dividends
135
11Leases
136
12Net Finance Costs
137
13Non-current Liabilities
- Interest Bearing Liabilities
139
14Current Liabilities
- Interest Bearing Liabilities
139
15Net Debt Reconciliation
140
16Investment Properties
141
17Deferred Licence Value
141
18Income Tax Expense
143
19Deferred Tax Assets
PAGENOTE
144
20Deferred Tax Liabilities
144
21Imputation and Franking Credits
145
22Lease Income in Advance
145
23Property, Plant and Equipment
147
24Intangible Assets
152
25Investments in Associates
152
26Receivables and Prepayments
153
27Cash and Cash Equivalents
153
28Assets Held for Sale
153
29Payables and Provisions
156
30Share Capital
156
31Reserves
157
32Derivative Financial Instruments
158
33Financial Risk Management
160
34Share-Based Payments
164
35Related Party Transactions
165
36Subsidiaries
166
37Contingencies
167
38Commitments
168
39Reconciliation of Profit after
Income Tax to Net Cash Inflow
from Operating Activities
168
40
Events Occurring after the
Reporting Date
of the Notes to the
Financial Statements
1.
General Information
SkyCity Entertainment Group Limited (the
Company) and its subsidiaries (together,
SkyCity or the Group) operate in the gaming,
entertainment, hotel, convention, hospitality and
tourism sectors. The Group has operations in New
Zealand and Australia.
The Company is a limited liability company
incorporated and domiciled in New Zealand. The
Company is registered under the Companies Act
1993 and is an FMC reporting entity under Part
7 of the Financial Markets Conduct Act 2013. The
address of its registered office is 99 Albert Street,
Auckland. The Company is listed on the New
Zealand stock exchange and has a foreign exempt
listing on the Australian stock exchange (NZX and
ASX respectively).
These consolidated financial statements were
approved for issue by the Board of Directors
(Board) on 21 August 2024. For the purposes of
complying with generally accepted accounting
practice in New Zealand (GAAP), the Group is a
for-profit entity.
2.
Basis of Preparation
The financial statements of the Group have been
prepared in accordance with GAAP. They comply
with New Zealand Equivalents to International
Financial Reporting Standards (NZ IFRS),
International Financial Reporting Standards
(IFRS Accounting Standards), the requirements
of Part 7 of the Financial Markets Conduct Act 2013
and the NZX Listing Rules. The Group financial
statements incorporate the assets and liabilities of
all subsidiaries of the Group as at 30 June 2024 and
the results of all subsidiaries for the year
then ended.
MEASUREMENT BASIS
These financial statements have been prepared
under the historical cost convention, as modified
by the revaluation of certain assets and liabilities,
as identified in specific accounting policies below
and in the notes.
PRESENTATION CURRENCY
The financial statements are presented in New
Zealand dollars, which is the Company's functional
currency. Amounts are rounded to the nearest
thousand dollars, unless otherwise stated.
NON-GAAP FINANCIAL
INFORMATION
The Group’s standard profit measure prepared
under GAAP is profit for the year. When discussing
financial performance, the Group also uses non-
GAAP financial information, which is not prepared
in accordance with NZ IFRS and therefore may not
be comparable to similar financial information
presented by other entities. The directors and
management believe that this non-GAAP financial
information provides useful information to
readers of the financial statements to assist them in
understanding the Group’s financial performance
and is consistent with the information used
internally to evaluate the performance of business
units.
Definitions of non-GAAP financial information
used in these financial statements are:
• EBITDA: earnings before interest, tax,
depreciation and amortisation; and
• EBIT: earnings before interest and tax.
GOING CONCERN
The Group has negative working capital of
$317.1 million at balance date, largely as a result
of the reclassification to current liabilities of
$80.0 million of drawn banking facilities that
mature on 15 June 2025 and US$100.0 million of
United States private placement (USPP) notes that
mature on 17 March 2025, as well as the impact of
accrued/provided for regulatory penalty payments
(refer to note 29). The Group has available
undrawn banking facilities totalling $252.5 million
as at 30 June 2024 (refer note 13), of which
$115.0 million was due to mature within 12
months of the issuance of these financial
statements. Subsequent to balance date, the Group
successfully refinanced the US$100.0 million USPP
notes into a new US$150.0 million 7-year USPP note
and extended the maturity date of $217.5 million of
the syndicated bank facility to September 2027 and
September 2028 (refer note 13). The Company's
directors have assessed the forecast cash flows
of the Group, taking into account the refinancing
events noted above, and concluded that there are
no material uncertainties related to the Group
being a going concern and that the Group has the
ability to pay all debts as they fall due. Accordingly,
these financial statements are prepared on a going
concern basis.
CRITICAL ACCOUNTING ESTIMATES
AND JUDGEMENTS
The preparation of financial statements requires
the use of certain critical accounting estimates
and the exercise of judgement regarding the
application of accounting policies. The critical
estimates and judgements made in the preparation
of these financial statements relate to the
following:
• goodwill and casino licences that have an
indefinite useful life are impairment tested
annually, which requires the use of key
estimates. Details of the estimates made are
provided in note 24;
• the SkyCity Adelaide Pty Ltd (SkyCity
Adelaide) casino licence, which has a finite
useful life, was impaired in a prior period
and consequently was tested for impairment
in the current period, which resulted in the
recognition of additional impairment. For
further detail on the basis of valuation refer
to note 24(c);
125124
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
FINANCIAL
STATEMENTS

• while the New Zealand International
Convention Centre (NZICC) is still under
construction the Group has used judgement
and estimations in relation to the value of the
NZICC car parks in service (note 23);
• investment properties are carried at
fair value. Determining the fair value of
properties requires the use of estimates and
assumptions. Details of the estimates and
assumptions made are provided in note 16;
• in some instances, judgement is required
to determine whether a payment that may
occur in the future constitutes a provision or a
contingent liability. A provision is recognised
where an obligating event that gives rise
to a requirement to make a payment has
occurred. Where a provision is recognised,
estimation of the value at which it will be
recognised is required. Information on the
Group's provisions is provided in note 29
and information on the Group's contingent
liabilities is provided in note 37;
• judgement and estimation are required
when determining the amount of deferred
tax assets to be recognised in respect of
SkyCity Adelaide's tax losses and the recent
change in New Zealand tax legislation which
eliminates the deduction of building structure
depreciation as part of the tax calculation.
Further information is provided in note 19;
and
• the Group has used judgement and
estimations in relation to the value of
amounts recognised as construction work in
progress that are expected to ultimately be
allocated to the structure on completion of the
NZICC and Horizon Hotel as at 30 June 2024,
for use in tax calculations (note 20).
3.
Material Accounting
Policies
The principal accounting policies adopted in the
preparation of these financial statements are
set out below and in the notes to the financial
statements. These policies have been consistently
applied to all periods presented, unless otherwise
stated.
(a) Principles of Consolidation
Subsidiaries are all entities over which the Group
has control. The Group controls an entity when the
Group is exposed, or has rights, to variable returns
from its involvement with the entity and has the
ability to affect those returns through its power
over the entity. Subsidiaries are fully consolidated
from the date on which control is transferred to
the Group. They are deconsolidated from the date
that control ceases. Inter-company transactions,
balances and unrealised gains on transactions
between Group companies are eliminated in the
Group financial statements. Unrealised losses
are also eliminated. When necessary, amounts
reported by subsidiaries have been adjusted to
conform with the Group's accounting policies.
(b) Foreign Currency Translation
(i) Transactions and Balances
Items included in the financial statements of each
Group entity are measured using that entity’s
functional currency (which is the currency that
best reflects the economic substance of the events
and circumstances relevant to that operation).
Foreign currency transactions are translated
into the functional currency using the exchange
rates prevailing at the dates of the transactions.
Foreign exchange gains and losses resulting
from the settlement of such transactions and
from the translation at year end exchange rates
of monetary assets and liabilities denominated
in foreign currencies are recognised in the
Income Statement, except when deferred in other
comprehensive income as qualifying cash flow
hedges and qualifying net investment hedges.
Translation differences on financial assets and
liabilities carried at fair value through profit or
loss are recognised in the Income Statement as
part of the fair value gain or loss. Translation
differences on non-monetary financial assets
such as equity instruments classified at fair value
through other comprehensive income are included
in the Statement of Comprehensive Income.
(ii) Foreign Operations
The results and financial position of foreign
entities (none of which has the currency of a
hyperinflationary economy) that have a functional
currency different from the presentation currency
are translated into the presentation currency as
outlined below:
• assets and liabilities for each Balance Sheet
presented are translated at the closing rate at
the date of that Balance Sheet;
• income and expenses for each Income
Statement are translated at average exchange
rates; and
• all resulting exchange differences are
recognised in other comprehensive income.
Exchange differences arising from the translation
of any net investment in foreign entities, and
of borrowings and other currency instruments
designated as hedges of such investments, are
taken to shareholders' equity.
(c) Goods and Services Tax (GST)
The Income Statement, Statement of
Comprehensive Income and Statement of
Changes in Equity have been prepared so that all
components are stated exclusive of GST. All items
in the Balance Sheet are stated net of GST, with
the exception of receivables and payables, which
include GST invoiced.
(d) Statement of Cash Flows
Cash flows associated with derivatives that are
part of a hedging relationship are off-set against
cash flows associated with the hedged item.
(e) Impairment of
Non-Financial Assets
Intangible assets, including goodwill, that have
an indefinite useful life are tested for impairment
annually (or more frequently if events or changes
in circumstances indicate that the asset might
be impaired). Goodwill and casino licences are
allocated to cash generating units for the purpose
of impairment testing.
Intangible assets that have a finite useful life, items
of property, plant and equipment and investments
in associates are assessed for indicators of
impairment annually and tested for impairment if
an indicator of impairment is found.
Impairment testing is done by comparing the
carrying value of the asset to its recoverable
amount, which is the higher of value in use and
fair value less costs of disposal. Any impairment
is recognised immediately as an expense.
Impairment on goodwill is not subsequently
reversed, but impairment on other assets may be
reversed.
(f) Fair Value Hierarchy
Some of the items in the financial statements
are carried at fair value. In addition, for some
items carried under a different measurement
basis, fair value is disclosed. Where a fair value
measurement is made, the measurement is
categorised as falling within one of three levels
on the fair value hierarchy, with categorisation
based on the nature of the significant inputs to the
valuation:
• Level 1 - unadjusted quoted prices in an
active market for identical assets or liabilities;
• Level 2 - inputs other than quoted prices
included within level 1 that are observable
for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. as information
derived from prices); and
• Level 3 - inputs for the asset or liability that
are not based on observable market data
(i.e. unobservable inputs).
(g) Standards, Amendments and
Interpretations to Existing
Standards that are not yet
Effective
There are no published new or amended standards
or interpretations that become effective on or after
1 July 2024 that would have a material impact on
the Group’s financial statements.
4.
Segment Information
Operating segments are reported in a manner
consistent with the internal reports that the Chief
Executive Officer (CEO), who is the chief operating
decision maker, uses to assess performance and
allocate resources. From 1 July 2023, the Group
restructured to reflect its decision to materially
reduce SkyCity’s international activities. As a
consequence of this restructure, there is no longer
a separate International Business operating
segment. Comparative information has been
restated and amounts previously recognised in the
International Business segment are incorporated
into the operating segment to which they now
relate.
Online gaming historically included in the Other
NZ Operations segment is now shown separately
to better reflect its potential for material growth in
the future. Comparative information for the Other
NZ Operations segment has been restated to reflect
that change.
127126
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
FINANCIAL
STATEMENTS

2024
SKYCITY
AUCKLAND
$'000
OTHER NZ
OPERATIONS
$'000
SKYCITY
ADELAIDE
$'000
ONLINE
$'000
CORPORATE
/GROUP
$'000
TOTAL
$'000
Gaming revenue397,41966,574168,218–632,211
Online revenue–––9,336–9,336
Non-gaming revenue143,01110,37569,274–70222,730
Other income11,3203120–10,05121,422
NZICC fire income45,926––––45,926
Share of profit of associate––––158158
Total income597,67676,980237,5129,33610,279931,783
Expenses(320,635)(41,971)(239,078)(5,165)(40,061)(646,910)
Impairment––(94,326)––(94,326)
NZICC fire expenses(52,390)––––(52,390)
Depreciation and amortisation(40,678)(5,423)(32,157)–(13,763)(92,021)
Segment profit/(loss) (EBIT)183,97329,586(128,049)4,171(43,545)46,136
Net finance costs(15,996)
Profit before income tax30,140
Segment assets2,015,63397,184425,7353,193239,2912,781,036
Net additions to non-current
assets (other than financial
assets and deferred tax)
292,0736,86912,246–13,141324,329
RESTATED 2023
SKYCITY
AUCKLAND
$'000
OTHER NZ
OPERATIONS
$'000
SKYCITY
ADELAIDE
$'000
ONLINE
$'000
CORPORATE
/GROUP
$'000
TOTAL
$'000
Gaming revenue400,46067,174178,530––646,164
Online revenue–––15,354–15,354
Non-gaming revenue121,60710,68968,967–54201,317
Other income4,123312,884–4117,449
NZICC fire income61,882––––61,882
Share of profit of associate––––1,0641,064
Total income588,07277,894250,38115,3541,529933,230
Expenses(311,219)(38,621)(263,759)(4,619)(34,429)(652,647)
Impairment1,056–(49,662)–(2,250)(50,856)
NZICC fire expenses(63,828)––––(63,828)
Depreciation and amortisation(38,025)(5,393)(33,624)–(13,630)(90,672)
Segment profit/(loss) (EBIT)176,05633,880(96,664)10,735(48,780)75,227
Net finance costs(23,492)
Profit before income tax51,735
Segment assets1,837,66393,239509,4724,305418,8192,863,498
Net additions to non-current
assets (other than financial
assets and deferred tax)
226,2853,48510,991–13,051253,812
(a) Primary Reporting Format - Business Segments
The gaming revenue shown above has not been adjusted for gaming rebates. Note 5 shows gaming revenue adjusted for gaming
rebates, which is consistent with the manner in which the revenue is presented in the Income Statement.
2024
$'000
2023
$'000
Gaming628,971639,114
Non-gaming222,730201,317
Online gaming9,33615,354
Total revenue861,037855,785
(b) Secondary Reporting Format - Geographical Segments
(c) Description of Segments
The Group is organised into the following main operating segments:
SkyCity Auckland
This segment consists of the Group's Auckland operations and includes casino operations, hotels and
conventions, (including the NZICC), food and beverage, the Sky Tower, investment properties and a
number of other related activities.
Other NZ Operations
This segment consists of the Group's operations at SkyCity Hamilton, SkyCity Queenstown and SkyCity
Wharf and includes casino operations, conventions, and food and beverage.
SkyCity Adelaide
This segment consists of the Group's Adelaide operations, and includes casino operations, a hotel and
conventions and food and beverage.
Online
This segment consists of the Group's online gaming operations.
Corporate/Group
This segment includes head office functions, funding entities and the Group's investment in its associate
Gaming Innovation Group Inc. (GiG) (note 25). It is not considered an operating segment.
5.
Revenue
ACCOUNTING POLICY
Gaming revenues represent the net win to the Group’s land-based casinos from gaming activities, being
the difference between amounts wagered and amounts won by casino patrons. Revenue is recognised at
the conclusion of each game.
Gaming rebates are accounted for as a reduction in gaming revenue. Revenue from the online casino
is derived from gaming activities by New Zealand based players using an online platform developed by
GiG and operated under a Malta gaming licence held by Silvereye Entertainment Limited (a subsidiary of
GiG).
GiG is therefore the principal transacting with the online casino customers (and not SkyCity). Revenue is
reported net of costs payable to GiG under contractual arrangements agreed with GiG.
Non-gaming revenues include revenues arising from hotels and conventions, food and beverage, the
Sky Tower, car parking and other sources. These revenues are recognised when the associated goods or
services have been provided.
TOTAL REVENUE
NON-CURRENT ASSETS
EXCLUDING FINANCIAL
INSTRUMENTS AND
DEFERRED TAX ASSETS
2024
$'000
2023
$'000
2024
$'000
2023
$'000
New Zealand694,270682,8501,429,2332,019,291
Australia237,513250,3801,109,714488,257
931,783933,2302,538,9472,507,548
129128
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024

RECONCILIATION TO THE SEGMENT NOTENOTES
2024
$'000
2023
$'000
Total revenue5861,037855,785
Other income621,4227,449
Share of profit from associate1581,064
NZICC fire income745,92661,882
Total income as per Income Statement928,543926,180
Gaming rebates3,2407,050
Total income as per segment note931,783933,230
The Group provides complimentary hotel accommodation, food and beverage and other goods and services
to certain groups of customers. As the goods and services offered under these arrangements are tailored
to meet the needs of individual customers, it is not practical to allocate total revenue received to all of the
goods and services provided. Consequently, this revenue is all recognised as gaming revenue. The retail
value of complimentary items provided in the current year was $23.2 million (2023: $21.4 million).
6.
Other Income
2024
$'000
2023
$'000
Gain on disposal of property, plant and equipment124108
Dividend income75
Rental income from investment properties3,8662,153
Government grants475560
Other insurance income2,4804,623
Gain on sale of shares in associate9,633–
Gain on termination of Car Park Concession Agreement4,837–
Total other income21,4227,449
GOVERNMENT GRANTS
The New Zealand Government provides wage
subsidies to assist people into employment. SkyCity
received $0.5 million in subsidies for the current
financial year under those schemes (2023: $0.4
million). In the prior year the Group also received
$0.1 million in wage subsidies from the New
Zealand Government COVID-19 scheme.
OTHER INSURANCE INCOME
In the current year, $2.5 million of other income
has been recognised in relation to business
interruption insurance to cover costs incurred as
a result of the fire at the NZICC in October 2019.
In the prior year, other insurance income was
recognised in relation to the insurer's partial
payment of the Group's claim in relation to
payments made to compensate MPF Parking NZ
Limited (Macquarie) for car parks that were
not available to it under a concession agreement
signed in April 2019, pursuant to which Macquarie
was granted a long term concession until 2048
over the SkyCity Auckland car parks located at
both the SkyCity Auckland main site and the
NZICC construction site in return for consideration
of $220.0 million (plus GST) (Car Park Concession
Agreement).
2024
$'000
2023
$'000
Contract works insurance recovery
(remediation and pre-remediation costs)
45,92661,882
Total income45,92661,882
7.
NZICC Fire
On 22 October 2019, there was a significant fire at the NZICC construction site which caused extensive
damage to the NZICC and also damaged the Horizon Hotel, which was being constructed on the adjacent
site. Both the NZICC and Horizon Hotel projects were insured under a contract works insurance policy at
the time of the fire.
In June 2024, the insurers, The Fletcher Construction Company Limited (FCC or the Contractor) and
SkyCity reached a full and final settlement of all remaining contract works insurance claims relating
to the NZICC and Horizon Hotel projects with the final proceeds received from the insurers in the year
ended 30 June 2024.
(a) Income
CONTRACT WORKS INSURANCE RECOVERY
The Group has previously recognised an insurance receivable for the associated costs assessed as
virtually certain under the contract works insurance policy. These have been adjusted for the final
settlement with a further $45.9 million recorded as income.
The majority of pre-remediation and remediation/reconstruction costs are expected to be incurred by the
Contractor. However, costs are also incurred by SkyCity. Where SkyCity's costs are not recoverable under
the Group’s insurance policies, recovery of these costs will be sought from the Contractor.
(b) Expenses
2024
$'000
2023
$'000
Add back of NZICC and Horizon Hotel capitalised
work-in-progress
–(52,752)
Reversal of release from deferred licence value liability–42,449
Site preparation, demolition and other costs34,01374,131
Abnormal delay costs18,377–
Total expenses52,39063,828
ADD BACK OF NZICC AND HORIZON HOTEL CAPITALISED
WORK-IN-PROGRESS
In the prior financial year, the final damage assessment was provided by Rider Levett Bucknall (RLB)
which resulted in a decrease of $52.8 million to the impairment expense recognised in relation to the fire.
DEFERRED LICENCE VALUE LIABILITY
The agreement between SkyCity and the Crown under which the NZICC is being built provides SkyCity
with casino licence enhancements in return for SkyCity building the NZICC. In 2016, SkyCity accounted
for the granting of the NZICC Auckland casino licence enhancements and recognised a deferred licence
value liability of $405.0 million. Based on the Group’s accounting policy, this amount was to be accounted
for as a reduction in the carrying value of the NZICC upon completion. Therefore, when derecognising
the parts of the building that were destroyed in the fire, there is also a requirement under the Group’s
accounting policy to release a portion of the deferred licence value liability. As a result of damage
estimates being finalised at 30 June 2023, no change has been recognised to the deferred licence value in
the current period (30 June 2023: increase of $42.4 million).
131130
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
FINANCIAL
STATEMENTS

2024
$'000
2023
$'000
Insurance recoveries for damages to the NZICC and
Horizon Hotel
–657,074
Payments received from the insurers–(664,601)
Payments reclassified as income in advance–19,140
Insurance recoveries for MDBI claim2,480–
Total current assets2,48011,613
SITE PREPARATION, DEMOLITION AND OTHER COSTS
As at 30 June 2024, the site preparation, demolition, and damage assessment costs have now been fully
settled by the insurers.
ABNORMAL DELAY COSTS
The Group has identified $18.4 million of additional costs incurred during the current year in relation
to the NZICC and Horizon Hotel projects. In the Group's view, these costs have only been incurred due to
abnormal delays in the completion of the projects, and would not have been incurred if the projects had
been completed within a reasonable time frame. These additional costs have been expensed during the
current year, and will be excluded from the final attributable cost of the NZICC and Horizon Hotel assets.
(c) Current Assets
As at 30 June 2024, due to confirmation from the insurers that the claim had been approved, $2.5 million
had been recognised as a receivable from SkyCity's business interruption insurance to cover costs
incurred as a result of the fire in October 2019.
8.
Expenses
2024
$'000
2023
$'000
Other Expenses
Utilities, insurance and rates30,86731,515
Onerous contract expense (relating to the Wharf Casino lease)1,264
Other property expenses19,51618,262
ICT related expenses21,72919,746
Professional fees20,29118,279
Reinstatement of lease income in advance–13,734
Other items29,07332,529
Expenses relating to short term leases807554
Impairment of receivables1265
Total other expenses123,548
134,884
Depreciation and Amortisation (excluding right-of-use assets)
Depreciation (note 23)73,84671,034
Casino licence amortisation (Adelaide) (note 24)1,7212,712
Computer software amortisation (note 24)9,90810,490
Gaming machine entitlements amortisation (note 24)126127
Total depreciation and amortisation85,60184,363
Impairment
Impairment of property, plant and equipment (note 23)53,1681,194
Impairment of intangible assets (note 24)17,96349,662
Impairment of right-of-use assets (note 11)23,195–
Total impairments94,32650,856
AUDITOR'S FEES
During the year, the fees outlined in the table below were
incurred for services provided by the Company's auditor and
its related practices.
The Group engages PricewaterhouseCoopers (PwC) on
assignments additional to its statutory audit duties where
PwC's expertise and experience with the Group are important
and auditor independence is not impaired. For other work,
the Group's External Auditor Independence Policy requires
advisers other than PwC to be engaged wherever practicable.
PwC is engaged to provide tax compliance services, which
relate to ad-hoc queries covering a range of tax-related
matters, and services in relation to executive remuneration
benchmarking.
During the financial year, PwC also undertook:
• agreed-upon procedures in relation to the Group's
allocation of revenue from the SkyCity Community
Trusts, assessment of the underlying results disclosed in
the annual report, verification procedures in relation to
share-based payments, and procedures in relation to the
vote count at the annual meeting;
• other assurance, agreed-upon procedure engagements
and specified reporting in relation to compliance with
banking and debt covenants; and
• other assurance services in relation to preliminary gap
analysis in relation to climate reporting requirements.
133132
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
FINANCIAL
STATEMENTS

2024
$'000
2023
$'000
Audit and review of financial statements
PwC New Zealand1,3301,264
PwC Hong Kong3331
PwC Malta6965
Total remuneration for audit services1,4321,360
Performed by PwC New Zealand
Specified reporting to retail bond supervisor99
Agreed-upon procedures6864
Total remuneration for assurance related services7773
1,5091,433
(a) Assurance and Agreed-upon Procedure Services
2024
$'000
2023
$'000
Performed by PwC New Zealand
Services in relation to executive remuneration
benchmarking
7557
Preliminary gap analysis in relation to climate reporting
requirements
50–
Performed by PwC Australia
Tax compliance services4658
Total remuneration for other services171115
1,6801,548
(b) Other Services
9.
Earnings per Share
ACCOUNTING POLICY
(i) Basic Earnings per Share
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company
by the weighted average number of ordinary shares outstanding during the financial year, adjusted for
bonus elements in ordinary shares issued during the year.
(ii) Diluted Earnings per Share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to
take into account the after income tax effect of interest and other financing costs associated with dilutive
potential ordinary shares, and the weighted average number of shares assumed to have been issued for
no consideration in relation to dilutive potential ordinary shares.
There are no dilutive potential ordinary shares and therefore basic and diluted earnings per share are
the same.
EARNINGS PER SHARE
2024
$'000
2023
$'000
Weighted average number of ordinary shares used as the
denominator in calculating basic and diluted earnings per
share
758,733,593758,117,231
(Loss)/profit from continuing operations attributable to the
ordinary equity holders of the company used in calculating
basic and diluted earnings per share ($'000)
(143,348)7,975
Basic and diluted earnings (cents) per share(18.9)1.1
10.
Dividends
ACCOUNTING POLICY
Dividends are recognised when declared.
11.
Leases
ACCOUNTING POLICY
Assets and liabilities arising from a lease are
initially measured on a present value basis. Lease
liabilities include the net present value of the
following lease payments:
• fixed payments (including in-substance
fixed payments), less any lease incentives
receivable;
• variable lease payments that are based on an
index or a rate; and
• payments to be made under reasonably
certain extension options.
The lease payments are discounted using the
interest rate implicit in the lease. If, as is generally
the case, that rate cannot be readily determined,
the Group's incremental borrowing rate is used,
being the rate that the Group would have to
pay to borrow the funds necessary to obtain an
asset of similar value to the right-of-use asset in
a similar economic environment with similar
terms, security and conditions. The incremental
borrowing rate is calculated as follows:
• where possible, using recent third party
financing received by the individual lessee as
a starting point, adjusted to reflect changes
in financing conditions since the third party
financing was received;
• using a build-up approach that starts with a
risk free interest rate adjusted for credit risk;
and
• making adjustments specific to the lease (e.g.
term, country, currency and security).
DIVIDENDS PAIDCENTS PER SHARE$'000
2022 final––
2023 interim6.045,533
30 June 20236.045,533
2023 final6.045,541
2024 interim5.2539,841
30 June 202411.2585,382
During the current year, supplementary dividends of $8.8 million were paid on shares held by non-resident
shareholders, for which the Group received an equivalent foreign investor tax credit entitlement. The
foreign investor tax credit entitlement is included in income taxes paid within the Statement of Cash Flows.
The Board has not declared a final dividend in respect of the financial year ended 30 June 2024.
The weighted average incremental borrowing
rate for the Group's leases is 5.3% (2023: 5.3%),
with rates ranging from 3.3% to 6.0%.
Right-of-use assets are measured at cost
comprising the following:
• the amount of the initial measurement of
the lease liability;
• any lease payments made at or before the
commencement date;
• any initial direct costs; and
• restoration costs.
Subsequent to initial recognition:
• lease liabilities increase as a result of
interest charged at a constant rate on the
balance outstanding and are reduced for
lease payments made; and
• right-of-use assets are amortised on a
straight-line basis over the remaining term
of the lease (or over the remaining economic
life of the asset if, rarely, this is judged to be
shorter than the lease term).
A small number of short term leases have
not been included in the calculation of lease
liabilities or right-of-use assets.
Payments made in relation to these leases are
recognised on a straight-line basis over the
lease term.
135134
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024

LEASE ARRANGEMENTS
The Group has a small number of long term leases. Lease terms are negotiated on an individual basis
and contain a wide range of different terms and conditions. The lease agreements do not impose any
covenants other than the security interests in the leased assets that are held by the lessor. Leased assets
may not be used as security for borrowing purposes.
Extension and termination options are included in a number of leases across the Group. These are used
to maximise operational flexibility in terms of managing the assets used in the Group’s operations. The
majority of extension and termination options held are exercisable only by the Group and not by the
respective lessor.
The Balance Sheet shows the following amounts relating to leases:
2024
$'000
2023
$'000
Right-of-use assets net book value
SkyCity Auckland - Subsoil4,1263,085
SkyCity Auckland - Airbridges3,0583,020
SkyCity Queenstown - Stratton House9861,750
SkyCity Adelaide - Railway Building and Extension48,68758,381
SkyCity Adelaide - Car Park41,72256,302
Total right-of-use assets98,579122,538
Lease liabilities
Current3,2853,045
Non-current118,147116,840
Total lease liabilities121,432119,885
2024
$'000
2023
$'000
Depreciation of right-of-use assets6,4206,309
Impairment of right-of-use assets23,195–
Interest expense on lease liabilities
(part of net finance costs)
6,5236,378
2024
$'000
2023
$'000
Finance costs47,73936,881
Foreign exchange gains(241)(291)
Interest income(6,251)(6,165)
Capitalised interest (note 23)(25,251)(6,933)
Total net finance costs15,99623,492
The Income Statement shows the following amounts relating to leases:
12.
Net Finance Costs
2024
$'000
2023
$'000
Unsecured Interest Bearing Liabilities
USPP notes195,924353,812
New Zealand bonds175,000175,000
Deferred funding expenses(2,543)(3,146)
Total non-current interest bearing liabilities368,381525,666
13.
Non-current Liabilities - Interest Bearing Liabilities
ACCOUNTING POLICY
Interest bearing liabilities are initially recognised at fair value, net of transaction costs incurred. They
are subsequently carried at amortised cost and any difference between the proceeds (net of transaction
costs) and the redemption value is recognised in the Income Statement over the period of the borrowings
using the effective interest method. However, the interest margin on US dollar denominated USPP notes
maturing in March 2025 and February 2030 are accounted for as a fair value hedge and the carrying
value of the borrowings is adjusted for fair value changes attributable to the risk being hedged.
Borrowings are only classified as non-current liabilities if the Group has an unconditional right to defer
settlement of the liability for at least 12 months after the reporting date.
(a) USPP Notes
As at 30 June 2024, SkyCity had outstanding USPP debt of:
• US$100.0 million maturing on 17 March 2025;
• A$65.4 million maturing on 15 March 2028; and
• US$75.0 million maturing on 28 February 2030.
Subsequent to balance date, in August 2024, SkyCity entered into agreements with USPP investors to issue
US$150.0 million of USPP notes that will mature on 15 September 2031. These notes will be drawn on 15
September 2024 and the proceeds used to repay US$100.0 million of USPP notes due for repayment on 17
March 2025. Following that transaction SkyCity will have outstanding USPP debt of:
• A$65.4 million maturing on 15 March 2028;
• US$75.0 million maturing on 28 February 2030; and
• US$150.0 million maturing on 15 September 2031.
Movements in the carrying value of the outstanding balance in the current year relate to movements in
exchange rates and interest rates.
The US dollar USPP notes have been hedged to NZ dollars by way of cross currency interest rate swaps
to eliminate foreign exchange exposure to the US dollar. The offsetting changes in the value of the cross
currency interest rate swaps are included within derivative financial instruments (note 32).
The fair value of USPP debt is estimated at NZ$371.9 million (2023: NZ$375.5 million) compared to a
carrying value of NZ$357.0 million (2023: NZ$353.8 million). Fair value has been calculated based on the
present value of future principal and interest cash flows, using market interest rates and credit margins
at balance date. This is a level 2 valuation in the fair value hierarchy.
All financial covenants were met at 30 June 2024.
137136
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
FINANCIAL
STATEMENTS

(b) Syndicated Bank Facility
The Group has an unsecured syndicated banking facility that is provided by ANZ (New Zealand and
Australia), Commonwealth Bank of Australia, Bank of New Zealand, National Australia Bank and Westpac
(New Zealand and Australia).
As at 30 June 2024, SkyCity had in place revolving credit facilities totalling NZ$332.5 million of:
• NZ$175.0 million maturing on 15 June 2025 ($80.0 million drawn at the reporting date);
• NZ$20.0 million maturing on 15 July 2025 (undrawn at the reporting date);
• NZ$80.0 million maturing on 15 June 2026 (undrawn at the reporting date); and
• NZ$57.5 million maturing on 15 July 2027 (undrawn at the reporting date).
Subsequent to balance date, in August 2024, certain tranches totalling NZ$275.0 million of the syndicated
bank facility were extended as follows:
• NZ$175.0 million maturing on 15 June 2025 was extended and/or replaced;
• NZ$20.0 million maturing on 15 July 2025 was extended and/or replaced; and
• NZ$80.0 million maturing on 15 June 2026 was extended and/or replaced.
Following this extension, SkyCity had in place revolving credit facilities totalling NZ$275.0 million of:
• NZ$57.5 million maturing on 15 July 2027;
• NZ$80.0 million maturing on 15 September 2027; and
• NZ$137.5 million maturing on 15 September 2028.
(c) New Zealand Bonds
$175.0 million of six-year unsubordinated, unsecured redeemable fixed rate bonds were issued on 21
May 2021.
The bonds are quoted on the NZDX. As at 30 June 2024, the closing price was $0.89546 (2023: $0.86705)
per $1 bond. The bonds are carried at amortised cost. The total fair value of the bonds is $156.7 million
(2023: $151.7 million) which is a level 1 valuation in the fair value hierarchy as they are listed securities.
(d) Negative Pledge Deeds
A negative pledge deed has been executed in relation to each of the funding facilities - bank facilities,
USPP notes and New Zealand bonds. In each deed, there are requirements for minimum guaranteeing
group participation and financial covenants. All requirements of the negative pledge deeds have been
met as at 30 June 2024.
(e) Weighted Average Interest Rate
2024
%
2024
$'000
2023
%
2023
$'000
Interest bearing liabilities5.59%733,4725.31%694,511
CASH AND
BANK
BALANCES
$'000
BORROWINGS
DUE WITHIN
1 YEAR
$'000
BORROWINGS
DUE AFTER 1
YEAR
$'000
TOTAL
$'000
Net debt as at 1 July 2022(48,698)81,576568,901601,779
Movement in cash and cash equivalents(196,315)––(196,315)
Movement in car park concession liability–45,814(49,195)(3,381)
Revaluation of USPP notes––(5,058)(5,058)
Movement in USPP notes––128,999128,999
Amortisation of deferred funding expenses––(451)(451)
Net movement in bank drawings–(78,000)–(78,000)
Movement in lease liabilities–(531)(690)(1,221)
Net debt as at 30 June 2023(245,013)48,859642,506446,352
Movement in cash and cash equivalents184,477––184,477
Movement in car park concession liability–(45,814)–(45,814)
Revaluation of USPP notes–5,004(1,773)3,231
Movement in USPP notes–156,112(156,112)–
Amortisation of deferred funding expenses––599599
Net movement in bank drawings–80,000–80,000
Movement in lease liabilities–2411,3071,548
Net debt as at 30 June 2024(60,536)244,402486,527670,393
14.
Current Liabilities - Interest Bearing Liabilities
ACCOUNTING POLICY
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer
settlement of the liability for at least 12 months from the reporting date.
15.
Net Debt Reconciliation
2024
$'000
2023
$'000
Unsecured Interest Bearing Liabilities
Syndicated bank facility80,000–
USPP notes161,116–
Car park concession (main site nested car
parks)
–45,814
Total current interest bearing borrowings241,11645,814
Subsequent to balance date, following the extension of syndicated bank facility and USPP notes, the
$241.1 million of current interest bearing liabilities has been reclassified to non-current liabilities.
Refer note 13(a) for details concerning the USPP notes and 13(b) for details concerning the syndicated
bank facility.
The weighted average debt interest rate includes lease liabilities and the impact of interest rate and
foreign currency hedging.
139138
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
FINANCIAL
STATEMENTS

(b) Investment Properties held at 30 June 2024
Investment properties were revalued to fair value on 30 June 2023 and 30 June 2024 by CBRE Ltd (CBRE),
a registered valuer and member of the New Zealand Institute of Valuers and the Property Institute of
New Zealand that has recent experience in the location and category of the property being valued.
At 30 June 2023, the fair value of these investment properties (excluding the NZICC car parks) was $78.3
million. The significant assumptions used in the valuation were:
• capitalisation rate – range from 5.0% to 7.0%; and
• passing yield (calculated as net rent divided by fair value) – range from 2.74% to 6.77%.
At 30 June 2024, the fair value of these investment properties was $78.8 million. The significant
assumptions used in the valuation were:
• capitalisation rate – range from 5.38% to 7.50%; and
• passing yield (calculated as net rent divided by fair value) – range from 2.02% to 7.52%.
The 30 June 2023 and 30 June 2024 valuations are sensitive to movements in estimated capitalisation rate
and passing yield. If the assumed capitalisation rate is increased or the passing yield is decreased, the fair
value would decrease.
17.
Deferred Licence Value
2024
TOTAL
$'000
Opening balance at 1 July262,444
Adjustment to property, plant and equipment re NZICC car parks (note 23)(16,036)
Closing balance at 30 June246,408
2023
TOTAL
$'000
Opening balance 1 July219,996
Impact of NZICC fire (note 7)42,448
Closing balance at 30 June262,444
SKYCITY AUCKLAND
In 2016, SkyCity’s accounting for the granting of the NZICC Auckland casino licence enhancements
resulted in the recognition of a deferred licence value liability of $405.0 million. Based on the Group’s
accounting policy, this amount was to be accounted for as a reduction in the carrying value of the NZICC
upon completion. Following the NZICC fire in October 2019, the damaged portion of the NZICC was
disposed of for financial reporting purposes. As a result of this disposal, $160.8 million of the deferred
licence value was released to the Income Statement in the years ended 30 June 2020 to 30 June 2022.
In the prior financial year, as a result of the final damage assessment prepared by RLB (note 7), $42.4
million of the above $160.8 million adjustment was reversed, taking the total adjustment to $118.3
million.
In the current year, as a result of NZICC car parks being in service, $16.0 million of the remaining balance
has been released against the assets (note 23).
18.
Income Tax Expense
ACCOUNTING POLICY
The income tax expense for the year is the tax payable on the current year’s taxable income, based on the
income tax rate for each jurisdiction. This is then adjusted by changes in deferred tax assets and liabilities
attributable to temporary differences between the tax bases of assets and liabilities and their carrying
amounts in the financial statements.
Deferred income tax is recognised, using the liability method, on temporary differences arising between
the tax bases of assets and liabilities and their carrying amounts in the financial statements. However,
deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred
income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction
other than a business combination that at the time of the transaction affects neither accounting nor
taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been
enacted or substantively enacted by the reporting date and are expected to apply when the related
deferred income tax asset is realised, or the deferred income tax liability is settled.
Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit
will be available against which the temporary differences can be utilised.
(a) Income Tax Expense
2024
$'000
2023
$'000
Current tax expense46,68454,232
Deferred tax expense/(benefit)126,804(10,472)
Total income tax expense173,48843,760
(a) Amounts Recognised in Profit or Loss for Investment Property
2024
$'000
2023
$'000
Opening balance at 1 July108,803119,720
Additions7,859220
Net loss from fair value adjustment(3,979)(12,252)
Transfer to property, plant and equipment - NZICC car
parks (note 23)
(30,483)1,115
Transfer to property, plant and equipment - 99 Albert Street
(note 23)
(3,400)–
Closing balance at 30 June78,800108,803
2024
$'000
2023
$'000
Rental income3,866 2,153
Direct operating expenses from property that generated
rental income
(2,465) 2,153
Net loss from fair value adjustment (3,979) (12,252)
Total recognised in profit or loss(2,578) (12,329)
16.
Investment Properties
ACCOUNTING POLICY
Investment property, principally comprising freehold office buildings and display space, is held for long
term rental yields.
Completed investment property is carried at fair value, which is based on active market prices, adjusted,
if necessary, for any difference in the nature, location or condition of the specific asset. If this information
is not available, the Group uses alternative valuation methods, such as recent prices in less active
markets, or discounted cash flow projections which are level 3 valuations in the fair value hierarchy.
Changes in fair value are recorded in the Income Statement.
Investment property under construction is carried at cost if its fair value is unable to be reliably
determined during construction but will be reliably determinable when construction is complete. In the
prior year the NZICC car parks were carried at cost on that basis, while in the current year they have
been transferred to property, plant and equipment following settlement of the Car Park Concession
Agreement (note 23).
141140
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
FINANCIAL
STATEMENTS

(b) Numerical Reconciliation of Income Tax Expense to Prima Facie
Tax Payable/(Receivable)
2024
$'000
2023
$'000
Profit from continuing operations before
income tax expense
30,14051,735
Prima facie income tax @ 28%8,43914,486
Tax effects of:
New Zealand tax law changes to
depreciation
129,599–
Auckland car park asset deferred
tax liability
19,373–
Non-deductible regulatory provision8,13014,703
Adelaide impairment adjustments7,09615,531
Australian tax group losses not recognised4,004–
Non-deductible miscellaneous expenses2,7933,093
Prior period adjustments2,1723
Non-deductible NZICC fire capital
receipts/expenses
1,810545
Controlled foreign company regime1,3422,806
Investment property fair value
adjustments
1662,285
Other11412
Non-deductible gain on Auckland car park
buy back
(1,390)–
Non-taxable gain on sale of associate
shares
(2,697)–
Items non-assessable for tax purposes(3,123)(4,723)
Difference in overseas tax rates(4,340)(4,981)
Total income tax expense173,48843,760
The weighted average applicable tax rate was 575.6% (2023: 84.6%). The weighted average tax rate has
been significantly impacted by:
• New Zealand tax law changes to depreciation;
• Auckland car park asset deferred tax liability;
• non-deductible regulatory penalties;
• Adelaide impairment adjustments;
• Australian Group tax losses not recognised;
• non-taxable sale of shares; and
• NZICC fire capital receipts/expenses.
Excluding these items, the weighted average tax rate would have been 27.4% (2023: 27.4%).
19.
Deferred Tax Assets
2024
$'000
2023
$'000
The balance comprises temporary differences
attributable to:
Provisions and accruals9,9286,299
Depreciation3,561(12,785)
Foreign exchange variances364
Cash flow hedges–80
Lease liability33,86033,425
Right-of-use assets(25,524)(32,164)
Tax losses30,48930,606
Net deferred tax assets52,35025,465
Movements:
Balance at beginning of the year25,46519,372
Foreign exchange differences127(321)
Charged to the Income Statement (note 18)26,7586,414
Closing balance at 30 June52,35025,465
Deferred tax assets relate to the Australian and other foreign operations (excluding Malta).
The Group has recognised a deferred tax asset of $52.3 million (A$47.8 million) in relation to tax losses
and other deductible timing differences. A deferred tax asset has been recognised on tax losses of
$102.5 million (A$93.7 million) (2023: $102.0 million, A$93.7 million) in relation to Australia. The Group
has a further $13.3 million (A$12.2 million) of tax losses which are not recognised as deferred tax assets
because it has been assessed that it is not probable that future taxable profits will be available against
which the Group can utilise the tax losses. The tax losses have predominantly arisen as a result of the
COVID-19 pandemic impacting SkyCity Adelaide’s operations and South Australian tourism, with the
expanded SkyCity Adelaide property largely not able to operate at full capacity for the majority of time
since opening in December 2020. In addition, accelerated tax depreciation on the Adelaide property
expansion and expenditure incurred in relation to ongoing SkyCity Adelaide regulatory reviews have
also contributed to the tax loss position.
The Group's forecasts, including consideration of key sensitivities, indicate that the Adelaide business
will generate future taxable income. On this basis, the Group has considered it is probable that sufficient
future taxable income will be generated to utilise the tax losses recognised.
It is possible to carry forward Australian tax losses indefinitely, subject to ownership and same business
tests, and these losses do not have an expiry date.
The Group reviews future loss utilisation at each reporting date.
143142
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
FINANCIAL
STATEMENTS

20.
Deferred Tax Liabilities
2024
$'000
2023
$'000
The balance comprises temporary differences
attributable to:
Provisions and accruals(8,175)(7,633)
Depreciation218,20864,166
Lease liabilities(2,398)(2,371)
Right-of-use assets2,2882,199
Cash flow hedges(1,105)(2,182)
Asset revaluation reserve1,9211,921
Net deferred tax liabilities210,73956,100
Movements:
Balance at beginning of the year56,10060,591
Charged to the Income Statement (note 18)153,562(4,059)
Tax debited/(credited) directly to other comprehensive
income (note 31)
1,077(432)
Closing balance at 30 June210,73956,100
Deferred tax liabilities relate to the New Zealand and Malta operations.
On 28 March 2024, the New Zealand Government enacted changes to tax legislation which removed the
ability to depreciate buildings with a life over 50 years for tax purposes. For the Group the application of
this taxation change under NZ IAS 12 Income Taxes results in an increase to the deferred taxation liability
of $129.6 million and a corresponding one-off increase to tax expense of $129.6 million as the tax base
of New Zealand buildings has reduced to nil. The deferred taxation liability adjustment relates to New
Zealand buildings except for certain investment properties and also impacts building structure assets that
are classified as construction work-in-progress, including the Group’s NZICC and Horizon Hotel projects.
As these projects were yet to be completed at 30 June 2024, there is significant judgement involved in
estimating the value of the building structure assets for these projects. Due to the judgement involved, the
final impact may differ materially from the amount included in these financial statements.
21.
Imputation and Franking Credits
2024
$'000
2023
$'000
Balances available for use in subsequent
reporting periods
Imputation credit account (New Zealand)85,07971,487
Franking credit account (Australia) (A$)13,95113,951
As required by the Income Tax Act 2007, the imputation credit account had a credit balance as at
31 March 2024.
22.
Lease Income in Advance
23.
Property, Plant and Equipment
2024
$'000
2023
$'000
Lease income in advance–39,815
Total lease income in advance–39,815
Buildings and fit out 5-75 years
Plant, equipment and motor vehicles2-75 years
Fixtures and fittings3-20 years
In the prior year, the 624 further NZICC car parks that were to have been delivered to Macquarie as part
of the Car Park Concession Agreement were accounted for as an operating lease, with the underlying
car parks classified as investment property and the payment received from Macquarie in relation to
those car parks (determined by allocating the amount paid by Macquarie under the Car Park Concession
Agreement between the various car parks that Macquarie was granted a concession to, based on their
respective fair values) recognised as lease income in advance. Macquarie served a notice of termination
in relation to the Car Park Concession Agreement and, as payment for termination of the Car Park
Concession Agreement was expected in the next 12 months, lease income in advance was classified as a
current liability.
In the current year, the Car Park Concession Agreement was terminated on 31 January 2024 and the
liability was settled.
ACCOUNTING POLICY
Property, plant and equipment are stated at historical cost less accumulated depreciation and
accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the
acquisition of the items. Cost may also include transfers from equity of any gains/losses on qualifying
cash flow hedges of foreign currency purchases of property, plant and equipment.
Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to
allocate their cost, net of their residual values, over their estimated useful lives, as below:
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date.
145144
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
FINANCIAL
STATEMENTS

AS AT 1 JULY 2022
LAND
$'000
BUILDINGS
AND FITOUT
$'000
PLANT, EQUIPMENT
AND MOTOR
VEHICLES
$'000
FIXTURES AND
FITTINGS
$'000
CAPITAL WORK
IN PROGRESS
$'000
TOTAL
$'000
Cost167,752996,587402,639146,724493,6592,207,361
Accumulated depreciation and
impairment
–(368,166)(294,505)(102,010)–(764,681)
Net book amount167,752628,421108,13444,714493,6591,442,680
Year ended 30 June 2023
Opening net book amount167,752628,421108,13444,714493,6591,442,680
Exchange differences–(3,850)(694)(374)(366)(5,284)
Net additions/transfers/disposals–6,03923,6501,341209,090240,120
Transfer to NZICC obligation––––(19,699)(19,699)
(Impairment)/reversal of impairment
(note 8)
(2,250)1,056–––(1,194)
Transfer to investment properties
- NZICC car parks (note 16)
––––(1,115)(1,115)
Transfer from assets held for
sale (note 28)
14,100–––1,15015,250
NZICC fire adjustment (note 7)––––52,75252,752
Depreciation charge–(28,704)(33,317)(9,013)–(71,034)
Closing net book amount179,602602,96297,77336,668735,4711,652,476
At 30 June 2023
Cost179,602999,241420,326147,236735,4712,481,876
Accumulated depreciation and
impairment
–(396,279)(322,553)(110,568)–(829,400)
Net book amount179,602602,96297,77336,668735,4711,652,476
Year ended 30 June 2024
Opening net book amount179,602602,96297,77336,668735,4711,652,476
Exchange differences–90810628121,054
Net additions/transfers/disposals1,14613,63626,8653,14638,77183,564
Transfer from investment properties -
NZICC car parks (note 16)
–30,483–––30,483
Car park asset additions–186,6121,480–13,942202,034
Release from deferred licence (note 17)–(16,036)–––(16,036)
Transfer from investment properties
99 Albert Street (note 16)
1,9281,31611244–3,400
Impairment charge (note 8)–(43,913)(6,215)(3,040)–(53,168)
Transfer to assets held for sale
(note 28)
(13,000)––––(13,000)
Depreciation charge–(32,225)(33,183)(8,438)–(73,846)
Closing net book amount169,676743,74386,93828,408788,1961,816,961
At 30 June 2024
Cost169,6761,197,072376,109139,047788,1962,670,100
Accumulated depreciation and
impairment
–(453,329)(289,171)(110,639)–(853,139)
Net book amount169,676743,74386,93828,408788,1961,816,961
(a) Capitalised Borrowing Costs
Borrowing costs of $25.3 million have been
capitalised in the current year relating to capital
projects (2023: $6.9 million) using the Group's
weighted average cost of debt of 5.59% across the
year (2023: 5.31%).
(b) Queenstown Land
At 30 June 2023, the Queenstown land was
reclassified to property, plant and equipment
from assets held for sale (note 28), as a sale was no
longer expected within the next year. In May 2024,
a sale and purchase agreement was entered into
and the land has been reclassified from property,
plant and equipment to held for sale at 30 June
2024.
(c) Capitalisation of Auckland
Car Parks
In the current year as a result of the termination of
the Car Park Concession Agreement on 31 January
2024, car parks in the Auckland main site and
those in service in the NZICC, have been capitalised
to property, plant and equipment.
As a result of capitalising the in service NZICC car
parks, a release of the deferred licence value ($16.0
million) has been made against these assets (note
17).
As the NZICC is still a construction site, and the
information required to accurately assess the car
park asset values will not be received from FCC
until following practical completion, significant
judgment is required to estimate the asset value
and asset classification. The estimates were based
on the building works contract and the cost of
remediation post the fire in October 2019, at the
NZICC construction site. The most significant risk
to the judgments and estimates used, relate to
the final allocation of costs once construction is
complete. These judgements and estimates will
continue to be reviewed as new information
becomes available and as a result may change
materially.
(d) Encumbrances
A memorandum of encumbrance is registered
against the certificate of title for the Auckland
casino in favour of Auckland Council. Auckland
Council requires prior written consent before any
transfer, assignment or disposition of the land. The
intent of the covenant is to protect the Council's
rights under the resource consent, relating to the
provision of the bus terminus, public car park and
public footpaths around the complex.
A further encumbrance records the Council's
interest in relation to the subsoil areas under
Federal and Hobson Streets used by SkyCity as car
parking and a vehicle tunnel. The encumbrance is
to notify any transferee of the Council's interest as
lessor of the subsoil areas.
There are four encumbrances relating to the NZICC
site land. One encumbrance protects the rights
of the Crown under the agreement between the
Crown and the Group for the construction of the
NZICC (NZICC Agreement), two relate to firewalls
between buildings that have now been demolished
and the final encumbrance protects the
underground vehicle entrance to the car park on
the main Auckland casino site. The NZICC site land
is also subject to a covenant in favour of the Crown
which restricts the subdivision and use of the site
to that permitted under the NZICC Agreement.
24.
Intangible Assets
ACCOUNTING POLICY
(i) Goodwill
Goodwill represents the excess of the cost of an
acquisition over the fair value of the Group’s
share of the net identifiable assets of the acquired
business at the date of acquisition. Goodwill is
included in intangible assets. Goodwill is not
amortised but is instead tested for impairment
annually (or more frequently if events or changes
in circumstances indicate that it might be
impaired) and is carried at cost less accumulated
impairment losses.
(ii) Acquired Software
Acquired computer software (other than
that licensed under a software as a service
arrangement) is capitalised at cost (which includes
acquisition cost and any costs incurred in bringing
the software into use). Subsequent to initial
recognition, it is carried at cost less accumulated
amortisation and accumulated impairment losses.
Amortisation is calculated on a straight-line basis
over the useful life, which ranges from three to 15
years.
(iii) Gaming Machine Entitlements
Gaming machine entitlements (GMEs) are
required to operate gaming machines in South
Australia. Each GME gives the licensee the right to
own and operate a single gaming machine at the
licensee’s venue.
The number of GMEs held by a licensee cannot
exceed the maximum number of gaming machines
which have been approved for the venue. SkyCity
Adelaide currently owns 1,080 GMEs and is
licensed to hold a maximum of 1,500.
GMEs can be purchased or sold during trading
rounds by an eligible person via the South
Australian Government’s approved trading system.
Trading rounds are usually held at least twice
a year at the discretion of the South Australian
Liquor and Gambling Commissioner. The trading
price of a GME is determined by a number of
factors, including the number of sellers and buyers
and the minimum and maximum prices offered.
SkyCity Adelaide’s GMEs are carried at cost less
accumulated amortisation and impairment losses.
They are amortised over the term of the exclusivity
period (which is the period over which SkyCity
Adelaide is exclusively permitted to provide casino
gaming, except for interactive gaming, in South
Australia), which is to 30 June 2035.
147146
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
FINANCIAL
STATEMENTS

(iv) Casino Licences and Regulatory Reforms
The Group's casino licences that have:
• a finite useful life are carried at cost less accumulated amortisation and accumulated impairment
losses. Amortisation is charged to profit or loss on a straight-line basis over the legal licence term;
and
• an indefinite useful life are carried at cost less accumulated impairment losses.
Determining whether a casino licence has a finite or indefinite useful life is a key judgement and involves
assessment of the terms and conditions, and in particular the renewal terms, of the relevant licence.
Regulatory reforms granted by a government that are specific to the Group are accounted for as
intangible assets arising from a government grant and included within the value of casino licences. The
reforms are initially recognised at their fair value when there is reasonable assurance that the reforms
will be received, and the Group will comply with all conditions attached to them.
Where a regulatory reform is related to property, plant and equipment, once constructed the carrying
value of that property, plant and equipment is reduced by the value of the regulatory reforms. Prior to
completion of the related property, plant and equipment, the value of the regulatory reforms is accounted
for as deferred licence value.
GOODWILL
$'000
CASINO
LICENCES
$'000
COMPUTER
SOFTWARE
$'000
GAMING MACHINE
ENTITLEMENTS
$'000
TOTAL
$'000
At 1 July 2022
Cost35,786785,310132,6561,879955,631
Accumulated amortisation
and impairment
–(238,423)(93,107)(204)(331,734)
Net book amount35,786546,88739,5491,675623,897
Movements in the Year
Ended 30 June 2023
Exchange differences–(2,322)(103)(27)(2,452)
Additions––8,099–8,099
Impairment charge–(49,662)––(49,662)
Amortisation charge–(2,712)(10,490)(127)(13,329)
Closing net book amount35,786492,19137,0551,521566,553
At 30 June 2023
Cost35,786779,055140,4501,848957,139
Accumulated amortisation
and impairment
–(286,864)(103,395)(327)(390,586)
Net book amount35,786492,19137,0551,521566,553
Movements in the Year
Ended 30 June 2024
Exchange differences–39846408
Additions––6,520–6,520
Car park asset additions––844–844
Impairment charge–(17,533)(144)(286)(17,963)
Amortisation charge–(1,721)(9,908)(126)(11,755)
Closing net book amount35,786473,33534,3711,115544,607
At 30 June 2024
Cost35,786780,836114,1871,857932,666
Accumulated amortisation
and impairment
–(307,501)(79,816)(742)(388,059)
Net book amount35,786473,33534,3711,115544,607
CASINO LICENCECONTRACT TERM
SkyCity Auckland
Casino
(indefinite useful life)
SkyCity Auckland Limited holds a casino premises licence for the
Auckland premises.
The initial licence was granted in 1996 for nil consideration, and
hence there was no associated initial carrying value.
Pursuant to the terms of the NZICC Agreement, the initial term of the
licence was extended to 30 June 2048.
The licence can be renewed for further periods of 15 years pursuant
to section 138 of the Gambling Act 2003 (NZ).
In addition to the licence extension, the casino premises licence was
amended to (a) permit the implementation of account-based cashless
gaming and ticket in ticket out (TITO) gaming systems; (b) permit
an increase in the number of gaming machines, gaming tables and
automated table games; and (c) implement various other operational
improvements. Under the NZICC Agreement, the Company has agreed
to construct the NZICC for a total cost of at least $430.0 million.
The reforms (a to c above) are exclusive to the Group and were
recorded at fair value based on the estimated incremental benefit
over the life of the reforms. The fair value was determined using a
discounted cash flow model falling within level 3 of the fair value
hierarchy over the life of the reforms.
The carrying amount of the casino licence is $405.0 million
(2023: $405.0 million).
SkyCity Adelaide
Casino
(finite useful life)
The casino and associated operations are carried out by SkyCity
Adelaide under a casino licence (the Approved Licensing Agreement
(ALA)) dated October 1999 (as amended). Unless terminated earlier,
the expiry date of the ALA is 30 June 2085. The term of the ALA can be
renewed for a further fixed term pursuant to section 9 of the Casino
Act 1997 (SA). The carrying value of the casino licence is amortised
over the life of the ALA.
The casino licence and associated regulatory reforms asset are
amortised over 20 years or 71 years depending on whether the
incremental benefit is associated with the exclusivity period (which
is to 30 June 2035 and is the period over which SkyCity Adelaide is
exclusively permitted to provide casino gaming, except for interactive
gaming, in South Australia) or the full licence period.
The carrying value of the casino licence is A$62.4 million, NZ$68.3
million (2023: A$80.1 million, NZ$87.2 million).
SkyCity Hamilton
Casino
(indefinite useful life)
SkyCity Hamilton Limited holds a casino premises licence for the
Hamilton premises. The casino premises licence is for an initial 25
year term from 19 September 2002. The licence can be renewed for
further periods of 15 years pursuant to section 138 of the Gambling
Act 2003 (NZ). As the licence was initially granted for nil consideration,
there is no associated carrying value.
SkyCity Queenstown
Casino
(indefinite useful life)
Queenstown Casinos Limited holds a casino premises licence for the
Queenstown premises. The casino premises licence is for an initial
25 year term from 7 December 2000. The licence can be renewed for
further periods of 15 years pursuant to section 138 of the Gambling
Act 2003 (NZ). As the licence was initially granted for nil consideration,
there is no associated carrying value.
149148
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
FINANCIAL
STATEMENTS

(a) Impairment Tests for Intangibles Assets with Indefinite Useful Lives
Goodwill and the casino licences of SkyCity Auckland and SkyCity Hamilton have indefinite useful lives
and consequently are tested annually for impairment.
2024
SKYCITY AUCKLAND
$'000
SKYCITY HAMILTON *
$'000
TOTAL
$'000
Goodwill–35,78635,786
Casino licence405,000–405,000
Total405,00035,786440,786
2023
Goodwill–35,78635,786
Casino licence405,000–405,000
Total405,00035,786440,786
These intangible assets are tested for impairment in the cash generating unit (CGU) to which they belong.
The recoverable amount of each CGU is determined on the basis of value in use. These calculations use
cash flow projections using updated five-year forecasts for each site. For all of these assets, the calculated
value in use significantly exceeds carrying value.
The entire Auckland precinct is treated as a single CGU due to the close and interconnected relationship
of the cash flows across all of SkyCity’s Auckland businesses.
* SkyCity Hamilton is included within the "Other NZ Operations" segment in note 4.
(b) Key Assumptions used for Value in Use Calculations of Cash
Generating Units
EBITDA MARGIN
TERMINAL
GROWTH RATE
PRE-TAX
DISCOUNT RATE
202420232024202320242023
SkyCity Auckland40.0%43.4%2.5%2.5%12.3%14.2%
SkyCity Hamilton44.3%47.0%2.5%2.5%12.3%14.2%
These assumptions are consistent with past experience adjusted for economic indicators. The discount
rates are pre-tax and reflect specific risks relating to the relevant CGU.
For each CGU, there is sufficient headroom between the value in use of the CGU and the carrying
value of the related CGU assets that significant changes in the assumptions used would not require an
impairment.
(c) Impairment Review of the
SkyCity Adelaide CGU
At each reporting period the Group undertakes
a fair value (less costs of disposal) assessment of
its Adelaide CGU to identify if any indicators of
impairment are identified and require adjustment.
Deloitte was engaged to undertake an indicative
enterprise valuation of the Adelaide CGU at 30 June
2024 with an approach consistent with previous
years, utilising SkyCity Adelaide’s ten-year outlook
that is premised on casino license ownership
continuity.
The most significant assumption change in SkyCity
Adelaide’s outlook from the previous valuation is
the introduction of mandatory carded play (MCP)
and other long play requirements for gaming
customers in early 2026. This assumption has a
significant level of uncertainty as it requires an
estimation of the potential impact on Customer
behaviour and Adelaide’s competitive positioning
in the South Australian market, to estimate
the financial implications for Adelaide’s future
revenue and cashflow generation.
Due to the significant uncertainty inherent in these
estimates, several sensitivities on the ten-year
outlook were undertaken and analysed for
consideration as part of impairment assessment,
including a range of 15%-20% impact on uncarded
revenue of introducing MCP.
The enterprise value prepared by Deloitte
indicated an asset impairment range of between
A$76.0 million (NZ$83.2 million) and A$118.0
million (NZ$129.2 million), premised on the
following financial settings:
• compound annual EBITDA growth rate from
2025 to 2034 of 6.0% (30 June 2023:
2024 to 2028 of 6.0%);
• terminal growth rate of 2.5 %
(30 June 2023 of 2.5%); and
• post-tax discount rate of 11.0%
(30 June 2023 of 12.0%).
SkyCity Entertainment Group Directors adopted
the ten-year outlook and an enterprise value for
SkyCity Adelaide that falls within the enterprise
value range as determined by Deloitte and after
considering key sensitivities over the more
significant uncertainties in the ten-year outlook
assumptions.
This has resulted in an impairment of the Adelaide
assets of A$86.2 million (NZ$94.3 million) at
30 June 2024, apportioned across Adelaide’s fixed
assets as follows:
• Property, Plant, and Equipment:
A$48.6 million (NZ$53.2 million);
• Intangible assets: A$16.4 million
(NZ$17.9 million); and
• Right-of-use assets: A$21.2 million
(NZ$23.2 million).
Deloitte has independently determined the
post-tax discount rate, which reflects their current
market assessment of the increased uncertainty
in the Australian casino industry, risks specific to
SkyCity Adelaide, time value of money and the
consideration of uncertainties that do form part of
the underlying future cashflow assumptions.
The indicative enterprise value is highly sensitive
to changes in its key assumptions and estimates.
The sensitivities below illustrate the range of
the potential impact of +/- changes against the
mid-point of the Deloitte enterprise value:
• a MCP impact assumption change of +/-
2.5% results in an approximate change in
enterprise value of A$11.0 million/NZ$12.0
million with all other factors remaining
unchanged;
• an EBITDA change of +/- 5.0% results in an
approximate change in enterprise value in
the range of A$15.0-$16.0 million/NZ$16.0-
$17.0 million (2023: A$20.0-$21.0 million/
NZ$23.0-$24.0 million);
• a terminal growth rate change of +/- 0.5%
results in an approximate change in
enterprise value in the range of A$7.0-
$8.0 million/NZ$8.0-$9.0 million
(2023: A$13.0-$14.0 million/NZ$14.0-$15.0
million); and
• a discount rate change of +/- 0.75% results
in an approximate change in enterprise
value in the range of A$18.0-$22.0 million/
NZ$20.0-$24.0 million (2023 at 0.5%:
A$15.0-$17.0 million/NZ$16.0-$18 million).
The Group will continue to complete annual
impairment reviews of the SkyCity Adelaide CGU.
Increases in the fair value less costs of disposal
could result in a partial reversal of impairment
recognised to date. Decreases in the fair value less
costs of disposal may result in the recognition of
an additional impairment charge.
151150
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
FINANCIAL
STATEMENTS

25.
Investments in Associates
An associate is an entity over which the Group is able to exert significant influence. Investments in
associates are equity accounted.
The Group previously held a 10.02% shareholding interest in GiG. This interest was sold on 28 June 2024
for $56.8 million, and as a result a gain on disposal of $9.6 million has been recognised in the current year
(note 6).
27.
Cash and Cash Equivalents
26.
Receivables and Prepayments
ACCOUNTING POLICY
Trade receivables are recognised initially at transaction value and subsequently measured at amortised
cost less impairment.
2024
$'000
2023
$'000
Shares in associates–43,200
2024
$'000
2023
$'000
Opening balance at 1 July43,20042,136
Share of total recognised revenues and
expenses
2,1571,064
Net proceeds from sale of associate(54,990)–
Gain on sale of associate9,633–
Closing balance at 30 June–43,200
2024
$'000
2023
$'000
Cash at bank18,998202,965
Cash in house41,53842,048
Total cash and cash equivalents60,536245,013
2024
$'000
2023
$'000
Trade payables20,84623,639
Deferred income18,21636,671
Accrued expenses116,40036,226
Employee benefits47,34651,686
NZICC obligation–10,788
Provisions14,4697,978
Regulatory provisions9,51949,009
Total payables and provisions226,796215,997
2024
$'000
2023
$'000
Land13,000–
Total assets held for sale13,000–
2024
$'000
2023
$'000
Net trade receivables
Trade receivables (gross)8,1438,867
Impairment(1,052)(876)
Trade receivables (net)7,0917,991
Other receivables60,8715,230
Prepayments18,91637,612
Total receivables and prepayments86,87850,833
For the 12-months ended 31 March 2024, GiG had:
• total revenue of €98.2 million (31 March 2023: €116.5 million); and
• total net profit after tax of €13.2 million (31 March 2023: €5.7 million).
As at 31 March 2024, GiG had:
• total current assets of €28.7 million (31 March 2023 restated: €17.7 million);
• total non-current assets of €109.0 million (31 March 2023 restated: €86.5 million):
• total current liabilities of €43.3 million (31 March 2023 restated: €12.1 million); and
• total non-current liabilities of €98.6 million (31 March 2023 restated: €80.2 million).
MOVEMENTS IN CARRYING AMOUNTS
Due to the short term nature of these receivables, and the fact that they are assessed for impairment, their
carrying value approximates fair value.
Included in other receivables is $56.8 million relating to the sale of the shares in GiG (note 25 and note 40).
28.
Assets Held for Sale
ACCOUNTING POLICY
Non-current assets are classified as assets held for sale when their carrying amount is to be recovered
principally through a sale transaction and a sale is considered highly probable. They are stated at the
lower of carrying amount and fair value less costs to sell.
Non-current assets are not depreciated or amortised while they are classified as held for sale.
At 30 June 2024, the Queenstown land was reclassified from property, plant and equipment (note 23), as a
sale and purchase agreement has been entered into and settlement is expected within the next year.
29.
Payables and Provisions
ACCOUNTING POLICY
Accounts payable are initially recognised at fair value, net of transaction costs, and thereafter carried at
amortised cost.
A provision is recognised when the Group has a present legal or constructive obligation as a result of past
events, it is probable that an outflow of resources will be required to settle the obligation, and the amount
can be reliably estimated. Provisions are measured at the present value of management’s best estimate of
the expenditure required to settle the present obligation at the end of the reporting period. The discount
rate used to determine the present value is a pre-tax rate that reflects current market assessments of the
time value of money and the risks specific to the liability.
The carrying amounts of trade and other payables approximates their fair value, due to their short term nature.
153152
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
FINANCIAL
STATEMENTS

PROVISIONS
Provisions are recognised in relation to a number
of matters, including a workers’ compensation
claim in Adelaide, the civil penalty proceedings
commenced by the Department of Internal Affairs
(Department or DIA) against SkyCity Casino
Management Limited (SCML) and the longstanding
contractual dispute between SkyCity Adelaide and
Revenue South Australia concerning the proper
interpretation of the Casino Duty Agreement
for the purpose of calculating casino duty at the
SkyCity Adelaide casino.
In the prior year, provisions were also recognised
in relation to the SkyCity Auckland car parks and
the onerous contract for the Queenstown Wharf
casino.
NZICC OBLIGATION
As at 30 June 2023, the Group had recognised a
provision to reconstruct the assets associated
with the initial 600 NZICC car parks that were
transferred to Macquarie under the Car Park
Concession Agreement but were subsequently
damaged in the NZICC fire in October 2019.
The assets associated with those car parks were
fully repaired and completed in the current year
and, accordingly, there is no provision recorded in
respect of them as at 30 June 2024.
The Car Park Concession Agreement was
terminated on 31 January 2024.
REGULATORY ACCRUAL
- AUSTRAC PROCEEDINGS
As detailed in the Group’s financial statements
for the year ended 30 June 2023, the Australian
Transaction Reports and Analysis Centre
(AUSTRAC) commenced civil penalty proceedings
in the Federal Court of Australia (Court) against
SkyCity Adelaide on 7 December 2022 for alleged
serious and systemic non compliance with the
Australian AML/CFT Act.
As at 30 June 2023, SkyCity had recognised a
provision of A$45.0 million (NZ$49.0 million) in
relation to the potential exposure to penalties and
legal costs associated with the proceedings. This
represented an estimate at the time of the potential
exposure to penalties and legal costs arising from
the proceedings having regard to a wide range
of factors relevant to the determination of any
penalty that may ultimately become payable
by SkyCity Adelaide and external legal advice
obtained by SkyCity and SkyCity Adelaide.
SkyCity subsequently increased the provision to
A$73.0 million (NZ$78.7 million) as at 31 December
2023 following discussions with AUSTRAC and a
case management hearing on 1 February 2024
where SkyCity Adelaide and AUSTRAC jointly
informed the Court that the parties had come to
an agreement in relation to the contraventions that
SkyCity Adelaide would admit in the proceedings
and the amount of a civil penalty they would
jointly propose as appropriate in the circumstances
subject to finalisation of a Statement of Agreed
Facts and Admissions.
On 17 May 2024, SkyCity Adelaide and AUSTRAC
filed a Statement of Agreed Facts and Admissions
with the Court outlining SkyCity Adelaide’s
admitted contraventions of the Australian
AML/CFT laws during the period from 7 December
2016 to 14 December 2022 and the parties’ proposal
that SkyCity Adelaide pay a pecuniary penalty of
A$67.0 million in relation to those contraventions.
On 7 June 2024, the Court approved the agreement
reached by SkyCity Adelaide and AUSTRAC.
The A$67.0 million (NZ$73.3 million) pecuniary
penalty was reclassified from regulatory penalty
provisions to accrued expenses at 30 June 2024, and
was paid by SkyCity Adelaide to the Commonwealth
of Australia on 4 July 2024 (note 40).
REGULATORY PROVISION
- DIA MATTERS
On 16 February 2024, the Department filed civil
penalty proceedings in the New Zealand High
Court against SCML for non compliance by SCML
with the New Zealand Anti Money Laundering
and Countering Financing of Terrorism Act 2009
(AML/CFT Act) following a review of SCML’s
compliance with the AML/CFT Act. The pleadings
set out five separate causes of action, being that
SCML did not meet its obligations relating to its
risk assessment, establishing, implementing and
maintaining an AML/CFT compliance programme,
monitoring accounts and transactions, conducting
enhanced customer due diligence, and terminating
existing business relationships. These alleged
failures relate to largely, although not exclusively,
historical matters and some matters relate to
incidents of non-compliance which have previously
been
self-reported to the Department.
SCML is a subsidiary of SkyCity and the holder
of the casino operator’s licence for the SkyCity
Auckland, SkyCity Hamilton and SkyCity
Queenstown casinos in New Zealand.
As at 31 December 2023, SkyCity had recognised
a provision for a potential civil penalty and
associated legal fees of $5.0 million in relation to
the proceedings. This represented at the time an
estimate of the potential exposure to penalties and
legal costs arising from the proceedings having
regard to a wide range of factors relevant to the
determination of any penalty that may ultimately
become payable by SCML and external legal advice
obtained by SkyCity.
On 21 May 2024, SkyCity announced that SCML
and the Department had reached an agreement to
resolve the proceedings. Under the agreement:
• SCML has admitted that it breached its
obligations under the AML/CFT Act to
undertake and review a fully-compliant
risk assessment, establish, implement,
and maintain a fully-compliant AML/CFT
compliance programme, adequately conduct
account monitoring, conduct compliant
enhanced customer due diligence, and
terminate business relationships when
required over the period from 2018 to 2023;
and
• SCML and the Department have agreed to
jointly recommend that the High Court impose
a civil pecuniary penalty of $4.16 million in
respect of SCML’s admitted breaches of the
AML/CFT Act.
The agreement remains subject to approval by the
High Court of New Zealand at a penalty hearing set
down for 5 September 2024.
In addition, as at 30 June 2024, the Group has
recognised a provision in relation to the estimated
financial impacts associated with the 5 day
closure of the gambling area of the SkyCity
Auckland casino.
CASINO DUTY PROVISION
SkyCity Adelaide has a longstanding contractual
dispute with Revenue South Australia concerning
the interpretation of the Casino Duty Agreement
(CDA) in relation to the treatment of loyalty
points converted to gaming machine play and the
deduction of loyalty points earned for the purpose
of calculating casino duty at the SkyCity Adelaide
casino.
The parties agreed to seek declaratory relief
from the South Australian Courts as to the
proper construction of the CDA to determine
the correct interpretation on both issues.
Consequently, on 9 September 2022, SkyCity
Adelaide filed a Statement of Claim in the Supreme
Court of South Australia seeking relief in the
nature of declarations relating to the dispute.
On 17 November 2022, the Crown Solicitor's
Office filed a cross claim which formulates
Revenue South Australia’s claim for the unpaid
duty and interest in the event that Revenue South
Australia’s position as to the interpretation of the
CDA is accepted.
The parties subsequently agreed that it would be
appropriate to refer certain questions of law to
the South Australian Court of Appeal and sought
the approval of the Supreme Court to reserve
those questions of law to the Court of Appeal.
The Supreme Court agreed to the parties’ request
given the complexity of the issues involved and
the likelihood of appeal from the Supreme Court.
The proceedings were heard in the Court of Appeal
on 13 October 2023 and the Court of Appeal’s
judgment was delivered on 22 February 2024, with
the Court of Appeal ruling:
• in favour of Revenue South Australia’s
interpretation of the CDA by finding that
credits on gaming machines arising from the
conversion of loyalty points, when played
by customers, are to be included in gaming
revenue for the purpose of calculating casino
duty at the SkyCity Adelaide casino, and that
loyalty points earned by customers for gaming
machine play may not be deducted from
gaming revenue; and
• in favour of SkyCity Adelaide's position on
the characterisation of the CDA, which leaves
it open for SkyCity Adelaide to argue that the
interest clause in the CDA is unenforceable as
a penalty.
On 21 March 2024, SkyCity Adelaide sought
special leave from the High Court of Australia
to appeal the Court of Appeal’s judgment on the
interpretation of the relevant provisions in the
CDA which determine the treatment of loyalty
points converted to gaming machine play for the
purpose of calculating casino duty at the SkyCity
Adelaide casino. Special leave was granted by the
High Court on 6 June 2024.
On 27 June 2024, the Crown Solicitor's Office filed
a cross claim seeking special leave from the High
Court to appeal the Court of Appeal’s judgment on
the interpretation of the interest clause in the CDA.
The proceedings remain in progress and there
are a range of potential outcomes arising from
these proceedings, including an unfavourable
ruling from the High Court that complimentary
bets on gaming machines arising from the
conversion of loyalty points should be included
in gaming revenue for the purpose of calculating
casino duty. Based on the potential outcomes,
the estimated range of additional casino duty
payable is from A$2.8 million to A$13.1 million and
the estimated range of penalty interest payable
is from nil to A$23.4 million as at 30 June 2024.
Following the Court of Appeal judgment on
22 February 2024, SkyCity has recognised a
provision of A$13.1 million (NZ$14.0 million)
in relation to the potential exposure to casino
duty payable. However, no provision has been
recognised in relation to the potential exposure
to penalty interest as there remain a range of
potential outcomes and no present obligation
exists (note 37).
155154
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
FINANCIAL
STATEMENTS

30.
Share Capital
32.
Derivative Financial
Instruments
ACCOUNTING POLICY
Derivatives are initially recognised at fair value
on the date a derivative contract is entered into
and are subsequently re-measured at their fair
value. The method of recognising the resulting
gain or loss depends on whether the derivative
is designated as a hedging instrument and, if so,
the nature of the item being hedged. The Group
designates certain derivatives as either:
(1) hedges of the fair value of recognised
assets or liabilities or a firm commitment
(fair value hedge); or
(2) hedges of exposures to variability in cash
flows associated with recognised assets
or liabilities or highly probable forecast
transactions (cash flow hedges).
FAIR VALUE HEDGE
Changes in the fair value of derivatives that are
designated and qualify as fair value hedges are
recognised in the Income Statement, together with
any changes in the fair value of the hedged asset or
liability that are attributable to the hedged risk.
31.
Reserves
2024
SHARES
2023
SHARES
2024
$'000
2023
$'000
Issues of ordinary shares during the year
Opening balance of ordinary shares issued760,205,209760,205,2091,343,0271,340,556
Share rights issued for employee services––(620)2,446
Net issue of treasury shares––2925
Closing balance of ordinary shares issued760,205,209760,205,2091,342,4361,343,027
All ordinary shares rank equally, carry one vote per share and carry the right to dividends.
Included within the number of shares is 1,471,616 treasury shares (2023: 2,087,978) held by a third party
in connection with the Company's employee share schemes. The movement in treasury shares during
the year related to the issuance of shares under the employee incentive plans, and the exercise of share
rights/options.
2024
$'000
2023
$'000
Asset revaluation reserve12,77012,770
Hedging reserve - cash flow hedges(3,329)(3,359)
Foreign currency translation reserve(16,460)(16,674)
Cost of hedging reserve(431)(3,172)
Total reserves(7,450)(10,435)
MOVEMENTS:
Asset Revaluation Reserve
Opening balance12,77012,770
Closing balance12,77012,770
Hedging Reserve - Cash Flow Hedges
Opening balance(3,359)(4,564)
Revaluation(1,587)(10,734)
Transfer to net profit - finance costs (net)1,62812,408
Deferred tax(11)(469)
Closing balance(3,329)(3,359)
Foreign Currency Translation Reserve
Opening balance(16,674)(11,797)
Exchange difference on translation of overseas
subsidiaries
214(4,877)
Closing balance(16,460)(16,674)
Cost of Hedging Reserve
Opening balance(3,172)(854)
Revaluations2,650(3,913)
Transfer to finance costs1,157694
Deferred tax(1,066)901
Closing balance(431)(3,172)
2024
$'000
NOTIONAL
VALUE
2023
$'000
NOTIONAL
VALUE
2024
$'000
FAIR
VALUE
2023
$'000
FAIR
VALUE
Current Assets
Interest rate swaps - cash flow hedges80,000–591–
Forward foreign exchange contracts85,14340,3711,892489
Cross currency interest rate swaps - cash flow hedges*146,630–15,430–
Total current derivative financial instrument assets311, 77340,37117,913489
Non-current Assets
Interest rate swaps - cash flow hedges140,00080,0005502,407
Cross currency interest rate swaps
- cash flow hedges*
–146,630–9,536
Total non-current derivative financial instrument
assets
140,000226,63055011,943
Total derivative financial instrument assets18,46312,432
Current Liabilities
Forward foreign currency contracts81,8385,35236617
Total current derivative financial instrument
liabilities
81,8385,35236617
Non-current Liabilities
Cross currency interest rate swaps - cash flow hedges*128,999128,9997,1715,617
Interest rate swaps - cash flow hedges20,000–7–
Total non-current derivative financial instrument
liabilities
148,999128,9997,1785,617
Total derivative financial instrument liabilities7,5445,634
Total net derivative financial instruments10,9196,798
CASH FLOW HEDGE
The effective portion of changes in the fair value of
derivatives that are designated and qualify as cash
flow hedges is recognised as equity in the hedging
reserve. The gain or loss relating to the ineffective
portion is recognised immediately in the Income
Statement.
Amounts accumulated in equity are recognised
in the Income Statement in the periods when the
hedged item will affect profit or loss (for instance
when the forecast sale that is hedged takes place).
When a hedging instrument expires or is sold or
terminated, or when a hedge no longer meets the
criteria for hedge accounting, any cumulative gain
or loss existing in equity at that time remains in
equity and is recognised in the Income Statement
when the forecast transaction is ultimately
recognised in the Income Statement. When a
forecast transaction is no longer expected to occur,
the cumulative gain or loss that was reported in
equity is transferred to the Income Statement.
DERIVATIVES THAT DO NOT QUALIFY
FOR HEDGE ACCOUNTING
Changes in the fair value of any derivative
instrument that do not qualify for hedge
accounting are recognised in the Income
Statement.
* A component of the interest margin in US$175.0 million of these cross currency interest rate swaps (CCIRS) is treated as
a fair value hedge.
157156
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
FINANCIAL
STATEMENTS

33.
Financial Risk
Management
The Group’s activities expose it to a variety of
financial risks - market risks (including currency
and interest rate risk), liquidity risk, and credit
risk. The Group’s overall risk management
programme recognises the nature of these risks
and seeks to minimise potential adverse effects on
the Group’s financial performance. The Group uses
derivative financial instruments to hedge certain
risk exposures.
Risk management is carried out under a formal
Treasury Policy approved by the Board. The
Treasury Policy sets out written principles for
overall risk management, as well as policies
covering specific areas such as currency risk,
interest rate risk, and credit risk.
(a) Market Risk
(i) Currency Risk
The Group operates internationally and is
exposed to currency risk, primarily with
respect to Australian and US dollars. Exposure
to the Australian dollar arises from the Group’s
investment in, and intercompany loans to, its
Australian operations. Exposure to the US dollar
arises from USPP funding denominated in that
currency.
The Group utilises natural hedges wherever
possible with forward foreign exchange contracts
used to manage any significant residual risk to the
Income Statement.
The Group’s exposure to the US dollar (refer to
the USPP notes detailed in note 13) has been
fully hedged by way of CCIRS, hedging US dollar
exposure on both principal and interest. The
CCIRS correspond in amount and maturity to the
US dollar borrowings with no residual US dollar
exposure.
30 JUNE 2024
LESS THAN
6 MONTHS
$'000
6 - 12
MONTHS
$'000
BETWEEN
1 AND 2
YEARS
$'000
BETWEEN
2 AND 5
YEARS
$'000
OVER
5 YEARS
$'000
TOTAL
$'000
Bank facility
–175,000100,00057,500–
332,500
USPP
–161,116–71,549124,375
357,040
New Zealand bonds
–––175,000–
175,000
Lease liabilities
9612,3244,50614,88398,758
121,432
Total committed debt facilities
961338,440104,506318,932223,133
985,972
Total drawn debt
961243,4404,506261,432223,133
733,472
Future contracted interest on drawn debt
13,40018,71834,82153,4675,667
126,073
Future interest of lease liabilities
3,2513,1996,23517,400373,268
403,353
Future contracted interest on CCIRS/IRS
2,5332,3353,62413,7381,934
24,164
Total drawn debt and derivatives
20,145267,69249,186346,037604,002
1,287,062
30 JUNE 2023
Bank facility
–135,000175,00080,000–
390,000
USPP
––156,11271,210126,490
353,812
New Zealand bonds
–––175,000–
175,000
Car park concession liability
45,814––––
45,814
Lease liabilities
1,1193,0454,41612,48198,824
119,885
Total committed debt facilities
46,933138,045335,528338,691225,314
1,084,511
Total drawn debt
46,9333,045160,528258,691225,314
694,511
Future contracted interest on drawn debt
12,02423,91839,40862,37414,190
151,914
Future interest of lease liabilities
3,1603,1356,15517,302312,179
341,931
Future contracted interest on CCIRS/IRS
3,1346,2348,97915,1545,043
38,544
Total drawn debt and derivatives
65,25136,332215,070353,521556,726
1,226,900
(ii) Interest Rate Risk
The Group's interest rate risk arises from long term
borrowings.
Interest rate swaps (IRS) and CCIRS are utilised to
modify the interest repricing profile of the Group’s
debt to match the profile required by the Treasury
Policy. All IRS and CCIRS are in designated hedging
relationships that are highly effective.
As the Group has no significant interest bearing
assets, the Group’s income is substantially
independent of changes in market interest rates.
(b) Credit Risk
Credit risk is the risk of financial loss to the Group
if a customer or counterparty to a financial
instrument fails to meet its financial obligations.
SkyCity is largely a cash-based business and its
material credit risks arise mainly from financial
instruments utilised in funding activity.
Financial instruments that potentially create a
credit exposure can only be entered into with
counterparties that are explicitly approved by the
Board.
The maximum credit risk of any financial
instrument at any time is the fair value where
that instrument is an asset. All derivatives are
carried at fair value in the Balance Sheet. Trade
receivables are presented net of impairment.
(c) Liquidity Risk
Liquidity risk management implies maintaining
sufficient cash and the availability of funding
through an adequate amount of unutilised
committed credit facilities. The Group manages
liquidity risk by continuously monitoring forecast
and actual cash flows and maintaining flexibility
in funding by keeping committed credit lines
available with a variety of counterparties and
maturities.
MATURITIES OF COMMITTED FUNDING FACILITIES
Debt maturities are detailed in note 13.
159158
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
FINANCIAL
STATEMENTS

(d) Fair Value Estimation
Other than the New Zealand bonds, which are listed on the NZDX and therefore level 1 in the fair value
hierarchy, all SkyCity financial instruments that are carried at fair value, which includes CCIRS, IRS and
forward foreign currency contracts, are valued using level 2 in the fair value hierarchy.
The fair value of financial instruments that are not traded in an active market (for example, over the
counter derivatives) is determined by using valuation techniques. These valuation techniques maximise
the use of observable market data where it is available and rely as little as possible on entity specific
estimates.
Specific valuation techniques used to value financial instruments include:
• the fair value of IRS and CCIRS is calculated as the present value of the estimated future cash flows
based on observable yield curves; and
• the fair value of forward foreign exchange contracts is determined using forward exchange rates at
the reporting date, with the resulting value discounted back to present value.
Further details on derivatives are provided in note 32.
(e) Capital Risk Management
The Group’s objectives when managing capital are to safeguard its ability to continue as a going concern
and to maximise returns for shareholders and benefits for other stakeholders over the long term.
In order to optimise its capital structure, the Group manages actual and forecast operational cash flows,
capital expenditure and equity distributions.
The Group primarily manages capital on the basis of gearing measured as a ratio of net debt (debt
at hedged exchange rates less cash at bank) to underlying EBITDA and interest coverage (underlying
EBITDA relative to net interest cost). Underlying EBITDA is a non-GAAP measure used to report to the
market. It is based on EBITDA as shown in the Income Statement with adjustments to eliminate fair value
movements, impairments and impacts of unusual events such as the fire at the NZICC construction site in
October 2019.
The primary ratios were as follows at 30 June:
20242023
Gearing ratio2.6x1.6x
Interest cover ratio6.7x10.1x
CURRENT PLANS
Executive Long Term Incentive
Restricted Share Rights Plan
(LTI RSR Plan)
Under the LTI RSR Plan, certain senior executives
are granted with restricted share rights (RSRs).
The grants are subject to the rules of the SkyCity
Restricted Share Rights Long Term Incentive
Plan (FY23 and FY24). Each RSR granted confers
a right to receive one ordinary share in the
Company, which will only vest if the relevant
employee remains continuously employed by the
Company (or a company within the Group) from
the date of issue until the relevant vesting date
and provided that certain performance measures
are met. Performance measures relate to the total
shareholder return relative to the cost of equity
for the Group and other comparable companies.
If those vesting conditions are not met, the RSRs
will lapse and no shares will be awarded to the
participating executives. No dividends will be
paid on the RSRs.
CEO Restricted Share Rights
(CEO RSR Grant)
On 21 December 2021, a one-off issue of RSRs
was granted to the former CEO, Michael Ahearne.
This grant was subject to the rules of the SkyCity
Restricted Share Rights Plan, as amended by the
specific terms of the CEO RSR Grant. These RSRs
were forfeited in the current year following the
resignation and departure of Mr Ahearne.
Long Term Incentive Retention
Restricted Share Rights
(LTI Retention RSRs)
On 30 November 2022, a one-off issue of RSRs
was granted to the New Zealand Chief Operating
Officer in lieu of an entitlement to LTI RSRs.
The grant is subject to the rules of the SkyCity
Restricted Share Rights Long Term Incentive Plan
(FY23), as amended by the specific terms of the LTI
Retention RSRs grant.
Each RSR confers a right to receive one ordinary
share in the Company. There are no performance
measures associated with the vesting of the RSRs
under the LTI Retention RSRs grant other than
continued employment by the Company at the
respective vesting dates being:
• 8 September 2025 in respect of 50% of the
RSRs; and
• 8 September 2026 in respect of the remaining
50% of the RSRs.
Each vested RSR may be exercised on or before
the termination date (being 8 September 2027) by
paying the exercise price of $2.85657 per RSR,
as reduced by the aggregate cash amount per share
of any dividends paid by the Company between
8 September 2022 and the relevant date of exercise
of the RSR. No dividends will be paid on the RSRs.
Performance Incentive Plan (PIP)
The PIP includes both cash (the short term incentive
scheme component of the PIP) and deferred equity
components (the deferred short term incentive
component of the PIP).
The deferred short term incentive scheme under
the PIP offers participants, subject to the relevant
performance conditions being met, the opportunity
to acquire RSRs of an amount equivalent to between
10% and 50% of their base salary. RSRs (if any)
issued to a participant on a short term incentive cash
payment date (Declaration Date) will only vest if that
participant remains an employee up and until:
• the first anniversary of the Declaration Date in
respect of 50% of the RSRs; and
• the second anniversary of the Declaration Date in
respect of the remaining 50% of the RSRs.
However, if a participant’s deferred short term
incentive entitlement in any financial year is to RSRs
having a value of $10,000 or less (calculated using the
volume-weighted average sale price of the Company's
shares used to determine the number of RSRs to be
issued to the participant), the RSRs will not be split out
equally into two separate tranches, but will instead
comprise one tranche and (subject to the vesting
criteria being satisfied) vest to the participant on the
first anniversary of the Declaration Date. These RSRs
will be issued to staff after the finalisation of
the Group’s results.
Executive Long Term Incentive Plan
(LTI Plan)
A prior plan, the LTI Plan, was replaced with the LTI
RSR plan from 2023. Under the LTI Plan, executives
purchased ordinary shares of the Company funded
by an interest-free loan from the Group. The shares
purchased by the executives are held by a trustee
company with executives entitled to exercise the
voting rights attached to the shares and receive
dividends, the proceeds of which are used to repay
the interest-free loan.
At the end of the restricted period (three years), the
Group pays a bonus to each executive to the extent
their performance targets have been met which
is sufficient to repay the initial interest-free loan
associated with the shares which vest. The shares
upon which performance targets have been met will
then fully vest to the executives. The loan owing on
shares upon which performance targets have not
been met (the forfeited shares) will be novated from
the executives to the trustee company and will be
fully repaid by the transfer of the forfeited shares.
Performance measures relate to the total shareholder
return relative to the cost of equity for the Group and
other comparable companies.
At 30 June 2024, the interest-free loans relating to the
LTI Plan total $463,595 (2023: $1,883,607).
34.
Share-Based Payments
ACCOUNTING POLICY
SkyCity operates equity-settled, share-based compensation plans. The fair value of the employee services
received in exchange for the grant of the share rights is recognised as an expense. The total amount to be
expensed over the vesting period is determined by reference to the fair value of the share rights granted,
excluding the impact of any non-market vesting conditions (for example, profitability and sales growth
targets). At each reporting date, the Company revises its estimates of the number of shares expected to be
distributed. It recognises the impact of the revision of original estimates, if any, in the Income Statement,
and a corresponding adjustment to equity over the remaining vesting period.
161160
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
FINANCIAL
STATEMENTS

GRANT
DATE
EXPIRY
DATE
BALANCE
AT START
OF THE YEAR
GRANTED
DURING
THE YEAR
EXERCISED
DURING
THE YEAR
EXPIRED
DURING
THE YEAR
BALANCE
AT END OF
THE YEAR
NUMBERNUMBERNUMBERNUMBERNUMBER
2024
LTI PLAN
17/09/2017/09/23498,128–(83,022)(415,106)–
08/09/2108/09/24150,690–––150,690
LTI RSR PLAN
08/09/2208/09/25136,810–––136,810
06/09/2306/09/26–385,849––385,849
CEO RSR GRANT
08/09/2108/09/263,947,368––(3,947,368)–
LTI RETENTION
RSRS
08/09/2208/09/27675,676–––675,676
PIP
07/09/2107/09/22316,289–(314,482)(1,807)–
21/09/2221/09/23218,858–(218,858)––
21/09/2221/09/2487,540––(19,006)68,534
13/09/2313/09/24–410,310–(21,020)389,290
13/09/2313/09/25–379,040–(51,555)327,485
19/09/2319/09/24–55,489–(41,998)13,491
19/09/2319/09/25–51,687–(38,196)13,491
Total
6,031,3591,282,375(616,362)(4,536,056)2,161,316
OUTSTANDING SHARE RIGHTS
Movements in the number of RSRs outstanding are as follows:
GRANT
DATE
EXPIRY
DATE
BALANCE
AT START OF THE
YEAR
GRANTED
DURING
THE YEAR
EXERCISED
DURING
THE YEAR
EXPIRED
DURING
THE YEAR
BALANCE
AT END OF THE
YEAR
NUMBERNUMBERNUMBERNUMBERNUMBER
2023
LTI PLAN
28/08/1928/08/22420,418–(70,070)(350,348)-
17/09/2017/09/23556,986––(58,858)498,128
08/09/2108/09/24233,805––(83,115)150,690
LTI RSR PLAN
–––––
08/09/2208/09/25–198,596–(61,786)136,810
CEO PLAN
16/11/2116/11/22157,347–(157,347)––
CEO RSR GRANT
08/09/2108/09/263,947,368–––3,947,368
LTI RETENTION
RSRs
08/09/2208/09/27–675,676––675,676
PIP
07/09/2107/09/22390,044–(381,943)(8,101)–
07/09/2107/09/23379,550––(63,261)316,289
21/09/2221/09/23–262,027–(43,169)218,858
21/09/2221/09/24–109,017–(21,477)87,540
Total
6,085,5181,245,316(609,360)(690,115)6,031,359
The weighted average remaining contractual life of rights outstanding at the end of the period was 1.68 years (2023: 2.66 years).
FAIR VALUES
Fair Value of Share Rights Granted (LTI RSR Plan)
The assessed fair value at grant date of the rights granted on 6 September 2023 was $0.61. This was calculated using the single
index model by Ernst & Young Transaction Advisory Services Limited.
The valuation inputs for the rights granted on 6 September 2023 included:
(a) rights are granted for no cash consideration;
(b) exercise price: nil; and
(c) share price at grant date: $2.03.
The expected price volatility is derived by analysing the historic volatility over a recent historical period similar to the term
of the right.
Fair Value of SkyCity Deferred Share Rights (PIP Plan)
The assessed value of each 2023 right was determined by Ernst & Young Transaction Advisory Services Limited. RSRs vesting
one year after year-end were valued at $2.50 (2023: $2.65) and RSRs vesting two years after year-end were valued at $2.24
(2023: $2.35).
163162
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024

EXPENSES ARISING FROM SHARE-BASED PAYMENT TRANSACTIONS
Total expenses arising from share-based payment transactions recognised during the period as part of
employee benefit expense were as follows:
2024
$'000
2023
$'000
Rights issued under share rights plans(620)2,446
SHORT TERM
BENEFITS
$'000
SHARE-BASED
PAYMENTS
$'000
TOTAL
$'000
20248,3816499,030
202310,1561,95812,114
35.
Related Party Transactions
(a) Key Management Personnel Compensation
Key management personnel compensation is set out below. The key management personnel are all the
directors of the Company, the CEO and the Senior Leadership Team.
(b) Other Transactions with Key Management Personnel or Entities
Related to Them
Certain directors and management have relevant interests in a number of companies with which
SkyCity has transactions in the normal course of business. A number of SkyCity directors are also non
executive directors of other companies – some of which are disclosed in a register of directors' interests
maintained by SkyCity. Any transactions undertaken with these entities have been entered into in the
normal course of business.
Certain directors and management hold shares in SkyCity and receive dividends in the normal course
of business.
In the current year, $24,937 (2023: $49,022) was paid to an incoming director for consultancy
services provided over the period from 21 July 2023 to 27 September 2023 (inclusive), prior to their
appointment as a director.
From time to time, certain directors provide additional services to the Group outside of their capacity
as directors. Additional fees of $190,038 were paid in the current year to two directors (2023: Nil),
comprising $161,538 to Julian Cook for the provision of executive support to the Company over the
period from 26 February 2024 to 30 June 2024 pending the commencement of the new CEO and $28,500
to Donna Cooper for the provision of consultancy services to the Company in relation to strategic
communications and the organisational risk management programme.
(c) Subsidiaries
Interests in subsidiaries are set out in note 36.
(d) Associates
As outlined in note 25, the Group acquired an associate, GiG, on 1 April 2022. As outlined in note 5, the
Group also earns revenue from online gaming operations under a Maltese gaming licence held by a
subsidiary of GiG. For the year ended 30 June 2024, the Group earned revenue of €5.2 million (NZ$9.4
million) (2023: €9.0 million (NZ$15.4 million)) from those online gaming operations. At 30 June 2024,
the Group has a receivable of €0.3 million (NZ$0.5 million) (30 June 2023: €0.8 million (NZ$1.3 million))
from GiG in relation to online gaming.
36.
Subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance
with the accounting policy described in note 3(a):
NAME OF ENTITY
PRINCIPAL PLACE
OF BUSINESS
CLASS
OF SHARESEQUITY HOLDING
2024
%
2023
%
Cashel Asset Management LimitedNew ZealandOrdinary100%100%
Horizon Tourism New Zealand Limited
(formerly SkyCity Wellington Limited)
New ZealandOrdinary100%100%
New Zealand International Convention
Centre Limited
New ZealandOrdinary100%100%
Otago Casinos LimitedNew ZealandOrdinary100%100%
Queenstown Casinos LimitedNew ZealandOrdinary100%100%
Sky Tower LimitedNew ZealandOrdinary100%100%
SkyCity Action Management LimitedNew ZealandOrdinary100%100%
SkyCity Auckland Holdings LimitedNew ZealandOrdinary100%100%
SkyCity Auckland LimitedNew ZealandOrdinary100%100%
SkyCity Casino Management LimitedNew ZealandOrdinary100%100%
SkyCity Development LimitedNew ZealandOrdinary100%100%
SkyCity Enterprises LimitedNew ZealandOrdinary100%100%
SkyCity Hamilton LimitedNew ZealandOrdinary100%100%
SkyCity Holdings LimitedNew ZealandOrdinary100%100%
SkyCity International Holdings LimitedNew ZealandOrdinary100%100%
SkyCity Investments Australia LimitedNew ZealandOrdinary100%100%
SkyCity Investments Queenstown LimitedNew ZealandOrdinary100%100%
SkyCity Management LimitedNew ZealandOrdinary100%100%
SkyCity Precinct LimitedNew ZealandOrdinary100%100%
SkyCity Projects LimitedNew ZealandOrdinary100%100%
SkyCity Properties LimitedNew ZealandOrdinary100%100%
SkyCity Properties Albert St LimitedNew ZealandOrdinary100%100%
SkyCity Properties Victoria St LimitedNew ZealandOrdinary100%100%
SkyCity Ventures LimitedNew ZealandOrdinary100%100%
SkyCity Adelaide Pty LimitedAustraliaOrdinary100%100%
SkyCity Australia Finance Pty LimitedAustraliaOrdinary100%100%
SkyCity Australian Limited PartnershipAustraliaOrdinary100%100%
SkyCity Australia Pty LimitedAustraliaOrdinary100%100%
SkyCity Treasury Australia Pty LimitedAustraliaOrdinary100%100%
Horizon Tourism LimitedHong KongOrdinary100%100%
SkyCity Investment Holdings LimitedHong KongOrdinary100%100%
SkyCity Malta Holdings LimitedMaltaOrdinary100%100%
SkyCity Malta LimitedMaltaOrdinary100%100%
SkyCity Management (UK) Limited
United KingdomOrdinary
100%
100%
All subsidiaries have balance dates of 30 June.
165164
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
FINANCIAL
STATEMENTS
FINANCIAL
STATEMENTS

37.
Contingencies
(a) Contingent Liabilities
SkyCity operates in a highly regulated industry.
During the current financial year, there has been
continued focus on the casino industry in both
New Zealand and Australia.
SkyCity takes its regulatory obligations seriously
and continues to engage proactively with its
regulators and respond to their inquiries.
INDEPENDENT REVIEW
As detailed in the Group’s financial statements for
the year ended 30 June 2023:
• on 1 July 2022, Consumer and Business
Services (CBS) (the South Australian gaming
regulator) advised that the South Australian
Liquor and Gambling Commissioner
(Commissioner) had appointed the
Honourable Brian Martin AO KC to undertake
an independent review of SkyCity Adelaide
in accordance with Part 3 of the Casino Act
1997 (SA) to consider, amongst other things,
whether SkyCity Adelaide is a suitable person
to continue to hold the casino licence in South
Australia, whether the Company is a suitable
person to continue to be a close associate of
SkyCity Adelaide, and, if SkyCity Adelaide or
the Company is not a suitable person, what
changes (if any) are required for that party to
become a suitable person;
• on 6 February 2023, CBS advised that Mr
Martin was of the view that it was not
possible to reliably determine the question
of suitability until the resolution of the civil
penalty proceedings filed by AUSTRAC against
SkyCity Adelaide on 7 December 2022 and,
accordingly, the Commissioner had decided
to put the independent review on hold until
after the conclusion of those proceedings; and
• on 26 May 2023, the Commissioner
issued a direction notice under section
10 of the Gambling Administration Act
2019 (SA), requiring SkyCity Adelaide to
appoint a suitably qualified independent
expert approved by the Commissioner
to, amongst other things, review SkyCity
Adelaide’s AML/CFT and host responsibility
enhancement programmes (together
the enhancement programmes) and, if
required, make amendments to those
enhancement programmes, and monitor
the implementation of those enhancement
programmes by SkyCity Adelaide and SkyCity
Adelaide’s compliance with its AML/CFT and
gambling harm minimisation obligations.
On 25 August 2023, Kroll Australia Pty Limited
(Kroll) was appointed as the independent expert
by SkyCity Adelaide. Since its appointment, Kroll
has reviewed SkyCity Adelaide’s enhancement
programmes and engaged with SkyCity Adelaide
in the development of a new Building a Better
Business Programme of Work, which includes
SkyCity Adelaide's structure and processes across
the key pillars of risk, culture and governance, to
ensure sustainable compliance across financial
crime and gambling harm minimisation.
On 11 June 2024, the Acting Commissioner
advised he had determined to recommence the
independent review from 11 June 2024 and that
Mr Martin is due to report back with his findings
by 31 December 2024 (subject to any extension
agreed by the Commissioner and Mr Martin).
Prior to any findings being made or a final report
being provided by Mr Martin, it is not possible to
determine what regulatory action, if any, might
be applied to SkyCity Adelaide as a result of the
independent review. Consequently, at the reporting
date there is no present obligation and a provision
has not been recognised in relation to this matter.
The Company and SkyCity Adelaide will continue
to cooperate with CBS, Mr Martin and Kroll and
any further requests for information and/or
documents.
CASINO DUTY - INTEREST
As outlined in note 29, SkyCity Adelaide has a
longstanding contractual dispute with Revenue
South Australia concerning the interpretation
of the CDA in relation to the treatment of loyalty
points converted to gaming machine play and the
deduction of loyalty points earned for the purpose
of calculating casino duty at the SkyCity Adelaide
casino. The parties also dispute the interpretation
and enforceability of the interest clause in the CDA.
The South Australian Court of Appeal’s ruling on
22 February 2024 in favour of SkyCity Adelaide's
position on the characterisation of the CDA leaves
it open for SkyCity Adelaide to argue that the
interest clause in the CDA is unenforceable as a
penalty. As a result, the questions of whether the
interest provision in the CDA is enforceable and, if
not, what (if any) would be the applicable interest
payable for outstanding duty remain to be heard
and determined by a single Judge of the Supreme
Court of South Australia at a later date.
In June 2024, the Crown Solicitor's Office filed a
cross claim seeking special leave from the High
Court of Australia to appeal the Court of Appeal’s
judgment on the interpretation of the interest
clause in the CDA.
The proceedings remain in progress and there
are a range of potential outcomes regarding the
amount of interest payable (if any). The estimated
range of interest payable is from nil to $23.4
million, calculated at 30 June 2024. Given that
no present obligation exists, the Group has not
recognised a provision at 30 June 2024 in relation
to potential interest payable.
CASINO (PENALTIES) AMENDMENT
BILL 2024 (SA)
On 1 May 2024, the Casino (Penalties) Amendment
Bill 2024 (SA) (Penalties Bill) was introduced into
the South Australian Parliament House of Assembly by the South Australian Minister for Consumer and
Business Affairs.
The Penalties Bill proposes to amend the Casino Act 1997 (SA) and Gambling Administration Act 2019
(SA) by introducing a range of new and significantly increased penalties for contraventions of those Acts
in line with the penalty regimes in other Australian states, whether imposed for criminal offending, as
expiation fees or as a fine imposed by taking disciplinary action.
The Penalties Bill also proposes to establish new causes for the South Australian Liquor and Gambling
Commissioner to take disciplinary action against the holder of the Adelaide casino licence.
Of particular note, the Penalties Bill proposes to give the Commissioner power to impose a financial
penalty on SkyCity Adelaide, as a casino licensee, either in the form of a default notice requiring payment
of up to A$1.0 million (increased from A$10,000 currently) or by taking disciplinary action and issuing a
fine not exceeding A$75.0 million (increased from A$100,000 currently).
The transitional provisions contained within the Penalties Bill clarify that the changes being made to the
maximum fine that can be imposed by taking disciplinary action, as well as the new causes for taking
disciplinary action, will apply to conduct which has occurred prior to commencement of the provisions
(should such circumstances come to light), as well as to disciplinary action which has commenced but
has not yet reached the stage of determining the penalty. However, the Penalties Bill expressly requires
that the Commissioner, in imposing a penalty, must take into account any penalty already imposed
in proceedings taken in relation to matters the subject of the disciplinary action, and preserves the
Commissioner's discretion not to take any disciplinary action whatsoever.
OTHER REGULATORY MATTERS
In addition to the matters outlined above and in note 29, the Group receives correspondence from and
engages with its regulators from time to time as required regarding the Group’s business operations,
including in relation to regulator audits/reviews, adverse media about the Group’s operations, and
complaints made about the Group’s business operations. In relation to these matters, the Group engages
with the relevant regulator and responds to requests for information and documents as they arise.
In the case of any alleged wrongdoing by the Group, the appropriate regulatory response or action by a
regulator (where contraventions are admitted or established) is very specific to the facts in each case and
may include no action, a formal warning, the payment of a penalty/fine or, where the matter relates to
the Group’s casino operations, an application to suspend and/or cancel the relevant casino licence under
the Gambling Act, Casino Act 1997 (SA) and/or Gambling Administration Act 2019 (SA) as applicable.
Provisions are recognised in relation to such matters only where an obligation exists at the reporting
date.
(b) Contingent Assets
The Group will seek recovery from the Contractor for the NZICC and Horizon Hotel projects for additional
costs and losses associated with the NZICC fire and delays that are not covered by the insurers. These
include insurance excesses, payments to Macquarie under the Car Park Concession Agreement, additional
project costs, and other items.
The Group has identified $50.8 million (30 June 2023: $55.8 million) of costs incurred to date where it
does not believe that recovery is virtually certain at this time given the position currently being taken by
the Contractor, and therefore no income has been recognised. However, these costs will be sought from
the Contractor and as recovery of these costs is considered probable and are included as a contingent
asset. This does not include the full extent of the costs and losses that have been incurred or that could be
claimed from the Contractor relating to the fire and construction delays.
There are no other significant contingent assets at year end (2023: Nil).
38.
Commitments
CAPITAL COMMITMENTS
Capital expenditure contracted for at the reporting date but not recognised as liabilities is as set
out below.
2024
$'000
2023
$'000
Property, plant and equipment53,866296,377
Capital commitments largely comprise estimations for NZICC and Horizon Hotel construction completion.
In the prior year capital commitments also included the sale and purchase agreement relating to
SkyCity's acquisition of the remaining 15% interest in the AA Building (99 Albert Street, Auckland) and
the termination of the Car Park Concession Agreement.
167166
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
FINANCIAL
STATEMENTS

39.
Reconciliation of Profit After Income Tax to Net Cash
Inflow from Operating Activities
2024
$'000
2023
$'000
Profit/(loss) for the year(143,348) 7,975
Depreciation and amortisation92,02190,672
Net finance costs15,99623,492
Gain on sale of associate(9,633)–
Gain on termination of Car Park Concession Agreement(4,837)–
Current period employee share expense(620)2,446
Gain on sale of fixed assets(124)(108)
Fair value losses to investment property3,97912,252
NZICC fire related income(45,926)(61,882)
NZICC fire related costs52,39063,828
Asset impairment94,32650,856
Share of losses of associates(158)(1,064)
Change in operating assets and liabilities
Change in receivables and prepayments(26,912)(25,007)
Change in inventories207(1,054)
Change in deferred tax asset(26,886)(6,093)
Change in current payables10,79928,798
Change in deferred tax liability154,639(4,491)
Change in tax receivable - current54,419
Change in non-current payables955(5,460)
Change in tax payable - current(8,142)42,755
Investing and financing items included in working capital movements44,84357,763
Net cash inflow from operating activities203,574280,097
40.
Events Occurring after the Reporting Date
(a) Sale of Associate
On 1 July 2024, SkyCity received $56.8 million from the sale of its equity investment in GiG (note 25).
(b) AUSTRAC Penalty
The A$67.0 million (NZ$73.3 million) pecuniary penalty was paid by SkyCity Adelaide to the
Commonwealth of Australia on 4 July 2024 (note 29).
(c) Suspension Application
On 2 August 2024, SkyCity announced, following agreement by SCML and the Secretary, that the
gambling area of the SkyCity Auckland casino would temporarily close for five consecutive days from
Monday 9 September 2024 to Friday 13 September 2024 (note 29).
(d) Syndicated Bank Facility and USPP Debt
Subsequent to the reporting date, SkyCity’s syndicated bank facility was extended and USPP debt was
extended and increased (note 13).
SkyCity’s objective of producing underlying financial information is to provide data that is useful to
the investment community in understanding the underlying operations of the Group – the intention is
to provide information which:
• is representative of SkyCity’s underlying performance (as a potential indicator of future performance);
• can be compared across years; and
• can assist with comparison between publicly listed casino companies in New Zealand and Australia.
This objective is achieved by eliminating significant items such as property valuations, asset impairments,
regulatory penalties, technical accounting adjustments, law changes and structural differences in the business
between periods.
SkyCity believes that making these adjustments enables users of the financial information to better understand
the underlying performance of the Group and form a view on future performance.
Non-GAAP information is prepared in accordance with a Board approved Non-GAAP Financial Information
Reporting Policy and is reviewed by the Board at each reporting period.
SkyCity’s Non-GAAP Financial Information Reporting Policy was approved in FY24 with a change to increase
the financial threshold for adjustments to $5.0 million.
FY24FY23*
REVENUE
$m
EBITDA
$m
EBIT
$m
NPAT
$m
REVENUE
$m
EBITDA
$m
EBIT
$m
NPAT
$m
Reported results928.5138.246.2(143.3)926.2165.975.28.0
Reclassify premium
revenue rebates
3.2–––7.0–––
Reclassify gaming GST85.8–––87.5–––
Remove impact of
NZICC fire accounting
(48.4)9.29.28.4(63.6)22.822.812.3
Remove gain on
sale of shares
(9.6)(9.6)(9.6)(9.6)––––
Remove asset
impairments
–94.394.373.1–50.850.850.8
Remove property
fair value adjustments
–––––12.312.312.0
Remove labour
restructure
–––––1.01.00.7
Remove regulatory
penalties
–35.935.935.8–49.0 49.049.0
Remove provisions for
prior year casino duty
–9.89.89.8––––
Remove NZ deferred
tax changes
–––149.0––––
Underlying results959.6277.8185.8123.2957.1301.8211.1132.8
RECONCILIATION
of Underlying Results to
Reported Results
* The FY23 underlying results were restated to remove International Business normalisation.
169168
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
FINANCIAL
STATEMENTS

ADJUSTMENTDISCUSSION
Reclassify NZ IFRS 15
Revenue from Contracts
with Customers for
premium patron rebates
FY24 $3.2 million
(FY23 $7.0 million)
• Adjustment adds back premium player rebates to premium revenue and
removes it from expenses, with no net impact to EBITDA, EBIT or NPAT
Reclassify gaming
revenue GST
FY24 $85.8 million
(FY23 $87.5 million)
• Reported revenue excludes gaming GST as per GAAP requirements, with GST
reported in expenses. This adjustment adds gaming revenue GST back to
revenue and removes it from expense to ensure underlying revenue better
reflects gaming customer turnover. There is no net impact on EBITDA, EBIT
or NPAT
Remove NZICC fire
accounting impact
FY24 $8.4 million
(FY23 $12.3 million)
• Reporting standards applicable to the accounting for the impact of the
NZICC fire requires the recognition of insurance reinstatement and the delay
costs which can vary significantly between financial years impacting
the comparability
Remove gain on the sale
of equity investment
FY24 $9.6 million
(FY23 $0.0 million)
• This adjustment removes the one-off uplift reported in Other Income for the
gain on sale of the Group’s equity investment in Gaming Innovation Group Inc.
Remove asset impairment
expense
FY24 $94.3 million
(FY23 $50.8 million)
• Removes the Adelaide asset accounting impairment of $94.3 million
(A$86.2 million) (FY23 $49.7 million, A$45.6 million)
• FY23 reflects the accounting adjustments related to the Auckland AA Centre
building (FY23 ($1.1 million)) and Queenstown land (FY23 $2.3 million)
Remove investment
property fair value
expense
• FY23 reflects the accounting adjustments related to the Auckland investment
properties (FY23 $12.0 million)
Remove labour
restructure expense
• FY23 reflects the adjustment to remove a one-off restructure in the Adelaide
business (FY23 $1.0 million)
Remove regulatory
penalty expenses
FY24 $35.9 million
(FY23: $49.0 million)
• Removes the provision recognised in relation to AUSTRAC and DIA regulatory
penalties and associated legal costs to allow for better comparability between
financial years
Remove casino duty
back-payment provision
FY24 $9.8 million
(FY23 $0.0 million)
• Removes $9.8 million (A$9.2 million) of the total casino duty provision of $14.4
million (A$13.2 million) recognized in FY24, which relates to the change in the
casino duty calculation for prior years
Removes the New
Zealand deferred charges
FY24 $149.0 million
(FY23 $0.0 million)
• This adjustment includes the impact from the change to New Zealand
tax legislation in FY24 removing the ability to claim tax depreciation on
commercial buildings (FY24 $129.6 million), and reflects the deferred tax
liability recognised in relation to the buy back of the Auckland car park
concession in January 2024 (FY24 $19.4 million)
GRI Content Index
SECTION
ASPECT/GRI
DISCLOSURE
DESCRIPTIONPUBLICATIONPAGE(S)/LOCATION
The organisation
and its reporting
practices
2-1Organisational details
Annual Report
2024
3, 22-31, 125, 177
2-2
Entities included in the organisation’s
sustainability reporting
Annual Report
2024
107-108, 165
2-3
Reporting period, frequency
and contact point
Annual Report
2024
3
2-4Restatements of information
Annual Report
2024
n/a
Activities and
workers
2-6
Activities, value chain and
other business relationships
Annual Report
2024
14-18, 22-31, 43-51, 118, 120-121
2-7Employees
Annual Report
2024
43-51
Governance2-9Governance structure and composition
Annual Report
2024
37-42, 82-90
Strategy, policies
and practices
2-22Statement on sustainable development strategy
Annual Report
2024
4-7, 11, 20-21
2-23Policy commitments
SkyCity Code of
Conduct
https://skycityentertainmentgroup.com/
our-business
Stakeholder
engagement
2-29Approach to stakeholder engagement
Our Sustainability
89
https://skycityentertainmentgroup.com/
our-sustainability
SkyCity Code of
Conduct
https://skycityentertainmentgroup.com/
our-business
Disclosures on
material topics
3-1Process to determine material topics
Annual Report
2024
52-53
3-2List of material topics
Annual Report
2024
53
3-3Management of material topics
Annual Report
2024
refer table below
SECTION
ASPECT/GRI
DISCLOSURE
DESCRIPTIONPUBLICATIONPAGE(S)
Conserve the
environment
3.3Energy management approach
Annual Report
2024
78-81
3.3Emissions management approach
Annual Report
2024
78-81
3.3GHG emissions intensity
Annual Report
2024
78-81
Source ethically
and responsibly
3.3
Ethical and sustainable procurement
management approach
Annual Report
2024
81
Inspire
our people
3.3Health and safety management
Annual Report
2024
32 – 36 Risk Management
43 – 44 Health, Safety and Wellbeing
3.3Employee engagement management approach
Annual Report
2024
43- 51
3.3
Diversity, inclusion and belonging management
approach
Annual Report
2024
43 - 51
Host
Responsibility
3.3
Customer health and safety management
approach
Annual Report
2024
54 - 66
3.3
Socio-economic compliance management
approach
Annual Report
2024
54 - 66
MATERIAL ITEMS
UNIVERSAL STANDARDS DISCLOSURES (2021 STANDARDS)
171170
SKYCITY ENTERTAINMENT GROUP ANNUAL REPORT YEAR ENDED 30 JUNE 2024
CORPORATE

AOTEAROA
NEW ZEALAND
CLIMATE
STANDARDDISCLOSURESDESCRIPTION
RELIANCE ON NZ CS 2:
ADOPTION OF AOTEAROA
NEW ZEALAND CLIMATE
STANDARDS
ANNUAL
REPORT 2024
PAGE(S)
NZ CS 1
7(a)
Identity of the governance body responsible for oversight of
climate-related risks and opportunities
73
7(b)
Description of the governance body’s oversight of
climate-related risks and opportunities
73
7(c)
Description of management’s role in assessing and managing
climate-related risks and opportunities
74
8(a)
Processes and frequency by which the governance body is
informed about climate-related risks and opportunities
73
8(b)
How the governance body ensures that the appropriate
skills and competencies are available to provide oversight of
climate-related risks and opportunities
73-74
8(c)
How the governance body considers climate-related
risks and opportunities when developing and overseeing
implementation of the entity’s strategy
74
8(d)
How the governance body sets, monitors progress against, and
oversees achievement of metrics and targets for managing
climate-related risks and opportunities, including whether,
and if so how, related performance metrics are incorporated
into remuneration policies (see also paragraph 22(h))
74
9(a)
How climate-related responsibilities are assigned to
management-level positions or committees, and the process
and frequency by which management-level positions or
committees engage with the governance body
74
9(b)
Related organisational structure(s) showing where these
management-level positions and committees lie
83
9(c)
Processes and frequency by which management is informed
about, makes decisions on, and monitors, climate-related risks
and opportunities
73-74
11(a)Description of the entity's current climate-related impacts77
11(b)
Description of the scenario analysis the entity has
undertaken
76
11(c)
Description of the climate-related risks and opportunities
the entity has identified over the short, medium, and long
term
74, 77-79
11(d)
Description of the anticipated impacts of climate-related
risks and opportunities
77-79
11(e)
Description of how the entity will position itself as the global
and domestic economy transitions towards a low-emissions,
climate-resilient future state
20-21
12(a)Current physical and transition impacts77
12(b)
Current financial impacts of the entity's physical and
transition impacts identified in paragraph 11(a)
*175
12(c)
If the entity is unable to disclose quantitative information for
paragraph 11(b), an explanation of why that is the case
*175
14(a)
How the entity defines short, medium and long term and
how the definitions are linked to its strategic planning
horizons and capital deployment plans
74
14(b)
Whether the climate-related risks and opportunities
identified are physical or transition risks or opportunities,
including, where relevant, their sector and geography
76-79
14(c)
How climate-related risks and opportunities serve as an
input to the entity's internal capital deployment and funding
decision-making processes
74
AOTEAROA
NEW ZEALAND
CLIMATE
STANDARDDISCLOSURESDESCRIPTION
RELIANCE ON NZ CS 2:
ADOPTION OF AOTEAROA
NEW ZEALAND CLIMATE
STANDARDS
ANNUAL
REPORT 2024
PAGE(S)
NZ CS 1
15(a)
Anticipated impacts of climate-related risks and
opportunities reasonably expected by the entity
77-79
15(b)
Anticipated financial impacts of climate-related risks and
opportunities reasonably expected by the entity
*175
15(c)
Description of the time horizons over which the anticipated
financial impacts of climate-related risks and opportunities
could reasonably be expected to occur
*175
16(a)Description of the entity's current business model and strategy20-21
16(b)
Transition plan aspects of the entity's strategy, including how
its business model and strategy might change to address its
climate-related risks and opportunities
*175
1
[TRUNCATED]

USPP and revolving bank debt refinancing completed Disclosure of senior manager’s relevant interests

Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.

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