Interim results for the six months ended 31 December 2024

phil.leightley@skycity.co.nz

1H25 1H24 (restated)
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1H25 INVESTOR PRESENTATION | 20 FEBRUARY 2025
FIRST HALF
2025 RESULTS
THE ULTIMATE EXPERIENCE IN ENTERTAINMENT

•All information included in this presentation is provided as at 20 February 2025. This disclaimer
applies to this document and the verbal or written comments of any person presenting it.
•The information in this presentation has been prepared by SkyCity with due care and
attention, however, neither SkyCity nor any of its directors, employees, shareholders nor any
other person gives any representations or warranties (either express or implied) as to the
accuracy or completeness of the information and, to the maximum extent permitted by
law, no such person shall have any liability whatsoever to any person for any loss (including,
without limitation, arising f rom any fault or negligence) arising f rom this presentation or any
information supplied in connection with it.
•This presentation includes a number of forward-looking statements. Forward-looking
statements, by their nature, involve inherent risks and uncertainties. Many of those risks and
uncertainties are matters which are beyond SkyCity’s control and could cause actual results to
differ f rom those predicted. Variations could either be materially positive or materially negative.
•A number of non-GAAP financial measures are included in this presentation which are used by
management to assess the performance of the business and have been derived f rom SkyCity’s
financial statements. You should not consider any such financial measures in isolation f rom, or
as a substitute for, the information provided in the financial statements which are available at
www.skycityentertainmentgroup.com.
•This presentation has not taken into account any particular investor’s investment objectives or
other circumstances. Investors are encouraged to make an independent assessment of SkyCity.
The information in this presentation does not constitute financial product, legal, financial,
investment, tax or any other advice or a recommendation. This presentation is provided
for general purposes only and is not an offer or invitation for subscription, purchase, or a
recommendation of securities in SkyCity.
•All figures in this presentation are in NZ Dollars (NZ$) unless stated otherwise.
•Some totals may not sum due to rounding.
IMPORTANT NOTICE
SKYCITY 1H25 | INVESTOR PRESENTATION | 20 FEBRUARY 2025
1

CONTENTS
JASON WALBRIDGE
CHIEF EXECUTIVE OFFICER
page 3
OVERVIEW
PETER FREDRICSON
CHIEF FINANCIAL OFFICER
page 10
GROUP
FINANCIAL
RESULTS
CALLUM MALLETT
CHIEF OPERATING OFFICER
page 15
OPERATING
PERFORMANCE
JASON WALBRIDGE
CHIEF EXECUTIVE OFFICER
page 22
OUTLOOK

page 26
APPENDICES
SKYCITY 1H25 | INVESTOR PRESENTATION | 20 FEBRUARY 2025
2

OVERVIEW
JASON WALBRIDGE | CHIEF EXECUTIVE OFFICER

$422M
REPORTED/UNDERLYING
1

REVENUE
(5%) PCP
2
$113M
REPORTED/UNDERLYING
EBITDA
(22%) PCP
2
$6M
REPORTED
NPAT
(73%) PCP
5.0CPS
UNDERLYING
EPS
$38M
UNDERLYING
NPAT
(41%) PCP
1H25 RESULTS OVERVIEW
Strong visitation amid market challenges
1. Refer Appendices for a description and further details of SkyCity’s underlying results
2. Percentage change based on underlying result
3. Underlying EBITDA / Underlying revenue
4. Last 12 months reported EBITDA adjusted for one-offs
1H25 REVENUE BY TYPE
Auckland 61%
Hamilton and Queenstown 9%
Adelaide 29%
Online 1%
1H25 REVENUE BY PRECINCT
Food and beverage 14%
Hotels 8%
Entertainment and other 7%
Non-Gaming 29%
Gaming 71%
26.8%
EBITDA
MARGIN
3
>5.4M
TOTAL
VISITATION
0.8CPS
REPORTED
EPS
2.8x
NET DEBT/
EBITDA
4
+5.3% PCP
SKYCITY 1H25 | INVESTOR PRESENTATION | 20 FEBRUARY 2025
4

VISITATION AND SPEND
•Key business drivers include visitation, spend per visit and costs
•Spend per visit leads into EBITDA per visit and at a Group level
this has reduced $7.00 per visit over 1H25 compared to pcp
•Indicative 1H25 EBITDA impact in the order of $30m (inclusive
of increased risk transformation costs of $10m)
1H251H24
Group Visitation5.4m5.1m
Group Underlying EBITDA
1
$113.1m$144.3m
Group EBITDA/Visitation
2
~$21~$28
Difference
$7/visit
1. EBITDA refers to underlying EBITDA
2. Auckland EBITDA/ visitation for 1H25 was $46 compared with $50 in pcp
SKYCITY 1H25 | INVESTOR PRESENTATION | 20 FEBRUARY 2025
5

EVOLVING FOR THE FUTURE
CHANGING LANDSCAPEHOW WE ARE RESPONDING
Internal regulatory reset has increased compliance costs
and impacted revenue
Multi-year risk transformation program to retain our gaming
and social licences
Historical capital investments, previously targeted at
international business, have impacted ROIC performance
Recycling capital through monetising select assets to reduce
debt, invest in growth and move toward resumption of
dividend payments
The land-based gaming environment is becoming
increasingly uneven; integration of non-gaming
businesses and a seamless connection to online is key
NZICC opening and an omni-channel customer-focused
strategy to drive visitation and spend per visit
New Zealand is expected to regulate online gaming
in 2026, bringing ~$700m market under a new NZ
regulatory regime
Government engagement to help shape a sustainable
regulatory f ramework, and secure an online licence
Technology advancements and AI are creating
opportunities in customer experience and
operational productivity
Strategically investing in technology for 100% land and online
account-based play, and regulatory compliance tools
Company culture matters more now than ever and is
also a key focus for regulators
Enterprise-wide culture change program to ensure we care
for our customers, our communities and are fit for the future
SKYCITY 1H25 | INVESTOR PRESENTATION | 20 FEBRUARY 2025
6

RISK TRANSFORMATIONPEOPLE AND CULTUREDIGITAL TRANSFORMATION
We act with integrity in all aspects of our business
and are leaders in host responsibility and preventing
financial crime
We show up everyday focused on delivering great
outcomes for one another, our customers and
Australia/New Zealand
Our systems and platforms support a clear view
of our customer, are seamless, fast and efficient
CRITICAL ENABLERS
STRATEGIC PRIORITIES
CORE BUSINESS OPTIMISATIONCUSTOMER FOCUSONLINE GAMING
Make the most of our existing assets to help grow
market share and invest in our future
Engage our customers with amazing experiences,
driving preference and loyalty
Use our land based presence to
become the online local hero
DELIVERING VALUE AND ENABLING GROWTH
Learn f rom the PAST, make the most of NOW, and create an exciting FUTURE for SkyCity
SKYCITY 1H25 | INVESTOR PRESENTATION | 20 FEBRUARY 2025
7

CORE OPERATIONSCUSTOMER FOCUSONLINE GAMING
Asset review completed, monetisation
options being evaluated
Delivered gaming system upgrade across NZ
Engaged with government on global best
practice regulatory f rameworks
Successful opening of the Horizon Hotel Aug 24Completed new viewing platform at SkyTower
Progressed the build of our own f ront-end, content
management system and App
Completed Auckland production kitchen refurbishment
Winner Restaurant and Catering Awards for Excellence
and 2024 South Australian Tourism Awards
Expanded team capability
Continued construction progress of NZICC
RISK TRANSFORMATIONPEOPLE AND CULTUREDIGITAL TRANSFORMATION
Resolution of South Australian casino duty disputeCulture audits completed in NZ and Adelaide
Gaming upgrades underway and on track
to support 100% carded play
CBS and Kroll approved ‘Program of Work’ well underway Group-wide culture change program launching in 3Q25
Installed NZICC booking management system
NZ 100% carded play planning to go-live in July 25
Leadership renewal, with 58% of senior leadership roles
newly appointed in the past 18 months
Completed installation of hotel self service
check-in kiosks at SkyCity Hotel
Implemented focal and facial recognition long stay in
Adelaide, with facial long play launching in 3Q25
In-principle agreement reached on Collective Agreements
STRENGTHENING OUR FUTURE
THROUGH ACTION
Delivering on our priorities in 1H25
$4.8M
in community
contributions, sponsorships
and donations in 1H25
SKYCITY 1H25 | INVESTOR PRESENTATION | 20 FEBRUARY 2025
8

RISK TRANSFORMATION
•Board Transformation
Sub-Committee
meeting quarterly
•SkyCity Adelaide
majority independent
Board of Directors
monthly meetings
continue
•SkyCity Adelaide
dedicated remediation
team fully accountable
to Adelaide Board of
Directors
GOVERNANCE, BOARD
AND MANAGEMENT
•Independent third
party culture audits
completed in Adelaide
and New Zealand
•Culture change plan
for Adelaide being
reviewed and pending
approval by Regulator
CULTURE
•SkyCity Integrated Risk
Management System
go live 2H25
•Controls Centre of
Excellence established
and progressing
controls uplift
RISK AND COMPLIANCE
MANAGEMENT
•New code of conduct
rolled out to all
employees
•Increasing use of the
“Should we?” test
guiding decision
making
•Customer look backs
and case studies being
used to drive learning
CONDUCT
•Monthly/quarterly
engagement with
all financial and
gaming regulators
•New position of Chief
Legal, Governance
and External Relations
Officer established
RE-ESTABLISHING
TRUST
•Facial recognition long
stay technology live
in Adelaide
•External experts with
AU casino remediation
experience
engaged providing
independent audits
EXECUTIONAL
ENABLEMENT
•Dedicated resources
and significant focus
to get where we want
to be
•Remediation
program includes a
significant investment
in capability in
both resources and
technology
•The Brian Martin KC
Independent Review
reporting date has
been extended to
May 2025
ADELAIDE B3
SKYCITY 1H25 | INVESTOR PRESENTATION | 20 FEBRUARY 2025
9

GROUP
FINANCIAL
RESULTS
PETER FREDRICSON | CHIEF FINANCIAL OFFICER

1H25 GROUP RESULTS
Financial performance reflects challenging trading conditions
$M1H251H24
1

Total Revenue
2
422.0442.8(5%)
Auckland107.7125.7
Hamilton and Queenstown17.516.8
Adelaide15.218.2
Online(1.1)3.0
Corporate(26.2)(19.4)
Group EBITDA113.1144.3(22%)
EBITDA margin
3
26.8%32.6%
D&A(45.3)(44.2)
EBIT67.8100.0
Net finance costs(12.3)(8.7)
Tax expense(17.7)(26.8)
Underlying NPAT
4
37.864.5(41%)
Non-operating items
5
(31.7)(42.0)
Reported NPAT6.122.5(73%)
1. 1H24 Revenue restated to exclude gaming GST and gaming rebates
2. Excludes gaming GST
3. Underlying EBITDA/Underlying Revenue (excluding gaming GST)
4. Refer Appendices for a description and further details of SkyCity’s underlying results
5. For 1H25, refers to the provision for interest payable and tax implications of the SA Casino duty dispute
Auckland
•EBITDA down 14%, driven by:
–Softer market conditions compared to pcp, a change in customer composition and slightly
lower table hold rates
–Partially offset by stronger contributions f rom the Horizon Hotel, increased carpark income
and higher contribution f rom the Sky Tower
–Disciplined management of expenses, down 3% on pcp
Hamilton and Queenstown
•EBITDA up 5% with revenue broadly in line with pcp and expenses down 6%
Adelaide
•EBITDA down 17% with:
–Gaming revenue up 4% and non-gaming revenue up 9%
–Revenue gains offset by increased spend in regulatory compliance
Online
•Lower due to an uneven regulatory environment and an increased investment in future
team capability
Corporate / Group
•Increase largely driven by higher employee expenses associated with the
transformation program
•Total revenue lower due to a 12% reduction in Auckland gaming revenue, partially offset by:
–Gaming revenue growth in Adelaide and Queenstown (up 5% and 4% respectively)
–Growth in non-gaming revenue across the Group (up 5%)
SKYCITY 1H25 | INVESTOR PRESENTATION | 20 FEBRUARY 2025
11

SOLID BALANCE SHEET
•Leverage ratio of 2.8x well within banking
covenants and consistent with BBB-
credit rating f rom S&P Global Ratings
with “Stable” outlook
•$464.4m of debt refinanced (including $82.3m of new debt)
with the weighted average debt maturity increased by over
2 years to 4.5 years
–Average borrowing cost of 5.96%, up 37bps
•1H25 capital expenditure of $60m, comprising:
–$30m NZICC development
–$30m business as usual capex
•2H25 focus:
–Maintaining a sustainable and prudent capital position,
ensuring sufficient capital to support business targets to
move toward resumption of dividend payments
–Monetise select assets
–Targeting metrics consistent with a BBB rating in the
medium-term
31 DEC 2430 JUN 24
Net debt to EBITDA2.8x2.3x
Total drawn debt$722.4m$663.1m
Available liquidity (cash and undrawn facilities)$308.6m$303.0m
Average borrowing cost5.96%5.59%
Average debt maturity4.5 yrs2.4 yrs
Hedged debt %67%61%
Average hedge maturity2.4 yrs2.5 yrs
Credit rating (S&P Global)BBB-BBB-
200
100
300
400
DRAWN DEBT MATURITIES AS AT 31 DEC 2024 $M

0
FY31FY29FY26FY25FY27FY30FY28
BankNZ BondUSPP
$309M
available liquidity
SKYCITY 1H25 | INVESTOR PRESENTATION | 20 FEBRUARY 2025
12

SOLID OPERATING CASHFLOW
•Cashflow f rom operations $78m (excluding regulatory penalties of $76m)
•The business continues to generate positive cash flow f rom operations across the board,
reinforcing a reliable and resilient financial model
$3M
$428M
$78M
$2M
$268M
$30M
$54M
$76M
Receipts from
customers
Payments to suppliers
and employees
Other
income
Income
taxes
31 Dec 24
cashflows from
operations
Regulatory
penalties
31 Dec 24
operating
cashflow
Gaming taxes
and levies
SKYCITY 1H25 | INVESTOR PRESENTATION | 20 FEBRUARY 2025
13

LOOKING BEYOND CURRENT FACTORS
•Business performance is driven by visitation, spend per visit and costs
•Risk transformation costs of ~$18m are part of a $60m three year program
•Investment in major projects including online and pre-opening costs associated with Horizon Hotel and NZICC
•The opening of NZICC is expected to generate 500,000 additional visitor days annually
•Spend per visit impacted by current reduced discretionary spend in depressed economy
•MCP expected to impact revenues in first few years f rom implementation
FY25 PROFORMA EBITDA
1
FY25 EBITDA
forecast)
Add back anticipated
FY25 risk and digital
transformation costs
Adjust for NZICC
visitation uplift
Adjust for
spend/visit uplift
Less assumed
MCP impact
FY25 PROFORMA
EBITDA
Add back major
project investments
1. FY25 PROFORMA EBITDA is an estimate derived f rom adjusting the forecast FY25 EBITDA for assumed impacts f rom a number of relevant factors
SKYCITY 1H25 | INVESTOR PRESENTATION | 20 FEBRUARY 2025
14

OPERATING
PERFORMANCE
CALLUM MALLETT | CHIEF OPERATING OFFICER

AUCKLAND: RESILIENT VISITATION AMID
SOFTER SPENDING
Gaming
•
1H25 visitation was 7% lower, primarily due to the prior period
benefiting f rom the World Cup
•WPUPD and WPOH down reflecting weaker market conditions
compared to pcp, a change in customer composition and slightly
lower table hold rates
•Delivered gaming system upgrade across NZ, giving access to
EGM games library previously not available
Non-gaming
•
Successful opening of the Horizon Hotel in Aug 24
–Contributing to total rooms sold up 16%
•Solid combined hotel occupancy of 73% (79% excluding Horizon)
–Outperforming the market by 4 percentage points
•F&B visitation and spend down, impacted by weaker consumer
sentiment and a change in customer composition
•Completed Auckland production kitchen refurbishment
•Sky Tower customer experience enhanced with the creation
of a new viewing area – The Lookout
KEY OPERATING METRICS1H251H24
Gaming
Visitation 1.01m
1
1.09m(7%)
EGM WPUPD$424$449(6%)
Table games WPOH$395$422(6%)
Carded revenue66%65%
Non-Gaming
Hotels – rooms sold118,762 102,22716%
Hotels – occupancy73%88%(17%)
Hotels – average daily rate$231$248(7%)
F&B – visitation (covers)1,015k1,047k(3%)
F&B – average spend$35$36(4%)
1. Adjusted for 5 day closure, based on average daily visitation
49%
Oct 24
44%
Sep 24
36%
Aug 24
Opening
Dec 24
71%
Nov 24
78%
HORIZON HOTEL OCCUPANCY
Major
Event
Coldplay
concert
Success-
fully
achieved
>70% after
only 5
months
trading
SKYCITY 1H25 | INVESTOR PRESENTATION | 20 FEBRUARY 2025
16

NZICC: SET TO BOOST
AUCKLAND VISITATIONS
•NZICC opening Feb 26 with pre-opening activities to
commence in the second half of calendar 2025 following
handover f rom the Contractor, including:
–1H26: Installations, testing and operational training
–2H26: Test events
•Encouraging levels of interest:
–Pipeline of 210 bookings, confirmed and prospective, with an
estimated 516,000 visitor days over seven years
–Including 19 international bookings agreed with estimated
visitor days of 116,750
•Set to establish the region as a premier global destination,
while strengthening SkyCity’s competitive edge and unlocking
the full potential of existing gaming licences
INCREASE
10%
An expected 500k
additional visitors annually
to the precinct
SKYCITY 1H25 | INVESTOR PRESENTATION | 20 FEBRUARY 2025
17

HAMILTON AND QUEENSTOWN: SOLID
OPERATING PERFORMANCE
Gaming
•Visitation up 2% driven by increased tourism in Queenstown
•WPUPD stable, with improvement in Queenstown offset by weaker
spend at Hamilton
–Hamilton WPUPD $413 (down 4%)
–Queenstown WPUPD $263 (up 13%)
•Table games WPOH down, Hamilton flat with a change in VIP play
impacting Queenstown
•Hamilton carded revenue has increased 9%
Non-gaming
•F&B visitation increased by 5%, driven by six months of operations at
Hamilton’s Amuse Bar and Kitchen
•F&B average spend remains steady
KEY OPERATING METRICS1H251H24
Gaming
Visitation216k212k2%
EGM WPUPD$383$388(1%)
Table games WPOH$250$257(3%)
Carded revenue60%51%
Non-Gaming
F&B – visitation (covers)307k292k5%
F&B – average spend$15$15<(1%)
SKYCITY 1H25 | INVESTOR PRESENTATION | 20 FEBRUARY 2025
18

ADELAIDE: SOLID VISITATION GROWTH
Gaming
•
Visitation up 4%, supported by major Adelaide events
•WPUPD and WPOH slightly up reflecting increased visitation and improved
hold rates, partially offset by changes in customer composition
•Agreed Programme of Works with Kroll approved by CBS;
implementation underway
•Awaiting outcome of CBS independent review
–Report completion expected by end of May 25
Non-gaming
•
Hotel occupancy up 4%, albeit average daily rate down 5%, reflecting
competitive market
•F&B average spend flat, while a slight reduction in covers
•The State’s premier event space with event bookings up over 100%
–Restaurant and Catering Awards for Excellence:
–Caterer of the year, winner
–Function / convention centre caterer, winner
–Wedding caterer, winner
–2024 South Australian Tourism Awards
–5-Star luxury accommodation, winner
–Business event venues, silver
KEY OPERATING METRICS1H251H24
Gaming
Visitation570k547k4%
EGM WPUPD$262$2582%
Table games WPOH$477$4711%
Carded revenue66%66%
Non-Gaming
Hotels – rooms sold16,98616,2215%
Hotels – occupancy77%74%4%
Hotels – average daily rate$417$440(5%)
F&B – visitation (covers)871k879k(2%)
F&B – average spendAUD$26AUD$262%
ADELAIDE’S 2H25 EVENT SCHEDULE SET TO SUPPORT VISITATION LEVELS
Jan 25Adelaide Tennis International
Cycling Tour Down Under
KFC Big Bash 20/20 Cricket
Lunar New Year
Feb 25LIV Golf
Adelaide Fringe Festival
Adelaide Festival
Mar 25AFL Season Commences
WOMAdelaide – The Worlds Festival
Apr 25AFL – Gather Round
May 25RAA Travel – Tasting Australia
Jun 25Adelaide Cabaret Festival
SKYCITY 1H25 | INVESTOR PRESENTATION | 20 FEBRUARY 2025
19

ONLINE: BUILDING CAPABILITY
•Significant growth potential in a regulated online market
•Ambition to be a top 4 operator (subject to securing licences in the regulated market)
GROW MARKET SHAREPLATFORM AND CAPABILITY
202420252026+
•Regulation anticipated to take effect in early 2026
•Ensure full operational readiness for Day 1 launch to
accelerate market growth
•Key focus areas: localised marketing, host responsibility,
single customer view, VIP management and utilisation
of land based assets and brand for customer education,
acquisition and retention
•SkyCity Malta to obtain and operate under a Malta 
gaming licence
•Secure NZ online gaming licence
•Select and migrate to new Platform partner
•Established office in Malta
•Commenced payment of 12% online casino duty
f rom Jul 24
•Expanded team capability with dedicated SEO, Games,
and UX specialists
•Proactive engagement with NZ regulators and Government
•Assessed f ront end, mobile and platform alternatives
•Transitioning f rom outsourced people services to an offshore
in-house team
•Optimise current .com offshore operations
•Continue engagement with regulators
•Build and own the f ront-end, content management
system and App
•Define and execute strategies for NZ regulated market
SKYCITY 1H25 | INVESTOR PRESENTATION | 20 FEBRUARY 2025
20

MCP: CARDED PLAY PROGRAMME
Preparing for a seamless customer experience
BENEFITS OF CARDED PLAY
Enhanced customer loyalty
opportunities
Enhanced management
of risks associated with
regulatory compliance
Improved ability to administer
responsible gaming measures
Operational efficiency
Customer insights
•Planning for 100% carded play across NZ by Jul 25 (Adelaide early 26)
•Reflects our proactive approach to risk and customer care
•Incorporating industry learnings to ensure:
–Enhanced customer loyalty opportunities
–Smooth customer enrolment process (targeting 3-5 minutes) to achieve f rictionless
customer experience
–Experiences planned for go-live
CARDED PLAY ROLL OUT PRIORITIES
The solution and
cards we need to
enable customers to
get an authenticated
account and card
ENROLMENT
ENGAGE
Preparing the
hardware and
software we need to
enable carded play at
tables and electronic
games
TABLE GAMES
Updating our table
gaming experience to
enable carded play
ELECTRONIC
Updating our EGM
and ATG hardware
and user experience
to enable carded play
LAUNCH
Preparing for go‑live
and launching
technology solutions
across Auckland,
Hamilton and
Queenstown
CUSTOMER
Ensuring everyone
understands the
what, why and how of
MCP, and upholding
the customer
experience
SKYCITY 1H25 | INVESTOR PRESENTATION | 20 FEBRUARY 2025
21

OUTLOOK
JASON WALBRIDGE | CHIEF EXECUTIVE OFFICER

•Revise previous FY25 Underlying Group EBITDA guidance to between
$225m and $245m (previously $245m and $265m)
–Impacted by lower customer spend and higher risk
transformation costs
•Maintain no dividend expected for FY25
REVISED FY25 OUTLOOK
•The revised EBITDA range includes ~$18m of costs related to the Adelaide
transformation programme (B3), up f rom $10m in previous guidance
–Note: We expect to spend in the order of $60m between FY25 and
FY27 in completing the B3 programme in Adelaide
•Continue to expect FY25 core stay-in-business capex of $60-$70m
(1H25: $30m)
•Based on the 1H25 result and the expectation of continued economic
weakness, we take the view that a lower range of EBITDA is likely in FY25
SKYCITY 1H25 | INVESTOR PRESENTATION | 20 FEBRUARY 2025
23

SUPPORTING GROWTH AND RETURNS
TO SHAREHOLDERS
Increased customer spend
Increased visitation
Margin improvement
1. ECONOMIC RECOVERY2. NZICC
Increased visitation
Cross spend opportunities
3. GROW ONLINE
Grow online channel customers
Ambition to be a top 4 operator
DRIVERS OF EARNINGS GROWTH OVER TIME
RISK TRANSFORMATIONDIGITAL TRANSFORMATIONCAPITAL RECYCLINGCOST MANAGEMENT
SKYCITY 1H25 | INVESTOR PRESENTATION | 20 FEBRUARY 2025
24

RANKING
TRIPADVISOR
#1
AWARDED
TRIPADVISORS
TRAVELERS
CHOICE AWARD
BEST SUSTAINABLE
TOURISM BUSINESS IN NZ
QUALMARK
GOLD WINNER
SKYCITY INVESTMENT PROPOSITION
Platform for success and growth
SOUTH AUSTRALIAN
TOURISM AWARDS
2024 GOLD WINNER
ASX/NZX listed casino operator
Investing to ensure compliance with
AML/CFT and host responsibility
regulatory requirements
Exclusive and long dated casino licences
with an average term >20 years
Unmatched gaming offering in all
operating markets
SIGNIFICANT GAMING
OPERATOR IN NZ AND AU
World class gaming, entertainment
and leisure operator
•Four casinos, Four hotels, 36 food and
beverage outlets, Sky Tower, ~4,300 car
parks, international convention centre
(opening 2026) and bowling alley
A diversified business with a 71%:29%
mix of revenue between gaming and
non-gaming
Owner of a diversified, significant
property portfolio
Experienced management team and
~4,500 employees
Over 10m visitations per annum
OWN AND OPERATE WORLD CLASS
INTEGRATED RESORTS
Improved economic conditions
supporting an increasing customer base
and spend levels
Growth in visitation f rom
opening of NZICC
Regulation of New Zealand online
gaming, providing opportunity for
online growth
GROWTH
OPPORTUNITIES
Attractive EBITDA margins (1H25: 27%)
High cash-generating business
Well supported access to capital
with a weighted average debt maturity
of 4.5 yrs
Opportunity to monetise select assets
to support an improved ROIC
FINANCIAL RETURN
PROFILE
SKYCITY 1H25 | INVESTOR PRESENTATION | 20 FEBRUARY 2025
25

APPENDICES

SKYCITY OVERVIEW
AUCKLAND
HAMILTON
AND QUEENSTOWNADELAIDEONLINE (MALTA)
Operated since19962002 & 200020002019
Gaming licence expiry20482027 Hamilton2085 (exclusive to 30 June 2035)
2025 Queenstown
1
Gaming licences total1,877 EGMs425 EGMs1,500 EGMs
390 Table games35 Table games200 Table games2,000 games
Gaming licences utilised1,715 EGMs425 EGMs1,080 EGMs
297 Table games30 Table Games81 Table Games
Non-gaming938 Hotel rooms (3 hotels)120 Hotel rooms (1 hotel)
17 F&B Outlets9 F&B outlets10 F&B
1 Convention/Entertainment1 Convention/Entertainment
3,198 Carparking spaces
2
330 Carparking spaces
Property owned1 Casino1 Hamilton Casino1 Hotel
3 Hotels1 Bowling alley
1 Observation tower
20,000 sqm Office
32,500 sqm Conv. centre
Property leased1 Queenstown Casino1 Casino
1 Carpark
1. Application for renewal submitted
2. Includes estimated 1,248 carspaces for the NZICC
SKYCITY 1H25 | INVESTOR PRESENTATION | 20 FEBRUARY 2025
27

GROUP RESULTS
$M1H251H24
Auckland258.3280.6
Hamilton and Queenstown38.338.8
Adelaide123.2116.8
Online2.15.6
Corporate0.11.1
Total underlying revenue
1
422.0442.8
Auckland107.7125.7
Hamilton and Queenstown17.516.8
Adelaide15.218.2
Online(1.1)3.0
Corporate(26.2)(19.4)
Underlying EBITDA113.1144.3
EBITDA margin26.8%32.6%
Depreciation and amortisation(45.3)(44.2)
Underlying EBIT67.8100.0
Net finance costs(12.3)(8.7)
Operating income tax expense(17.7)(26.8)
Underlying net profit after tax37.864.5
Non-operating items(31.7)(42.0)
Reported net profit after tax6.122.5
Key Metrics1H251H24
Underlying EPS (cents)5.08.8
Reported EPS (cents)0.83.0
DPS (cents)0.005.25
1. Excludes gaming GST
2. Excludes Corporate segment
1H25 REVENUE BY SEGMENT
2
Auckland 61%
Hamilton & Queenstown 9%
Adelaide 29%
Online 1%
Auckland 77%
Hamilton & Queenstown 13%
Adelaide 11%
Online (1)%
1H25 EBITDA BY SEGMENT
2
1H25 REVENUE BY SEGMENT
2
Auckland 61%
Hamilton & Queenstown 9%
Adelaide 29%
Online 1%
Auckland 77%
Hamilton & Queenstown 13%
Adelaide 11%
Online (1)%
1H25 EBITDA BY SEGMENT
2
SKYCITY 1H25 | INVESTOR PRESENTATION | 20 FEBRUARY 2025
28

UNDERLYING PROFIT TO REPORTED
RESULT RECONCILIATION
1H251H24 (RESTATED)
1
$MREVENUEEBITDAEBITNPATREVENUEEBITDAEBITNPAT
Reported Results422.0113.167.86.1445.2101.056.722.5
Remove impact of NZICC Fire Accounting––––(2.4)5.55.54.2
Remove AUSTRAC regulatory penalty–––––37.837.837.8
Remove provision for interest payable and tax implications
of the SA Casino duty dispute
–––31.7––––
Underlying Results422.0113.167.837.8442.8144.3100.064.5
1. 1H24 underlying results have been restated to remove adjustments less than $5m, GST revenue reclassification and gaming rebates due to a change in company policy.
SKYCITY 1H25 | INVESTOR PRESENTATION | 20 FEBRUARY 2025
29

OPERATING RESULTS BY SEGMENT
AUCKLAND
HAMILTON AND
QUEENSTOWNADELAIDEONLINECORPORATETOTAL
$M1H251H241H251H241H251H241H251H241H251H241H251H24
Gaming machines118.3127.926.026.450.346.60.00.00.00.0194.6200.9
Table games57.166.47.06.530.329.10.00.00.00.094.4101.9
Premium tables5.912.6(0.1)0.43.65.30.00.00.00.09.418.3
Other gaming0.00.00.00.00.10.12.15.60.00.02.15.7
Total gaming revenue
1
181.3206.932.933.384.281.02.15.60.00.0300.5326.8
Food and beverage32.534.52.92.923.623.60.00.00.00.059.061.0
Hotels25.323.90.00.07.67.30.00.00.00.032.931.2
Entertainment and other19.215.32.52.67.74.90.00.00.11.129.623.8
Total non-gaming revenue77.073.75.45.538.935.70.00.00.11.1121.5116.0
Total underlying revenue258.3280.638.338.8123.2116.82.15.60.11.1422.0442.8
Operating expenses(150.7)(154.9)(20.8)(22.0)(108.0)(98.6)(3.2)(2.6)(26.3)(20.5)(308.9)(298.5)
Underlying EBITDA107.7125.717.516.815.218.2(1.1)3.0(26.2)(19.4)113.1144.3
Depreciation and amortisation(23.8)(18.9)(2.6)(2.6)(12.4)(15.9)(0.2)0.0(6.3)(6.8)(45.3)(44.2)
Underlying EBIT83.9106.814.914.12.82.3(1.3)3.0(32.5)(26.2)67.8100.0
1. Excludes gaming GST.
1H25 GAMING REVENUE
BY TYPE
Gaming Machines 65%
Table Games 34%
Other Gaming 1%
1H25 TOTAL REVENUE
BY TYPE
Gaming 71%
Food & Beverage 14%
Hotels 8%
Entertainment and other 7%
SKYCITY 1H25 | INVESTOR PRESENTATION | 20 FEBRUARY 2025
30

DEBT AND LIQUIDITY
DEBT FACILITIES$M
Type
Maturity
date
Total
amount
Facility
amount
Amount
drawn Undrawn
USPPMar-2865.4 AUD72.1 NZ72.1 NZ–
USPPFeb-3075.0 US129.0 NZ129.0 NZ–
USPPSep-31150.0 US246.9 NZ246.9 NZ–
NZ BondMay-27175.0 NZ175.0 NZ175.0 NZ–
Bank facilityJul-2757.5 NZ57.5 NZ45.0 NZ12.5 NZ
Bank facilitySep-2780.0 NZ80.0 NZ–80.0 NZ
Bank facilitySep-28137.5 NZ137.5 NZ–137.5 NZ
898.0 NZ668.0 NZ230.0 NZ
LIQUIDITY PROFILE$M
As at 31 Dec 2024
Facility
limit
Drawn
amount
Available
liquidity
Facilities due within 12 months–––
Facilities due post 12 months898.0668.0230.0
Total898.0668.0230.0
Cash and cash equivalents available for liquidity68.6
Overdraft facility10.0
Total liquidity308.6
Less facilities maturing <12 months0.0
Funding headroom308.6
DRAWN DEBT SOURCES
USPP 67%
NZ Bond 26%
Bank 7%
200
100
300
400
500 $ Million
3.00%
2.50%
4.00%
3.50%
4.50%
5.00%
HEDGING AND FIXED INTEREST PROFILE 31 DEC 24
02.00%
Jun 25Jun 26Jun 27Jun 28Jun 29Dec 24
Fixed Rate DebtSwapsWeighted Average Fixed Rate
SKYCITY 1H25 | INVESTOR PRESENTATION | 20 FEBRUARY 2025
31

IMPORTANT INFORMATION
•Average NZ$ vs. A$ cross-rate for 1H25 = 0.9122 and 1H24 = 0.9246
•Weighted average number of shares excludes executives’ shares held on trust under the Group’s executive
incentive schemes:
–1H25 = 759,218,929
–1H24 = 758,733,593
•GST rates: NZ 15%; AU 10%
•EBITDA margin % is calculated on revenue, excluding gaming GST
•Certain totals, subtotals and percentages may not sum or reconcile due to rounding
RECONCILIATION OF GROUP RESULTS
Guide to understanding the basis of underlying earnings
The Group’s objective in preparing underlying financial information is to enable the investment community to
better understand the Group’s underlying operational performance 
The Group achieves this objective by providing information that:
•is representative of SkyCity’s underlying performance as a potential indicator of sustainable performance; and
•enables comparison across financial periods
This objective is achieved by eliminating:
•regulatory penalties and provisions and NZICC fire accounting; and
•structural differences in the business between financial reporting periods
Underlying results are also used for internal purposes such as budgeting and staff incentives, but not
for financing decisions 
Non-GAAP information is prepared in accordance with a Board approved “Non-GAAP Financial Information Policy”
and is reviewed by the Board at each reporting period
Application of the Group’s “Non-GAAP Financial Information Policy” is consistent with the Board-approved approach
GLOSSARY
AMLAnti-money laundering and
counter terrorism financing
ATGAutomated table game
D&ADepreciation and amortisation
DPSDistribution per share
EBITDAEarnings before interest
and taxes
EGMElectronic gaming machine
EPSEarnings per share
F&BFood and beverage outlets
FIFAFédération Internationale de
Football Association
MPCMandatory carded play
NPATNet profit after tax
NZICCNew Zealand International
Convention Centre
PCPPrior comparable period
WPOHWin per opening hour
WPUPDWin per unit per day
SKYCITY 1H25 | INVESTOR PRESENTATION | 20 FEBRUARY 2025
32

THANK YOU
1H25 INVESTOR PRESENTATION | 20 FEBRUARY 2025
CONTACT
Craig Brown
Head of Investor Relations
Craig.Brown@skycity.co.nz

---

SkyCity Entertainment Group Limited
Interim Financial Statements
for the six month period ended
31 December 2024











For and on behalf of the Board:








Julian Cook Chad Barton
Chair of the SkyCity Board Chair of the Audit Committee


19 February 2025

Independent auditor’s review report
T
o the shareholders of SkyCity Entertainment Group Limited
Report on the interim financial statements
Our conclusion
We have reviewed the interim financial statements of SkyCity Entertainment Group Limited (the
Company) and its subsidiaries (the Group), which comprise the balance sheet as at 31 December
2024, and the income statement, statement of comprehensive income, the statement of changes in
equity and the statement of cash flows for the six-month period ended on that date, and selected
explanatory notes.
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying interim financial statements of the Group do not presen
t fairly, in all material respects,
the financial position of the Group as at 31 December 2024, and its financial performance and cash
flows for the six-month period then ended, in accordance with International Accounting Standard 34
Interim Financial Reporting (IAS 34) and New Zeala
nd Equivalent to International Accounting
Standard 34 Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements
2410 (Revised)
Review of Financial Statements Performed by the Independent Auditor of the Entity
(NZ SRE 2410 (Revised)). Our responsibilities are further described in the Auditor’s responsibilities for
the review of the interim financial statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New
Zealand relating
to the audit of the annual financial statements, and we have fulfilled our other ethical
responsibilities in accordance with these ethical requirements. In our capacity as auditor, our firm
provides review, specified procedures, agreed-upon procedures, and other assurance-related services
involving an assessment of whether the preconditions for assurance exist in preparation for assurance
over greenhouse gas emissions. Our firm carries out other assign
ments in the areas of tax
compliance, tax advisory services and other advisory services. The firm has no other relationship with,
or interests in, the Group.
Responsibilities of the Directors for the interim financial statements

The Directors of the Group are responsible on behalf of the Company for the preparation and fair
presentation of these interim financial statements in accordance with IAS 34 and NZ IAS 34 and for
such internal control as the Directors determine is necessary to enable the preparation and fair
pr
esentation of the interim financial statements that are free from material misstatement, whether due
to fraud or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that
causes us to believe that the interim financial statements, taken as a whole, are not prepared in all
material respects, in accordance with IAS 34 and NZ IAS 34.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited
assurance engagement. We perform procedures, primarily consisting of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review
procedures. The procedures performed in a review are substantially less than those performed in an
audit conducted in accordance with International Standards on Auditing and International Standards
on Auditing (New Zealand) and consequently does not enable us to obtain assurance that we might
identify in an audit. Accordingly, we do not express an audit opinion on these interim financial
statements.
PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142 New Zealand T:
+64 355 8000, www.pwc.co.nz
2

Who we report to
This report is made solely to the Company’s shareholders, as a body. Our review work has been
undertaken so that we might state those matters which we are required to state to them in our review
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
review procedures, for this report, or for the conclusion we have formed.
The engagement partner on the review resulting in this independent auditor
’s review report is Philippa
(Pip) Cameron.
For and on behalf of:
[Signature in the name of the audit firm]
PricewaterhouseCoopers
19 February 2025 Auckland
PwC
3

-4-

SkyCity Entertainment Group Limited
Income Statement
For the six month period ended 31 December 2024


Unaudited
6 months
31 December
Unaudited
6 months
31 December
2024 2023

Notes $'000 $'000
Revenue 5 420,798 440,426
NZICC fire related income - 2,422
Other income 1,172 1,488
NZICC fire related expenses - (3,329)
Employee benefits expense (174,380) (161,011)
Other expenses (59,636) (66,140)
Directors' fees (676) (597)
Gaming taxes and levies (26,453) (26,484)
Direct consumables (32,534) (32,960)
Marketing and communications (10,798) (10,788)
Regulatory penalties - (37,758)
Community contributions, sponsorships and donations (4,791) (5,171)
Fair value gain on investment properties 382 -
Share of profits from associates - 892
Earnings before interest, taxes, depreciation and amortisation (EBITDA) 113,084 100,990
Depreciation and amortisation (42,397) (41,067)
Depreciation on right-of-use assets (2,932) (3,180)
Earnings before interest and tax (EBIT) 67,755 56,743
Net finance costs 8 (39,631) (8,715)
Profit Before Income Tax 28,124 48,028
Income tax expense 6 (22,053) (25,482)
Profit for the Period Attributable to Shareholders of the Company

6,071 22,546
Earnings per share for Profit Attributable to the Shareholders of the
Company

Basic and diluted earnings per share 0.8 3.0

The above income statement should be read in conjunction with the accompanying notes.

-5-


SkyCity Entertainment Group Limited
Statement of Comprehensive Income
For the six month period ended 31 December 2024



Unaudited
6 months
31 December

Unaudited
6 months
31 December
2024 2023

$'000 $'000
Profit for the Period 6,071 22,546
Other Comprehensive Income
Items that may be subsequently reclassified to profit or loss
Foreign Currency Translation Reserve
Exchange differences on translation of overseas subsidiaries 1,504 (2,921)
Cash Flow Hedge Reserve
Cash flow hedges - revaluations (3,066) (9,313)
Cash flow hedges - transfer to finance costs (605) 8,297
Cash flow hedges - income tax 1,028 285
Cost of Hedging Reserve
Cost of hedging reserve - revaluations (713) (268)
Cost of hedging reserve - transfer to finance costs 459 579
Cost of hedging reserve - income tax 71 (87)
Other Comprehensive Income for the Year, Net of Tax (1,322) (3,428)
Total Comprehensive Income for the Year 4,749 19,118

The above statement of comprehensive income should be read in conjunction with the accompanying notes.

-6-

SkyCity Entertainment Group Limited
Balance Sheet
As at 31 December 2024


Unaudited
31 December 30 June
2024 2024

Notes $'000 $'000
ASSETS
Current Assets
Cash and cash equivalents 88,649 60,536
Receivables and prepayments 24,390 86,878
Inventories 8,809 8,375
Derivative financial instruments 234 17,913
Current tax receivables 1,779 7
NZICC fire recoveries - 2,480
Assets classified as held for sale 13,000 13,000
Total Current Assets 136,861 189,189
Non-current Assets
Deferred tax assets 7 49,493 52,350
Derivative financial instruments 16,371 550
Investment properties 79,814 78,800
Property, plant and equipment 1,847,005 1,816,961
Intangible assets 549,876 544,607
Right-of-use assets 119,886 98,579
Total Non-current Assets 2,662,445 2,591,847
Total Assets 2,799,306 2,781,036
LIABILITIES
Current Liabilities
Payables and provisions 8 196,472 226,796
Interest bearing liabilities 9 - 241,116
Current tax liabilities 203 34,707
Derivative financial instruments 466 366
Lease liabilities 7,471 3,285
Total Current Liabilities 204,612 506,270
Non-Current Liabilities
Interest bearing liabilities 10 678,178 368,381
Non-current payables 11,611 20,052
Deferred tax liabilities 211,197 210,739
Lease liabilities 135,541 118,147
Deferred licence value 246,408 246,408
Derivative financial instruments 2,568 7,178
Total Non-current Liabilities 1,285,503 970,905
Total Liabilities 1,490,115 1,477,175
Net Assets 1,309,191 1,303,861
EQUITY
Share capital 1,343,017 1,342,436
Reserves (8,772) (7,450)
Retained earnings (25,054) (31,125)
Total Equity 1,309,191 1,303,861

The above balance sheet should be read in conjunction with the accompanying notes.

-7-

SkyCity Entertainment Group Limited
Statement of Changes in Equity
For the six month period ended 31 December 2024



Share
Capital Reserves
Retained
Earnings
Total
Equity

$'000 $'000 $'000 $'000
Balance as at 1 July 2024 1,342,436 (7,450) (31,125) 1,303,861
Total comprehensive income - (1,322) 6,071 4,749
Share rights issued for employee service 637 - - 637
Net movement in treasury shares (56) - - (56)
Balance as at 31 December 2024

1,343,017 (8,772) (25,054) 1,309,191
Balance as at 1 July 2023 1,343,027 (10,435) 197,605 1,530,197
Total comprehensive income - (3,428) 22,546 19,118
Dividends paid - - (45,541) (45,541)
Share rights issued for employee service 1,727 - - 1,727
Net movement in treasury shares 36 - - 36
Balance as at 31 December 2023

1,344,790 (13,863) 174,610 1,505,537
The above statement of changes in equity should be read in conjunction with the accompanying notes.

-8-

SkyCity Entertainment Group Limited
Statement of Cash Flows
For the six month period ended 31 December 2024


Unaudited
6 months
31 December
Unaudited
6 months
31 December
2024 2023

$'000 $'000
Cash Flows from Operating Activities
Receipts from customers 427,513 432,495
Payments to suppliers and employees (268,486) (264,436)
Government grants 100 260
Other insurance income 2,480 -
Regulatory penalties paid (75,697) -
Gaming taxes and levies paid (30,428) (30,899)
Income taxes paid (53,536) (49,958)
Net Cash Inflow from Operating Activities 1,946 87,462
Cash Flows from Investing Activities
Proceeds from disposal of shares in associate 56,755 -
Capital additions (76,119) (77,321)
Purchased intangible assets (2,642) (3,461)
NZICC fire related expenses - (797)
Net Cash Outflow from Investing Activities

(22,006) (81,579)
Cash Flows from Financing Activities
Cash flows associated with net derivatives (1,547) 810
Proceeds from new borrowings 340,664 -
Repayment of borrowings (275,380) -
Movement in treasury shares (56) 36
Interest paid (9,040) (12,694)
Dividends paid to company shareholders - (45,541)
Lease interest paid (3,635) (3,299)
Repayment of lease liabilities (2,833) (1,992)
Net Cash Inflow/(Outflow) from Financing Activities 48,173 (62,680)
Net Increase/(Decrease) in Cash and Cash Equivalents 28,113 (56,797)
Cash and cash equivalents at the beginning of the period 60,536 245,013
Cash and Cash Equivalents at the End of the Period 88,649 188,216
The above statement of cash flows should be read in conjunction with the accompanying notes.

SkyCity Entertainment Group Limited
Notes to the Financial Statements
For the six month period ended 31 December 2024

-9-


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 interim financial statements of the Group for the six months ended 31 December 2024 have been reviewed but have
not been audited. They were approved for issue by the Board of Directors (Board) on 19 February 2025.
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
These interim financial statements have been prepared in accordance with GAAP. They comply with the New Zealand
equivalent to International Accounting Standard (NZ IAS) 34 Interim Financial Reporting, International Accounting Standard
(IAS) 34 Interim Financial Reporting and the NZX Listing Rules.
These interim financial statements do not include all the notes normally included in the annual financial statements.
Accordingly, these interim financial statements should be read in conjunction with the Group's annual report for the year
ended 30 June 2024.
Measurement Basis
These interim financial statements have been prepared under the historical cost convention, as modified by the revaluation
of certain assets and liabilities, as identified in the 30 June 2024 annual financial statements.
Presentation Currency
These interim 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 period. When discussing financial performance,
the Group also uses non-GAAP financial information, which is not prepared in accordance with GAAP 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 the 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
While the Group has negative working capital of $67.7 million at balance date, the Group has available undrawn banking
facilities of $230.0 million (refer to note 10) as at 31 December 2024.
SkyCity has prepared forecasts to support its going concern assessment. These forecasts consider a range of possible
scenarios, including in relation to contingent liabilities (note 12), and have been informed by recent trading performance.
SkyCity’s forecasts indicate that the Group continues to have access to a sufficient level of liquidity to sustain the business,
remain compliant with its financial obligations and meet any future challenges that may arise from contingent liabilities. The
Directors have therefore concluded that there are no material uncertainties related to the Group being a going concern and,
accordingly, these interim financial statements are prepared on a going concern basis.

SkyCity Entertainment Group Limited
Notes to the Financial Statements
For the six month period ended 31 December 2024
(continued)
2 Basis of Preparation (continued)
-10-

Critical Accounting Estimates and Judgements
The preparation of interim financial statements requires the use of certain critical accounting estimates and the exercise of
judgement regarding the application of accounting policies.
These interim financial statements are prepared using the same significant judgements and estimates as were used in the
preparation of the 30 June 2024 annual financial statements and as disclosed below:
• the SkyCity Adelaide Pty Limited (SkyCity Adelaide) casino licence, which has a finite useful life, is reviewed for
impairment at each reporting period. There is no recognition of impairment in the current period;
• 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 8 and information on the Group's
contingent liabilities is provided in note 12; and
• judgement and estimation are required when determining the amount of deferred tax assets to be recognised in
respect of SkyCity Adelaide's tax losses. Further information is provided in note 7.
3 Material Accounting Policies
All material accounting policies applied in these interim financial statements are consistent with those applied in the audited
30 June 2024 annual financial statements and are consistently applied to all periods presented, unless otherwise stated.
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.
The prior year has been restated to align the presentation with the July 2024 IFRIC agenda decision on segment reporting.
Gaming revenue has been adjusted for player rebates to align internal reporting with the revenue treatment in the income
statement. Comparative information has been restated to reflect this change.
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 New Zealand International Convention Centre (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 and SkyCity Queenstown and includes casino
operations, conventions and food and beverage.
SkyCity Adelaide
This segment consists of the Group's Adelaide operations, which includes casino operations, a hotel and conventions and
food and beverage.
Online
This segment comprises the Group's online gaming operations.
Corporate/Group
This segment includes head office functions, and funding entities. It is not considered an operating segment.

SkyCity Entertainment Group Limited
Notes to the Financial Statements
For the six month period ended 31 December 2024
(continued)

4 Segment Information (continued)
-11-

Six Months Ended
31 December 2024
SkyCity
Auckland
Other NZ
Operations
SkyCity
Adelaide Online
Corporate/
Group Total
$'000 $'000 $'000 $'000 $'000 $'000
Gaming revenue 181,308 32,832 84,095 - - 298,235
Online revenue - - - 2,077 - 2,077
Non-gaming revenue 75,912 5,449 39,067 - 58 120,486
Other income 1,094 - - - 78 1,172
Total Income 258,314 38,281 123,162 2,077 136 421,970
Employee benefits expense (88,819) (12,230) (56,955) (1,385) (14,991) (174,380)
Gaming taxes and levies (9,700) (1,929) (14,824) - - (26,453)
Other expenses (54,470) (6,620) (36,218) (885) (9,860) (108,053)
Depreciation and amortisation (23,751) (2,655) (12,402) (212) (6,309) (45,329)
Segment Profit/(Loss) (EBIT) 81,574 14,847 2,763 (405) (31,024) 67,755
Net finance costs (39,631)
Profit before income tax

28,124
Restated
Six Months Ended
31 December 2023
SkyCity
Auckland
Other NZ
Operations
SkyCity
Adelaide Online
Corporate/
Group Total
$'000 $'000 $'000 $'000 $'000 $'000
Gaming revenue 206,831 33,293 80,902 - - 321,026
Online revenue - - - 5,567 - 5,567
Non-gaming revenue 72,473 5,463 35,858 - 39 113,833
Other income 1,254 - - - 234 1,488
NZICC fire income 2,422 - - - - 2,422
Share of net profit of associate - - - - 892 892
Total Income 282,980 38,756 116,760 5,567 1,165 445,228
Employee benefits expense (85,086) (11,869) (52,611) (528) (10,917) (161,011)
Gaming taxes and levies (10,909) (2,089) (13,486) - - (26,484)
Other expenses (65,254) (8,069) (32,456) (2,027) (7,850) (115,656)
Regulatory penalties and fees (5,000) - (32,758) - - (37,758)
NZICC fire expenses (3,329) - - - - (3,329)
Depreciation and amortisation (18,876) (2,584) (15,939) - (6,848) (44,247)
Segment Profit/(Loss) (EBIT) 94,526 14,145 (30,490) 3,012 (24,450) 56,743
Net finance costs (8,715)
Profit before income tax

48,028
5 Revenue

6 months
31 December
6 months
31 December
2024 2023

$'000 $'000
Gaming 298,235 321,026
Non-gaming 120,486 113,833
Online gaming 2,077 5,567
Total Revenue 420,798 440,426

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 Gaming Innovation Group Inc
(GiG) and operated under a Malta gaming licence held by Silvereye Entertainment Limited (a subsidiary of GiG).
GiG (and not SkyCity) is therefore the principal transacting with the online casino customers. 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.

SkyCity Entertainment Group Limited
Notes to the Financial Statements
For the six month period ended 31 December 2024
(continued)

5 Revenue (continued)
-12-



6 months
31 December
6 months
31 December
2024 2023

Notes $'000 $'000
Reconciliation to the Segment Note
Total revenue 5 420,798 440,426
Other income 1,172 1,488
Share of net profit of associate - 892
NZICC fire related income - 2,422
Total Income 421,970 445,228
6 Income Tax Expense

6 months
31 December
6 months
31 December
2024 2023

$'000 $'000
Profit before tax 28,124 48,028
Prima facie income tax @ 28% 7,875 13,448
Australian tax group losses not recognised 13,699 -
Items non-deductible for tax purposes 1,398 1,092
Controlled foreign company regime 703 844
New Zealand tax law changes to depreciation 500 -
Non-deductible regulatory penalties 55 11,228
Items non-assessable for tax purposes (1,434) (1,868)
Differences in overseas tax rates (423) (1,571)
Investment property adjustments (204) (132)
Fair value adjustment on investment property (107) -
Prior period adjustments - 2,169
NZICC fire capital expenses - 254
Other (9) 18
Income tax expense 22,053 25,482
The weighted average applicable tax rate is 78.4% (six months to 31 December 2023: 53.1%). The weighted average tax
rate has been impacted by:
• Australian group tax losses not recognised and;
• non-deductible regulatory penalties (prior period only).
Excluding these items, the weighted average tax rate would have been 29.7% (six months to 31 December 2023: 29.4%).

SkyCity Entertainment Group Limited
Notes to the Financial Statements
For the six month period ended 31 December 2024
(continued)

-13-

7 Deferred Tax Assets
Deferred tax assets relate to the Group's Australian tax group and other foreign operations (excluding Malta).
The Group has recognised a deferred tax asset of $49.5 million (A$44.9 million) in relation to tax losses and other
deductible timing differences. A deferred tax asset of $30.7 million (A$27.9 million) has been recognised on tax losses of
$102.4 million (A$92.9 million) (30 June 2024: $102.5 million, A$93.7 million) in relation to Australia. The Group has a
further $59.1 million (A$53.6 million) of tax losses which are not recognised as the Group has limited the recognition of
losses to be utilised against future taxable profits to an appropriate period of time. 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.
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’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.
The Group reviews future loss utilisation at each reporting date.




8 Payables and Provisions
31 December 30 June
2024 2024

$'000 $'000
Trade payables 30,363 20,846
Deferred income 15,826 18,216
Accrued expenses 49,928 116,400
Employee benefits 57,168 47,346
Other provisions 43,187 14,469
Regulatory penalties provision - 9,519
Total Payables and Provisions 196,472 226,796
Provisions
Provisions are recognised in relation to a number of matters, including 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.
On 16 October 2024, the High Court delivered its judgment. The High Court confirmed the Court of Appeal's interpretation
of the Casino Duty Agreement 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. Accordingly, SkyCity Adelaide is now obliged to pay additional casino duty of A$13.1 million in respect of
the casino duty return periods from January 2014 to January 2024.
The High Court also ruled in favour of the Treasurer's position on the interest clause in the Casino Duty Agreement.
Accordingly, SkyCity has recognised a provision of A$24.8 million (NZ$27.3 million) in relation to the exposure to interest
payable in addition to the prior year provision of A$13.1 million (NZ$14.5 million) in relation to the exposure to casino duty
payable.
In the prior year, provisions were also recognised in relation to civil penalty proceedings commenced by the Department of
Internal Affairs against SkyCity Casino Management Limited. Those matters are now resolved.

SkyCity Entertainment Group Limited
Notes to the Financial Statements
For the six month period ended 31 December 2024
(continued)

-14-

9 Current Interest Bearing Liabilities
31 December 30 June
2024 2024

$'000 $'000
Syndicated bank facility - 80,000
USPP notes - 161,116
Total secured current interest bearing borrowings - 241,116
10 Non-current Interest Bearing Liabilities
31 December 30 June
2024 2024

$'000 $'000
USPP notes 461,827 195,924
Syndicated bank facility 45,000 -
New Zealand bonds 175,000 175,000
Deferred funding expenses (3,649) (2,543)
Total Non-current Interest Bearing Liabilities 678,178 368,381

(a) USPP Notes
The USPP fixed rate US dollar borrowings have been hedged and converted to New Zealand dollar floating rate borrowings
by using cross-currency interest rate swaps to eliminate foreign exchange exposure to the US dollar.
USPP notes mature in March 2028 (A$65.4 million), February 2030 (US$75.0 million) and September 2031 (US$150.0
million).
As disclosed in the audited financial statements for the year ended 30 June 2024, the movement in the amount of USPP
notes from 30 June 2024 relates to the issue of new USPP notes and the repayment of USPP notes that were due to
mature in March 2025, along with foreign exchange and interest rate movements.
(b) Syndicated Bank Facility
The syndicated banking facility is provided by ANZ (New Zealand) and Westpac (New Zealand).
As at 31 December 2024, SkyCity had in place revolving credit facilities of:
• NZ$57.5 million maturing 15 July 2027 ($45.0 million drawn at the reporting date);
• NZ$80.0 million maturing 15 September 2027 (undrawn at the reporting date); and
• NZ$137.5 million maturing 15 September 2028 (undrawn at the reporting date).
(c) New Zealand Bonds
$175.0 million of six-year unsubordinated, unsecured redeemable fixed rate bonds were issued on 21 May 2021.

SkyCity Entertainment Group Limited
Notes to the Financial Statements
For the six month period ended 31 December 2024
(continued)

-15-

11 Commitments
Capital Commitments
Capital expenditure contracted for at the reporting date but not recognised as liabilities is as set out below:

31 December 30 June
2024 2024

$'000 $'000
Property, plant and equipment 28,684 53,866
Capital commitments largely comprise estimations for NZICC construction completion.
12 Contingencies
(a) Contingent Liabilities

SkyCity operates in a highly regulated industry. During the current period, 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.
(i) Independent Review
As further detailed in the Group’s financial statements for the year ended 30 June 2024, the Honourable Brian Martin AO
KC has been appointed 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. In addition, Kroll Australia Pty Limited (Kroll) has been appointed as the independent
expert by SkyCity Adelaide to review its anti-money laundering and counter terrorism (AML/CTF) and host responsibility
enhancement programmes, and if required make amendments to those programmes, and monitor their implementation and
SkyCity Adelaide’s compliance with its AML/CTF and gambling harm minimisation obligations. On 30 December 2024, the
Acting Commissioner announced that they have agreed to an extension of time for the completion of Mr Martin's report until
the end of May 2025.
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 Consumer and Business Services, Kroll and Mr Martin
and any further requests for information and/or documents.
(ii) Casino (Penalties) Amendment Act 2024 (SA)
On 21 November 2024, the Casino (Penalties) Amendment Act 2024 (SA) (Penalties Act) came into operation in South
Australia.
The Penalties Act has amended 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 Act also establishes 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 Act gives 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 million (increased from A$100,000
currently).

SkyCity Entertainment Group Limited
Notes to the Financial Statements
For the six month period ended 31 December 2024
(continued)

12 Contingencies (continued)
-16-

The transitional provisions contained within the Penalties Act 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.
(iii) Other Regulatory Matters
In addition to the matters outlined above, 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 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, South Australian Casino Act 1997 and/or South Australian Gambling Administration
Act 2019 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 Fletcher Construction Company Limited, 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 $74.0 million (30 June 2024: $50.8 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 they 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 31 December 2024 (30 June 2024: no additional contingent assets).
13 Events Occurring after the Reporting Date
Casino Duty Dispute
On 31 January 2025, SkyCity announced that SkyCity Adelaide had accepted an offer from the Treasurer of South
Australia (the Treasurer) to fully and finally resolve the long running contractual dispute between the Treasurer and
SkyCity Adelaide concerning the treatment of loyalty points converted to gaming machine play for the purpose of
calculating casino duty at the SkyCity Adelaide casino and the associated legal proceedings.
The offer accepted by SkyCity Adelaide requires it to pay A$13.1 million (NZ$14.4 million) of additional casino duty and
A$24.8 million (NZ$27.3 million) in interest. SkyCity Adelaide will also pay A$200,000 (NZ$220,519) of the Treasurer's
costs. The payment totalling A$38.1 million (NZ$41.9 million) encompasses casino duty return periods from January 2014
to January 2024 and brings to an end the long running contractual dispute between the parties that resulted in the parties
becoming involved in legal proceedings. The amount has been fully provided for in these interim financial statements (note
8).