2025 Annual Report

Annual Report
2025

CONTENTS
01
About this Annual Report
02
About SkyCity
03
FY25 Performance and Highlights
04
Letter from the Chair
08
Letter from our Chief Executive Officer
12
Year in Review and Our Venues
18
FY25 Outputs and Financial Results
20
Five Year Financial Performance History
22
Our Strategy FY25
22
Transformation Programme
26
Key Achievements and Milestones
30
Our Three Year Strategy
32
Our People
32
Our Board
34
Our Senior Leadership Team
36
Health, Safety and Wellbeing
38
Diversity Equity & Inclusion
42
Diversity in Numbers
44
Sustainability Pillars
46
Our Customers
54
Our Community
61
Our Environment
64
Corporate Governance Statement
and Other Disclosures
64
Corporate Governance Statement
72
Remuneration Report
83
Shareholder and Bondholder Information
85
Directors’ Disclosures
87
Company Disclosures
90
Risk Management
92
Climate Statements
116
Financial Statements
117
Independent Auditor’s Report
122
Income Statement
123
Statement of Comprehensive Income
124
Balance Sheet
125
Statement of Changes in Equity
126
Statement of Cash Flows
127
Notes to the Financial Statements
164
Reconciliation of Underlying Results
to Reported Results
166
Glossary
167
Directory
About this
Annual Report
This report tells the story of SkyCity’s FY25
journey – a year that’s been all about getting
back to basics, foundation building, strategic
preparation and setting ourselves up for
what’s next. We’re not just looking back
at the numbers; we’re sharing how we’ve
learned f rom the past, made the most of
now, and started building an exciting future.
You’ll find our financial and operational
performance
1
laid out clearly, along with
the key milestones and lessons that have
shaped where we are today. We’re also
celebrating our people, our culture, and
our commitment to the communities
and stakeholders who matter to us. Most
importantly, we’re looking ahead to the bold
steps we’re taking to create a sustainable
and innovative future.
This year has been particularly significant
with major developments like ramping up
for the NZICC opening, rolling out Carded
Play and our new loyalty programme SHOW
by SkyCity in New Zealand, and getting
ready for New Zealand’s regulated online
casino gaming market. These aren’t just
business initiatives – they’re part of our
transformation into a more responsible,
customer-focused entertainment company.
We’ve prepared this report in line with
the NZX Listing Rules, the NZX Corporate
Governance Code, the New Zealand
Companies Act 1993, and the New Zealand
Financial Markets Conduct Act 2013 and as
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 2025.
Where appropriate, information is also
provided in relation to the Group’s activities
after 30 June 2025.
It’s our way of being transparent about
where we’ve been, where we are, and where
we’re heading.
This annual report is dated 29 September
2025 and is signed on behalf of the
SkyCity Board by:
2025 HYBRID ANNUAL MEETING
The 2025 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 2025 commencing at
10.00am (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 88 of this annual report for
further details.
JULIAN COOK
Chair of the SkyCity Board
CHAD BARTON
Chair of the Audit Committee
1. Unless otherwise stated, all dollar amounts in this
Annual Report are expressed in New Zealand dollars
PeopleStrategy5-year PerformanceYear In ReviewOutputsCEO LetterChair LetterSustainabilityGovernanceClimate StatementsOtherFinancial StatementsRemuneration
SKYCITY ENTERTAINMENT GROUP I ANNUAL REPORT 2025
B01
Introduction

About SkyCity
SkyCity isn’t just about casinos – we’re in the business of creating memorable
experiences for our customers and actively contributing to our wider community.
1. As at 30 June 2025.
2. As at 1 August 2025.
FY25 Performance
and Highlights
REPORTED
UNDERLYING
FY24: $870.5M
$
825.2
M
UNDERLYING REVENUE
1. Earnings per share.
2. Cents per share.
Our integrated entertainment
complexes across New Zealand and
Australia bring together gaming,
dining, accommodation, attractions,
and entertainment in ways that
appeal to both locals and visitors. The
business supports the thousands of
people directly employed and their
families and our charitable trusts
continue to provide a helping hand to
our communities.
In New Zealand, we operate in three
key locations: Auckland (our flagship),
Hamilton, and Queenstown. Each
venue has its own character, but they
all share our commitment to quality
entertainment and hospitality. In
Australia, our Adelaide property has
been a cornerstone of South Australia’s
entertainment scene for years.
Our hotel operations add an important
dimension to what we offer. Whether
it’s domestic or international visitors
in Auckland or Adelaide, we provide
high quality accommodation that
complements the entertainment
experience. This year the long-awaited
opening of Horizon by SkyCity marked
a significant expansion of our Auckland
hotel offering.
The New Zealand International
Convention Centre (NZICC) in
Auckland is expected to be completed
in late 2025 and open in early 2026.
Once open it will be New Zealand’s
largest convention centre bringing
international conferences and guests
to the Auckland precinct.
Then there’s our online gaming
presence and the opportunity that
presents for the company in the future.
SkyCity Online Casino, operating f rom
Malta, gives New Zealanders access
to online casino gaming experiences.
But the real excitement is what’s
coming – with New Zealand moving
toward regulated online gaming, we’re
positioning ourselves to be a local
leader in this new form of gaming.
What ties everything together is our
focus on connected entertainment. We’re
not just running separate businesses
under one roof – we’re offering connected
experiences to our customers across each
precinct and online.
Our commitment to responsible
entertainment is woven throughout
all our operations, f rom comprehensive
responsible host programmes in our
gaming areas to sustainable practices
in our restaurants and hotels. We
recognise, and take seriously, that
our long-term success depends on
maintaining the trust and support
of our customers, communities, and
regulators, which requires us to operate
with the highest standards of integrity
and social responsibility.
FOUR
PROPERTIES ACROSS
NEW ZEALAND AND AUSTRALIA
FOUR
HOTELS
ONE
ONLINE CASINO
15,156
SHAREHOLDERS
2
$1,330M
IN NET ASSETS
1
$1,956M
IN PROPERTY ASSETS
1
$715M
TOTAL MARKET
CAPITALISATION
2
11.1%
56.4%
120.4%
120.4%
5.2%
15.9%
42.0%
42.0%
FY24: $928.5M
$
825.2
M
REPORTED REVENUE
FY24: $277.8M
$2
33.7
M
UNDERLYING EBITDA
FY24: $123.2M
$
71.5
M
UNDERLYING NPAT
FY24: 16.2 cps
9.4CPS
UNDERLYING EPS

FY24: $138.2M
$
216.1
M
REPORTED EBITDA
FY24: -$143.3m
$
29.2
M
REPORTED NPAT
FY24: -18.9 cps
3.9CPS

2
REPORTED EPS
1
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SKYCITY ENTERTAINMENT GROUP I ANNUAL REPORT 2025
0203
Introduction

The 2025 financial year has been
another challenging year for SkyCity,
our shareholders, the industry
we operate in, and the broader
New Zealand economy.
Despite the weak financial results for
the year, which I discuss below, we are
increasingly seeing that the platform
which will ensure the medium to
longer term success of the business,
is being put in place. There are many
moving parts to the SkyCity business
currently and I will take some time to
go through these.
Our key focus over the last two years
has been settling regulatory action
taken against us in Australia and New
Zealand for a number of historical Anti-
Money Laundering and Countering
Financing of Terrorism (AML/CFT)
and host responsibility breaches. The
resolution of several long-standing
regulatory matters has removed
significant overhangs on our business
and strengthened our relationships
with key regulators.
We have established transformation
programmes to deliver a broad scope of
work to uplift our compliance systems
and performance. We have also put in
place new senior leadership.
These actions have enabled
the business to shift f rom crisis
management to being more proactive
and strategically focused. The 2025
financial year has seen the fundamental
work of rebuilding and resetting our
business with clearer strategic direction,
stronger operational foundations,
and renewed confidence in our
future prospects.
In Adelaide, new leadership has led
the re-scoping and reprioritisation of
our Adelaide remediation through
the Building a Better Business (B3)
programme. This is now a well-
resourced transformation programme
with clear deliverables, realistic
timelines, and proper cost visibility of
approximately $60 million over three
years to FY27.
JULIAN COOK
CHAIR
Letter f rom the Chair
FY25: A Year of Rebuild and Reset
In August, we welcomed the positive
suitable findings of the Independent
Review (Martin Review) into the
suitability of SkyCity Adelaide Pty
Limited (SkyCity Adelaide) to continue
to hold the casino licence and the
suitability of SkyCity Entertainment
Group to continue to be a close
associate of SkyCity Adelaide.
This was a significant milestone,
resolving a long-standing issue for
SkyCity. Whilst the positive outcome
was encouraging, both the Martin
Review and the AUSTRAC case against
SkyCity Adelaide - settled in June
2024 - underscore the seriousness
and scale of our past failings. There
is still considerable work ahead
through the B3 Programme before we
can confidently say our compliance
systems meet the standards required.
We also await hearing f rom the
Commissioner as to what enforcement
action he may decide to take in
response to the Martin Review.
In terms of compliance remediation
across the Group, we are in a
considerably better position than
we were a year ago and importantly
we are seeing good momentum
in the business. Turn-arounds of
this scale are complex, touch every
part of the business, involve large
numbers of people, have multiple
inter-dependencies and take time to
deliver results. But we are now seeing
those results, and we expect continued
progress as teams deliver on our
compliance commitments.
In New Zealand our new 5-star hotel
Horizon by SkyCity has completed
nearly a full year of trading and received
recognition f rom both the Institute of
Architecture and the Property Council.
We recently introduced Carded Play
across all our New Zealand casinos and
good progress has also been made to
regulate online casino gambling in New
Zealand with a draft Bill currently before
Select Committee in Parliament.
We are also nearing the end of
construction on the New Zealand
International Convention Centre
(NZICC). Handover f rom the contractor
is expected in the next few months and
the first events planned for February
2026. We are excited about the
transformational impact this world-
class facility will have on Auckland’s
position as an international business
and events destination. The quality of
the facility is exceptional and the long-
term benefits for Auckland and New
Zealand will be substantial. Operational
preparations are ramping up, including
recruitment for key positions and
planning for a strong launch.
We have also taken action to protect
our interests and have filed legal
proceedings against Fletcher Building
Limited and Fletcher Construction
Company Limited (together Fletchers),
seeking over $330 million in damages.
This reflects the substantial losses
incurred due to construction delays.
While we would have preferred a
commercial resolution, those efforts
were unsuccessful, and legal action has
become necessary.
In New Zealand consumer discretionary
spending has been under sustained
pressure despite the easing in interest
rates over the year. Unemployment
has been increasing and the property
market has been very weak. The
general economic uncertainty has
directly impacted our customers’
entertainment budgets and spending
patterns. We have observed stable
visitation levels but reduced spend per
visit. This has been a large factor in our
weaker earnings.
The business is also bearing a number
of costs f rom the B3 programme in
Adelaide, pre-opening costs f rom the
NZICC and start-up costs in relation
to regulated online casino gambling
in New Zealand. Through the 2025
financial year we saw these costs
increase as the B3 programme was
properly built out under new leadership
and there were ongoing delays with
the NZICC. Finally, our risk programmes
have meant we are more selective on
which customers can game with us.
The consequence of this is that our
core casino business earnings have
been structurally reset at a lower level
(with increased compliance costs and
stricter customer thresholds). This is
appropriate and necessary for us to
retain our licences. We are a safer and
more compliant business and better
for it.
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SKYCITY ENTERTAINMENT GROUP I ANNUAL REPORT 2025
0405
IntroductionChair Letter

The business has also been subject to
a number of capital requirements in
the last two years, including repurchase
of the Auckland car park f rom MPF
Parking NZ Limited as a consequence
of late delivery due to the NZICC fire
($204m), regulatory fines ($83m), and
settlement of penalty interest due in
relation to the casino duty dispute with
Consumer Business Services in South
Australia ($27m).
The earnings reset arising f rom our
improved risk and compliance settings
including the impact of Carded Play
against a backdrop of the weaker New
Zealand economy, plus the upcoming
costs associated with NZICC opening and
regulated online casino gambling in New
Zealand, weakened our capital structure.
Further delays in the NZICC, a deeper
NZ economic recession, particularly
in the second half of FY25, and the
inability to monetise the Auckland car
park concession during the year, placed
further stress on the business.
As a result, we made the decision
to raise $240 million f rom existing
shareholders and some new investors.
We understand and acknowledge
the concerns raised by some of our
shareholders about the timing and
size of the raise, and I want to be
clear that the decision was not taken
lightly. It was calibrated to protect the
company’s financial flexibility, preserve
our crucial investment grade credit
rating, and avoid the kind of high-
cost, restrictive funding outcomes
currently seen elsewhere in the sector.
With a stronger balance sheet, we’re
now better positioned to manage
regulatory headwinds, deliver on
compliance obligations, and better
protect our earnings.
The Board actively considered
alternatives to an equity raise. However,
none of these would have prevented a
credit rating downgrade and without
the equity raise we would have been
at risk of defaulting on our banking
covenants later this calendar year. The
Board considered asset sales in addition
to the car park concession but the pace
of the decline in earnings meant there
was not time to effect this.
Letter from the Chair (continued)
Raising equity provided funding
certainty and avoided considerable
extra interest costs in respect of our
funding and the potential extra costs
associated with seeking waivers to
those debt terms. The equity raise
meant that we retained our BBB- credit
rating and has also protected our ability
to access a broad range of debt capital
markets for the purposes of refinancing
or renewing our $175m NZ Retail Bond
as it becomes due in May 2027.
Furthermore, maintaining financial
suitability is necessary for SkyCity
as a responsible custodian of our
casino licences. Seeking covenant
waivers, or failure to act decisively to
preserve our balance sheet stability
could have jeopardised future licence
applications, including our anticipated
online casino gambling licence in New
Zealand. Ongoing financial stability
was a consideration in the Martin
Review of the Group’s suitability to hold
the Adelaide casino licence. We are
currently in the process of renewing
our Queenstown casino licence, and
our Hamilton licence is due for renewal
in 2027. We also expect to apply for
an online casino gambling licence in
New Zealand in 2026. Once regulated,
capital adequacy will also be a factor
in considering suitability of online
gambling licence applicants.
These licences are simply too
important to be put at risk.
The business is also in the process of
monetising further non-strategic assets
with a view to raising approximately
$200m in additional funding which will
be put towards further debt reduction.
This is in addition to the nearly $70m we
realised f rom asset sales during FY25.
We continue to target BBB (flat) credit
rating metrics within the structure
of our balance sheet. Maintaining an
investment grade credit rating allows
us to refinance debt on considerably
more favourable terms; unsecured,
covenant-light, and under a negative
pledge. It also preserves access to
key debt capital markets that would
otherwise be closed to us, which is vital
for long-term stability.
It is the intention and expectation
of the Board that SkyCity emerge
f rom its various regulatory issues
as a successful business, able to
capitalise on the investment in the
NZICC, with a successful online
casino gambling business in New
Zealand and returning to delivering
dividends to shareholders. While
the past financial year does not
represent a year of strong financial
results, it has unquestionably been
a year of meaningful progress. We
are systematically putting the right
people, plans, and priorities in place as
we reset and rebuild our business for
long-term success.
I want to express my sincere gratitude
to our Senior Leadership Team and
Board members for their unwavering
commitment and support during
another challenging year.
I also want to thank our 4,500+
employees who have embraced
change, maintained high service
standards, and demonstrated the
values that define our organisation.
I also want to acknowledge our
customers – the millions who chose
to visit SkyCity during FY25 – whose
loyalty and support are fundamental
to our success. Finally, I want to thank
our shareholders for ongoing support
and patience.
JULIAN COOK
Chair
I also want to thank
our 4,500+ employees
who have embraced
change, maintained
high service standards,
and demonstrated
the values that define
our organisation.
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SKYCITY ENTERTAINMENT GROUP I ANNUAL REPORT 2025
0607
IntroductionChair Letter

FY25 has been a difficult year but we
have made substantial progress toward
getting SkyCity back on the right path
by developing a strategy that clearly
defines where we want to take the
business in the future.
When I joined the organisation as
CEO in July 2024, the immediate
priorities were crystal clear: stabilise
the business operations, accelerate
our comprehensive transformation
programmes, and position ourselves for
sustainable long-term growth. While
the external operating environment has
remained difficult throughout the year,
we have made progress on each
of these critical objectives.
The economic headwinds we’ve faced
throughout FY25 have been both
persistent and substantial, creating
a challenging backdrop for all our
operations and industry. In New
Zealand particularly, we’ve experienced
the direct impact of reduced consumer
discretionary spending flowing
through to our business performance
in ways that have required careful
management and strategic adaptation.
Pleasingly, visitation to our venues
has remained relatively stable – our
customers continue to choose SkyCity
for their entertainment experiences
– but spend per visit has declined as
customers have become more cautious
with their entertainment budgets. The
reduced revenue has created margin
pressure and required us to focus
intensively on operational efficiency,
cost management, and service delivery,
to maintain our competitive position.
When economic conditions do improve,
we expect to benefit f rom improved
operating leverage f rom incremental
spend per visit requiring minimal cost
increases which will flow through to
increased earnings.
The situation in South Australia has
presented its own unique challenges,
with the competitive dynamics,
together with the overhang of historical
regulatory matters, requiring significant
changes to how we operate this
business. We have made progress in
Adelaide but acknowledge we have
more work ahead of us.
Underlying Group NPAT was $71.5m
(down 42%), due to the lower level of
operating earnings and higher interest
costs due to less capitalised interest
expense following the opening of the
Horizon by SkyCity Hotel in August
2024. Reported Group NPAT of $29.2m,
was significantly higher than last year’s
reported NPAT due to fewer significant
accounting items which were a feature
of the prior result.
Total underlying EBITDA for the Auckland
precinct was $209.6 million, 11.5% below
the prior period, with 9.4% less gaming
revenue being the main contributor to
the lower level of earnings.
A reset of our Premium customer
segment has resulted in lower levels
of activity when compared to prior
periods. We will continue to participate
in this segment of the market, but it will
deliver significantly lower revenue than
in the past.
Letter f rom our
Chief Executive Officer
The rollout and go-live of Carded Play
across our New Zealand operations
has been one of our most significant
operational achievements during FY25.
Along with a ref resh of our loyalty
programme to SHOW by SkyCity,
we have completely overhauled the
way we interact with our gaming
customers. This change represents
far more than regulatory compliance;
it’s a comprehensive transformation
of how we engage with customers,
manage operational risk, and deliver
personalised experiences. We now
have unprecedented visibility into
gaming customer behaviour patterns,
preferences, and engagement
levels that will enable us to deliver
personalised service and compelling
value propositions.
We have guided the market to the
earnings impact of Carded Play – with
FY26 EBITDA forecast to be impacted
by between $20 million-$30 million. We
are now focused on the opportunities
to leverage the customer insights that
SHOW by SkyCity provides.
Our other transformation programmes
have gained substantial momentum
during FY25, particularly in Adelaide
where our Building a Better Business
(B3) programme has been completely
re-scoped with clear deliverables,
realistic timelines, and proper cost
visibility. This programme now has
genuine operational ownership,
appropriate governance oversight, and
the resources on the ground in Adelaide
necessary for successful execution.
The cultural and operational changes
we’re seeing, f rom our ref reshed
management team, demonstrate that
meaningful transformation is possible
even in challenging circumstances,
and the lessons learned are being
applied across our broader operations.
The positive suitability finding f rom
the Martin Review was also welcome
recognition of the progress we’ve been
making in Adelaide, and we’re fully
committed to our three-year-long B3
programme and continuing to build
our relationships with our regulators.
Our preparation for New Zealand’s
emerging regulated online casino
gambling market has advanced
significantly during FY25. This
opportunity could be transformational
for our business, offering highly scalable
revenue streams, attractive margins,
and the potential to leverage our land-
based customer relationships and
brand recognition in new ways.
FY25 has seen extensive engagement
with policy makers and the
Government published the draft Online
Casino Gambling Bill in June 2025.
This Bill is expected to be passed into
legislation by early 2026, followed by the
auction of up to 15 licences to approved
parties and the market is expected to
be live in the second half of 2026.
We recognise the initial investment
requirements for the online casino
gambling opportunity are significant,
however we believe it’s vitally important
for SkyCity to secure a licence to
enable us to compete in this market to
protect our land-based business and
to access this potentially substantial
future earnings opportunity. It is both
a defensive and offensive move. We are
well positioned and our aspiration is to
become the local hero in this market.
Looking more closely at our FY25 result,
for the 12-months ended 30 June
2025, underlying Group EBITDA was
$233.7 million, 15.9% lower than last
year and impacted by the difficult
operating environment, particularly
in New Zealand; significantly higher
churn levels across our VIP customer
base, notably in Adelaide as we roll
out B3; and continued investment in
compliance-related activities across the
Group. This excludes the one-off costs
identified as part of the three-year B3
programme, which have been included
in the Reported EBITDA of $216.1 million,
56.4% above the prior financial period,
which included a number of significant
accounting adjustments.
120.40%
Stable visitation
across our operating
businesses is
testament to their
underlying quality.
JASON WALBRIDGE
CEO
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SKYCITY ENTERTAINMENT GROUP I ANNUAL REPORT 2025
0809
IntroductionCEO Letter

At our Auckland precinct, a highlight
was the opening of the Horizon by
SkyCity Hotel, which brings total
hotel rooms to just over 930 rooms,
including The Grand by SkyCity and
the SkyCity Hotel. Food and beverage
revenue f rom the Auckland portfolio of
outlets of $63.5 million was marginally
lower than the previous year due to
a lower customer spend per visit.
Pleasingly, visitation remained stable
when compared to the prior period.
The significant refurbishment of the
Auckland production kitchen was
completed in the first half of the year
and will provide many benefits to our
food and beverage operations.
The NZICC project is a key strategic
priority and we remain confident
in our February 2026 opening date.
While the timeline for building
completion has been disappointing,
we’ve taken decisive action by filing
legal proceedings against Fletchers
to recover the significant losses we’ve
incurred f rom the project delays.
Letter from our Chief Executive Officer (continued)
We are excited about the wider
economic impact this world-class
facility will deliver for Auckland as a
premier international conference and
events destination. Critically for SkyCity
the NZICC creates substantial synergies
with our existing entertainment
offerings and we are confident this will
be a key driver of business tourism to
New Zealand.
I also want to note the five-day
closure of our Auckland casino in
September 2024 after failing to
meet harm minimisation and host
responsibility obligations. During
this time, we conducted a five-day
programme of sessions with our
team designed to share information,
conduct ref resher training, and foster
engagement and collaboration across
different departments. The emphasis
on enhancing customer care, host
responsibility and minimising the risk
of financial crime are examples of
how we’re learning f rom our past and
taking ownership of where we’ve not
measured up.
In Hamilton, the performance of our
casino was also impacted by the
prevailing economic environment,
with both revenue and EBITDA lower
when compared to the previous year.
Lower revenue f rom electronic gaming
machines was a key driver, with table
games revenue flat on the prior period.
In Queenstown, gaming revenue was
marginally higher than the prior period,
helped by higher levels of visitation
f rom increased tourist arrivals. The
rollout of Carded Play will provide much
better visibility of our Queenstown
customer base and will allow greater
focus for our marketing spend
and activations.
EBITDA f rom the Queenstown
operations was in line with last year
after adjusting for one-off costs
associated with the closure of the
SkyCity Wharf casino operations in the
prior period. The sale of the surplus land
at 633 Frankton Road was completed
during the 2025 financial year.
In our Malta-based online casino
gambling operation, which offers online
casino gambling experiences to the
New Zealand market, contribution was
negatively impacted by our ongoing
investment ahead of the regulation of
the market and the uneven playing
field that currently exists – unlike some
overseas operators, and consistent
with the current regulation, SkyCity
does not advertise its online casino to
New Zealanders.
Gaming revenue was $3.7m, well
below the $9.3m in FY24, and EBITDA
of -$1.8m compares to $3.6m in the
prior period.
We have provided earnings guidance
for FY26 and anticipate underlying
EBITDA to be in the range of $190
million – $210 million, with consumer
discretionary spending expecting to
remain subdued in the short-term,
and the impact of Carded Play, with
both negatively impacting revenues
– at a time of required investment in
the NZICC opening and preparing
for the potential regulation of online
casino gambling. Having taken action
in August 2025 - with a $240m capital
equity raise to re-set our balance sheet,
we will increase the pace and focus to
monetise non-core assets to improve
financial stability and the value of our
business. We are acutely aware that
earnings recovery is taking longer than
we anticipated.
We are grateful for the support of
our shareholders as we navigate this
period and remain confident in the
opportunities ahead for our business,
particularly as we move into FY27
and FY28.
The cultural shift we’re seeing across
the organisation is encouraging and
will be critical to our long-term success.
Our people and culture initiatives have
been central to our transformation
efforts throughout FY25. We’ve
ref reshed our organisational values
through an inclusive, employee-driven
process that engaged staff across all
levels and locations. These values reflect
our commitment to doing the right
thing, caring for our customers and
communities, and delivering excellence
in everything we do.
This past year has been pivotal for
strengthening our leadership team to
take advantage of the opportunities
and ensure we have resolved the
issues of our past and I would like
to thank both the Board and my
Senior Leadership Team for their
ongoing support.
Thank you to all of the SkyCity team for
their ongoing commitment and high
standards as we serve our customers. I
would also like to extend my thanks to
our customers for choosing SkyCity as
their destination to stay, play and enjoy
the wide range of hospitality we have
on offer.
The year ahead will see several major
milestones that will shape SkyCity’s
future for years to come. The opening
of the NZICC will transform
Auckland’s convention and events
market while driving visitation to our
broader precinct.
Continued progress on our
transformation programmes will
strengthen our operational capabilities
and competitive positioning, and the
anticipated launch of regulated online
casino gambling in New Zealand
will create new revenue streams and
growth opportunities that could be
meaningful for our business.
While the economic environment
remains challenging, we’re confident
that the foundations we’ve built during
FY25 will enable us to capitalise on
growth opportunities as they emerge.
We’re entering this next phase with
confidence and the operational
capabilities necessary for success.
JASON WALBRIDGE
Chief Executive Officer
PeopleStrategy5-year PerformanceIntroductionYear In ReviewOutputsChair LetterSustainabilityGovernanceClimate StatementsOtherFinancial StatementsRemuneration
SKYCITY ENTERTAINMENT GROUP I ANNUAL REPORT 2025
1011
CEO Letter

Year in Review
OUR VENUES
Each of our venues operates within distinct market dynamics, serves different
customer segments, and contributes unique strengths to our integrated
entertainment strategy. Here we highlight key achievements for each venue.
PROPERTYSKYCITY AUCKLAND, NEW ZEALAND
Opened1996
Casino Venue LicenceRuns until 2048
2
Facilities •Casino
•3 Hotels
•17 Food and beverage outlets
•Entertainment and attractions
•Conventions
•Day spa
•3,065 car parking spaces
•Sky Tower
•Theatre
•Office/retail space
•Telecommunications and broadcasting
facilities
Licensed Gaming Product •1,877 electronic gaming machines
3
•150 table games
3
•240 automated table games
4
Workforce~2,860 staff
FY25 Revenue$514.3 million
1. FY24 revenue has been restated to remove gaming rebates due to a change in Company policy.
2. 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.
3. This allowance may be alternatively utilised to enable automated table game terminals.
4. This allowance may be alternatively utilised to enable table games.
AUCKLAND – FLAGSHIP OPERATIONS
Auckland continues to serve as
our flagship operation and largest
contributor to Group performance,
representing the cornerstone of our
New Zealand operations and the
primary driver of our strategic initiatives.
The venue’s scale, diversity of offerings,
and central location make it uniquely
positioned to capture value f rom
multiple customer segments and
revenue streams, f rom local gaming
customers to international tourists and
business travellers.
The opening of Horizon by SkyCity
in August 2024 marked a significant
expansion of our Auckland
accommodation offering. This premium
hotel, with its three design awards has
been well received by guests and adds
another dimension to our integrated
entertainment complex.
Our restaurant portfolio continued to
earn recognition, with Metita, MASU by
Nic Watt, Cassia, and Depot all making
Viva’s Top 60 Auckland Restaurants
2024. Later in the year, Cassia, Depot,
Federal Delicatessen, Huami, MASU by
Nic Watt, Metita, and SkyBar were all
nominated for Iconic Auckland Eats by
the public – a testament to the quality
and diversity of our dining offerings.
The Sky Tower continues to be a major
drawcard for visitors. We launched
the new Sky Tower Observation Deck,
‘The Lookout’, enhancing the visitor
experience. The Sky Tower maintained
its position as TripAdvisor’s #1 attraction
in Auckland, earned Travelers’ Choice
Awards, and received Qualmark Gold
Winner status. The Sky Tower and
The Rock 2000’s success in winning
Best Network Station Promotion at
the NZ Radio and Podcast Awards
demonstrates our marketing
innovation and creativity in developing
engaging promotional campaigns
that capture public attention and drive
customer engagement.
The Auckland Casino closed its casino
gaming operations for five days in
September 2024 as part of an agreement
with the Department of Internal Affairs and
in recognition of its past host responsibility
failings. Initiatives such as facial recognition
technology and Carded Play strengthen
our host responsibility capabilities.
We celebrated 20 years of The Grand
by SkyCity, marking two decades
of premium accommodation in
Auckland’s heart.
The venue has been a cornerstone
of our hospitality offering and
continues to set standards for
luxury accommodation.
This premium hotel, with its
three design awards has been
well received by guests and adds
another dimension to our integrated
entertainment complex.
THE OPENING OF HORIZON
BY SKYCITY IN AUGUST 2024
MARKED A SIGNIFICANT
EXPANSION OF OUR AUCKLAND
ACCOMMODATION OFFERING
$514.3M
FY25 REVENUE
FY24: $546.7M
1
Pictured: Horizon by SkyCity, Auckland
Pictured: SkyCity Auckland
PeopleStrategy5-year PerformanceOutputsCEO LetterChair LetterSustainabilityGovernanceClimate StatementsOtherFinancial StatementsRemuneration
SKYCITY ENTERTAINMENT GROUP I ANNUAL REPORT 2025
1213
IntroductionYear In Review

Year in Review (continued)
Our Adelaide property, located on
the banks of the River Torrens, was
named the official Entertainment
Venue Partner for LIV Golf Adelaide
through to 2027, strengthening our
position in South Australia’s major
events calendar. We also presented
the Festival of Footy in Station Road
& Festival Plaza during AFL Gather
Round, showcasing our ability to
activate our precinct for major
sporting events.
PROPERTYSKYCITY ADELAIDE, AUSTRALIA
Opened2000
Casino Venue LicenceRuns until 2085
1
Facilities •Casino
•1 Hotel
•Conventions
•10 Food and beverage outlets
•Entertainment
•Wellness centre
Licensed Gaming Product •1,080 electronic gaming machines
•200 table games
2
•140 automated table games
Workforce~1,300 staff
FY25 RevenueA$212.2 million
1. The Approved Licensing Agreement between the Attorney General of South Australia 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.
2. This allowance may be alternatively utilised to enable automated table game terminals.
3. FY24 revenue has been restated to remove gaming rebates due to a change in Company policy.
ADELAIDE – TRANSFORMATION AND TOURISM LEADER
A$212.2M
FY25 REVENUE
FY24: A$218.6M
3
Our events team earned significant
recognition, winning South Australia’s
best Wedding Caterer and Caterer
of the year, plus the national Event/
Convention Centre Caterer category
in the Restaurant & Catering 2025
Hostplus Awards for Excellence.
Eos by SkyCity was awarded South
Australia’s best 5 Star Luxury
Accommodation in the Tourism
Industry Council of South Australia’s
Tourism Awards, highlighting the
quality of our accommodation offering.
We achieved full and final resolution
of the long-running South
Australian casino duty dispute,
removing a significant overhang on
our Adelaide operations.
Pictured: SkyCity Hamilton
Pictured: Eos by SkyCity, Adelaide
PROPERTYSKYCITY HAMILTON, NEW ZEALAND
Opened2002
Increased ownership f rom 70% to 100% in 2005
Casino Venue LicenceRuns until 2027
1
Facilities •Casino
•5 Food and beverage outlets
•Entertainment
•Conventions
•330 Car parking spaces
•Tenpin bowling
Licensed Gaming Product •339 electronic gaming machines
2
•23 table games
2
Workforce~320 staff
FY25 Revenue$62.8 million
1. 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.
2. This allowance may be alternatively utilised to enable automated table game terminals.
HAMILTON - LOCAL MARKET EXCELLENCE
Our property in the heart of Hamilton
and the mighty Waikato region
continues to serve its local and
regional market well, demonstrating
our ability to adapt our integrated
entertainment model to different
market sizes, customer demographics,
and community expectations.
Throughout the year, SkyCity Hamilton
has maintained its local market-leader
position in gaming and entertainment,
with well established brands like Eat
Burger, popular restaurant tenancies,
including Palate, and entertainment
for all ages with a modern casino and
20-lane tenpin bowling alley, Bowl
and Social.
We have continued to positively
contribute to the local community
through the SkyCity Hamilton
Community Trust, key partnerships,
and community projects.
$62.8M
FY25 REVENUE
FY24: $65.0M
PeopleStrategy5-year PerformanceOutputsCEO LetterChair LetterSustainabilityGovernanceClimate StatementsOtherFinancial StatementsRemuneration
SKYCITY ENTERTAINMENT GROUP I ANNUAL REPORT 2025
1415
IntroductionYear In Review

Year in Review (continued)
Pictured: SkyCity Queenstown
PROPERTYSKYCITY QUEENSTOWN, NEW ZEALAND
Opened2000
Increased ownership f rom 60% to 100% in 2012
Casino Venue LicenceRuns until 2025
1
for Queenstown
Facilities •Casino
•1 Food and beverage outlet
•Entertainment
•Conventions
Licensed Gaming Product •86 electronic gaming machines
2
•12 table games
2
Workforce~50 staff
FY25 Revenue$11.4 million
1. The casino venue licence is in the process of being renewed for a further period of 15 years pursuant to sections 134–138 of the New Zealand Gambling
Act 2003.
2. This allowance may be alternatively utilised to enable automated table game terminals.
QUEENSTOWN - TOURISM RECOVERY AND SEASONAL DYNAMICS
PROPERTYSKYCITY ONLINE CASINO, MALTA
Launched2019
Facilities •Online Casino
Gaming Product •Over 2,400 online games
Workforce~10 staff
FY25 Revenue$4.1 million
ONLINE - FOUNDATION BUILDING AND STRATEGIC PREPARATION
Queenstown’s performance is
influenced by the unique dynamics
of operating within one of New
Zealand’s premier tourist destinations,
including tourism recovery patterns
and seasonal variations.
The boutique venue benefits f rom both
domestic and international tourism
flows, with customers enjoying modern
gaming products and a f riendly
atmosphere. International visitor
numbers remain below pre-pandemic
levels despite gradual improvement
throughout the year.
The sale of a surplus land asset
during FY25 represents a strategic
optimisation of our property portfolio
that generates capital for reinvestment
in core operations while eliminating
the carrying costs and management
complexity associated with
non-core assets.
$11.4M
FY25 REVENUE
FY24: $12.0M
2
,
400
OVER
Online Games
SkyCity Online Casino has continued
to serve New Zealand customers
f rom our Malta operational base
throughout FY25. While our current
online operations are modest in scale,
they provide important operational
experience, customer data, and
market insights that inform our
strategic planning and preparation
for market regulation.
The New Zealand Government's formal
announcement of plans to regulate
online casino gaming, culminating
in the introduction of the Online
Casino Gambling Bill, represents a
potentially significant transformational
opportunity for our business and
validates the strategic investments
we've been making in online gaming
capabilities and platform partnerships.
Our active engagement with this
regulatory policy development has
provided valuable insights into the
likely structure and requirements of
the regulated market, enabling us to
tailor our preparations and strategic
positioning accordingly.
PeopleStrategy5-year PerformanceOutputsCEO LetterChair LetterSustainabilityGovernanceClimate StatementsOtherFinancial StatementsRemuneration
SKYCITY ENTERTAINMENT GROUP I ANNUAL REPORT 2025
1617
IntroductionYear In Review

1. 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.
FY25 Outputs and Financial Results
Revenue and annual visitation
$584.8M
INCLUDING ONLINE
(Reported & Underlying)
2.65M
VISITS FROM LOYALTY
CARD MEMBERS TO OUR
LAND-BASED CASINOS
1
GAMING
$67.8M
281,448
ROOMS OCCUPIED
HOTELS
$202.1M
TO SUPPLIERS
$156.9M
IN TAXES TO GOVERNMENTS
(Including GST, income tax, and
gaming tax and duties)
$349.9M
IN REMUNERATION AND
BENEFITS TO STAFF
$137.8M
OF CAPITAL INVESTED
CONTRIBUTIONS
$4.6M
PAID IN PROBLEM
GAMING LEVIES
$9.7M
IN COMMUNITY CONTRIBUTIONS,
LEVIES, AND SPONSORSHIPS
$3.1M
IN GRANTS APPROVED
BY THE SKYCITY
COMMUNITY TRUSTS TO
119
COMMUNITY
ORGANISATIONS
$113.9M
4.2M
RESTAURANT/BAR
COVERS
HOSPITALITY
$22.9M
451,412
VISITS
SKY TOWER
$10.8M
137,635
CONFERENCE
DELEGATES
CONVENTIONS
PeopleStrategy5-year PerformanceYear In ReviewCEO LetterChair LetterSustainabilityGovernanceClimate StatementsOtherFinancial StatementsRemuneration
SKYCITY ENTERTAINMENT GROUP I ANNUAL REPORT 2025
1819
IntroductionOutputs

Five Year Financial
Performance History
REPORTEDUNDERLYING
2025202420232022
2021
restated
1,2
2025
2024
restated
2
2023
restated
2,3
2022
restated
2
2021
restated
1,2
Revenue825,225928,543926,180638,995951,879825,225870,504862,554570,612736,492
EBITDA 216,095138,157165,89996,936313,929233,667277,809301,820137,932248,577
Depreciation and
amortisation
(94,213)(92,021)(90,672)(94,660)(88,450)(94,213)(92,021)(90,672)(94,660)(88,450)
EBIT121,88246,13675,2272,276225,479139,454185,788211,14843,272160,127
Net interest expense(53,718)(15,996)(23,492)(35,044)(32,455)(26,390)(15,996)(28,126)(35,044)(32,454)
Profit/(Loss) before tax 68,16430,14051,735(32,768)193,024113,064169,792183,0228,228127,673
Tax (expense)/benefit(38,930)(173,488)(43,760)(827)(37,191)(41,590)(46,605)(50,236)1,469(37,649)
Profit/(Loss) after tax 29,234(143,348)7,975(33,595)155,833 71,475123,187132,7869,69790,024
Basic earnings per
share (cents)
3.9(18.9)1.1(4.4)20.69.416.217.51.311.9
Operating cash inflow45,162203,574280,09791,121284,785—————
Funds employed
Equity1,330,4241,303,8611,530,1971,571,2741,637,084
Non-current liabilities1,020,729970,905985,764903,547880,323
Total2,351,1532,274,7662,515,9612,474,8212,517,407
Comprises
Current assets83,755189,189318,542325,967279,557
Current liabilities(408,531)(506,270)(347,537)(268,881)(269,554)
Working capital(324,776)(317,081)(28,995)57,08610,003
Non-current assets2,675,9292,591,8472,544,9562,417,7352,507,404
Total2,351,1532,274,7662,515,9612,474,8212,517,407
Statistics
Dividends per share
(cents)
0.05.2512.00.07.0
Debt gearing ratio
(debt to debt plus equity)
3.1x2.6x1.6x4.6x2.3x
Interest cover (times)5.2x6.7x10.1x3.8x6.2x
Equity to total assets48.2%46.9%53.4%57.3%58.7%
1. FY21 reported and underlying results were restated for the impact of IFRS
Interpretations Committee decision on accounting for Software as a Service.
2. FY21‑FY24 underlying revenue results have been restated to remove gaming GST
and gaming rebates.
3. FY23 underlying has been restated to remove International Business normalisation.
Pictured: The Grill at Horizon by SkyCity, Auckland
$825.2M
REPORTED REVENUE
FY24: $928.5M
$825.2M
UNDERLYING REVENUE
FY24: $870.5m
$216.1M
REPORTED EBITDA
FY24: $138.2M
PeopleStrategyYear In ReviewOutputsCEO LetterChair LetterSustainabilityGovernanceClimate StatementsOtherFinancial StatementsRemuneration
SKYCITY ENTERTAINMENT GROUP I ANNUAL REPORT 2025
2021
Introduction5-year Performance

Our Strategy FY25 – Comprehensive Strategic
Framework and Transformation Programme
Our strategic f ramework for FY25
has been constructed around three
fundamental pillars that address
both our immediate operational
challenges and our long-term
competitive positioning:
• stabilising and systematically
strengthening our core
business operations,
• driving customer focus across our
organisation to strengthen loyalty
and preference, and
• strategically positioning ourselves
for online regulation.
This approach recognises the interplay
between immediate performance
requirements of our land-based
operations and long-term value
creation that will come f rom our
strategic investments to build
sustainable competitive advantages in
this new digital environment.
Our strategy execution is supported by
our transformation programme, which
has evolved during FY25, transitioning
f rom a focus on legacy matters
centred on our risk uplift to proactive
capability building initiatives that create
sustainable competitive advantages.
The programme is designed to deliver
lasting improvements in governance
structures, risk management
capabilities, organisational culture,
and operational effectiveness across all
aspects of our business and position us
to take advantage of the opportunities
that are in f ront of us. It has a greater
emphasis on our core business,
our customers, and the expanding
digital opportunities within our
online channels.
The governance and leadership dimension has been strengthened by the
Board overseeing the programme via its Transformation Sub-Committee, and
the appointment of new executive Christina Katsibouba, our Chief Digital and
Transformation Officer who has accountability for the programme.
We have made solid progress against these priorities in FY25.
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
CORE BUSINESS
OPTIMISATION
CUSTOMER
FOCUS
ONLINE
GAMING
STRATEGIC PLAYS
CORE BUSINESS OPTIMISATION PROGRESS IN FY25:
MAKE THE MOST OF OUR EXISTING ASSETS TO HELP GROW MARKET
SHARE AND INVEST IN OUR FUTURE
Review of our assets is complete with a view to the monetisation of non-strategic
assets, particularly our car park and office property assets. While no transactions
have been completed to date, the detailed work we’ve undertaken has identified
substantial value creation opportunities that are progressing to generate capital for
reinvestment in core operations or debt reduction.
The Auckland production kitchen refurbishment was completed, enlarging our
production capacity and enabling both efficiencies and improvements in health
and safety, particularly ahead of the NZICC opening.
The NZICC revised opening date was announced with our pre-opening operational
workstream advanced and significant forward bookings made through to FY30. As
of July 2025, 23 international events have been confirmed between 2026 and 2028,
which are expected to attract 23,000 delegates and generate 126,000 visitor days,
representing substantial new business opportunities for New Zealand. A further 51
international bids are currently pending, with the potential to bring an additional
60,000 delegates and 280,000 visitor days.
New outdoor gaming space was approved for our Auckland casino, which will
significantly improve the experience for our customers.
The Sky Tower experience was ref reshed by opening ‘The Lookout’, creating greater
capacity at peak, and driving ticket price.
CUSTOMER FOCUS PROGRESS IN FY25:
ENGAGE OUR CUSTOMERS WITH AMAZING EXPERIENCES, DRIVING PREFERENCE AND LOYALTY
We delivered gaming system upgrades across New Zealand including investment in Angel Eye table games technology,
ensuring accurate player ratings and game integrity.
Increased global sales and marketing campaign for NZICC, driving further bookings of international events (23 confirmed) with
a further 51 international bids currently pending.
Design and planning for New Zealand site refurbishments commenced.
Launched the new loyalty programme, SHOW by SkyCity, across New Zealand sites in conjunction with the implementation of
Carded Play.
ONLINE GAMING PROGRESS IN FY25:
USE OUR LAND-BASED PRESENCE TO BECOME THE ONLINE LOCAL HERO
Continued strategic and operational preparation for the regulation of the online casino gaming market in line with
proposed legislation, including ongoing engagement with the Government, with the Online Casino Gambling Bill being
introduced to the House of Representatives in June 2025.
Secured new platform partner, EveryMatrix Software Limited, and commenced the build of the new online gaming platform.
Commenced the architecting and build in preparation for regulated market in July 2026.
People5-year PerformanceYear In ReviewOutputsCEO LetterChair LetterSustainabilityGovernanceClimate StatementsOtherFinancial StatementsRemuneration
SKYCITY ENTERTAINMENT GROUP I ANNUAL REPORT 2025
2223
IntroductionStrategy

Our strategic pillars are underpinned by our critical enablers – centred around transformation – of our risk, digital capability and our
culture. These efforts have gained momentum throughout FY25. Risk transformation uplifts our enterprise risk capability and our
host responsibility and financial crime risk and compliance capability and competency. The cultural transformation initiatives we’ve
implemented focus on embedding sustainable operational improvements rather than pursuing quick fixes that don’t address
underlying issues. It embeds our ‘should we?’ culture as set out in our Code of Conduct. Our digital transformation sets us up for
future online regulation and our goal of a single view of our customer in order to deliver connected experiences.
Our Strategy FY25 – Comprehensive Strategic Framework and
Transformation Programme (continued)
We act with integrity in all aspects
of our business and are leaders in
host responsibility and preventing
financial crime
We bring our best every day,
fostering an inclusive culture and
creating meaningful experiences
for our customers, people,
and communities
Our systems and platforms support
a clear view of our customer and are
seamless, fast and efficient
RISK TRANSFORMATIONPEOPLE & CULTUREDIGITAL TRANSFORMATION
CRITICAL ENABLERS
PEOPLE & CULTURE FY25 PROGRESS:
WE BRING OUR BEST EVERY DAY, FOSTERING AN INCLUSIVE CULTURE AND CREATING MEANINGFUL
EXPERIENCES FOR OUR CUSTOMERS, PEOPLE, AND COMMUNITIES
Launched a Board approved, three year Group-wide culture change programme – focused on levelling up our company culture.
New values co-created with input f rom over 1,000 employees, senior leaders, and values champions across the business.
All People & Culture policies reviewed, updated, and streamlined to improve clarity and consistency.
Successfully concluded a two-year Collective Employment Agreement (CEA) for Auckland and Hamilton, and a three-year
Enterprise Agreement for Adelaide.
RISK TRANSFORMATION PROGRESS IN FY25:
WE ACT WITH INTEGRITY IN ALL ASPECTS OF OUR BUSINESS AND ARE LEADERS IN HOST RESPONSIBILITY
AND PREVENTING FINANCIAL CRIME
Design deliverables for the Adelaide Building a Better Business (B3) Programme are well advanced.
Ref reshed Code of Conduct, centred around using the ‘should we?’ test to guide how we work and make decisions, embedded.
Delivery of the host responsibility SkyCare Customer Care centre to support our customers and minimise gambling harm.
100% Carded Play implemented across SkyCity’s New Zealand sites in July 2025.
Board approved Risk Appetite Statement and associated Dashboard Metrics support improved risk management
and decision making.
Implemented an Integrated Risk Management platform as a single source of truth for risk information.
DIGITAL TRANSFORMATION FY25 PROGRESS:
OUR SYSTEMS AND PLATFORMS SUPPORT A CLEAR VIEW OF OUR CUSTOMER, ARE SEAMLESS, FAST,
AND EFFICIENT
Full technology readiness to support the NZICC launch, ensuring seamless integration across systems and processes.
100% Carded Play implemented across SkyCity New Zealand sites in July 2025, with new kiosks and both technology and
business teams operational.
Implemented a new Customer Risk Assessment system, meeting a critical compliance requirement and strengthening
customer due diligence capabilities.
Completed phase two of our facial recognition implementation and implemented Focal algorithm in Adelaide.
Pictured: SkyCity Adelaide
People5-year PerformanceYear In ReviewOutputsCEO LetterChair LetterSustainabilityGovernanceClimate StatementsOtherFinancial StatementsRemuneration
SKYCITY ENTERTAINMENT GROUP I ANNUAL REPORT 2025
2425
IntroductionStrategy

FY25 has seen significant successes across our business as we made progress
delivering strategic priorities and critical enablers.
We evolved our culture and transformed how we operate, including how customers play with us through Carded Play and our
new loyalty programme SHOW by SkyCity. Policy developments in New Zealand’s online casino gaming regulation culminated in
the Online Casino Gambling Bill’s first reading in June 2025, opening up new business opportunities. We announced the NZICC
opening date with significant forward bookings driving value across our Auckland precinct. Here are some of our stories:
FY25 Strategy Stories –
Key Achievements and Milestones
SkyCity’s launch of the Carded
Play programme in July 2025
marked a pivotal step in our
SkyCare commitment to
enhancing customer care and
promoting safer gaming. This
enterprise-wide effort made
Carded Play mandatory across all
SkyCity’s New Zealand casinos,
supported by enhanced SkyCare
breaks and comprehensive
staff training.
As part of this transformation,
Premier Rewards was rebranded
to SHOW by SkyCity - a
ref reshed, research-led loyalty
brand developed in direct
response to customer feedback.
Customers wanted a simpler,
more rewarding, and responsible
gaming experience. SHOW by
SkyCity delivers by unifying loyalty
across gaming, hotels, dining,
and attractions at SkyCity’s New
Zealand sites.
Our enhanced SkyCare breaks
include continuous 30-minute
breaks after five hours of play,
continuous six-hour breaks after
10 hours of play, and maximum
36 hours gaming per week.
The regulated online casino market
represents a significant opportunity
and key strategic pillar for our
future. The Online Casino Gambling
Bill introduced to the House of
Representatives on 30 June 2025
marked a pivotal milestone, outlining
the f ramework to regulate online
casino gambling in New Zealand
with focus on harm minimisation,
consumer protection, and tax
collection.
The Bill proposes a three-stage
licensing regime empowering the
Secretary of Internal Affairs to issue up
to 15 licences to qualified operators,
valid for up to three years with the
ability to apply to renew the licence for
up to five years. Licensed operators will
be permitted to advertise subject to
strict regulatory controls.
SkyCity continues engaging
constructively with policy makers
while proactively advancing
readiness for participation in the
regulated market. We’ve successfully
operated, via international iGaming
company Gaming Innovation
Group Inc (GiG), f rom Malta for
over six years. We’re now looking
forward to participating in New
Zealand’s regulated market, offering
connected experiences that bridge
online and on-site entertainment.
We expect to launch our enhanced
offer, including mobile optimised
website and native app by July 2026.
In a future regulated market that
is likely to be very competitive
our focus is on combining digital
excellence and maximising our land-
based assets to be differentiated and
be the ‘local hero’ in the market.
Image
CARDED PLAY AND
SHOW BY SKYCITY AND THE
INTRODUCTION OF SKYCARE
ONLINE GAMING MARKET PREPARATION
The NZICC stands as a premier
Auckland venue with an expansive
32,500 square metres of floor space
offering flexibility and scale not
previously seen in New Zealand. The
facility accommodates conventions
for up to 3,000 attendees, one-off
events for 4,000 people, and concerts
with nearly 3,000 seats. Features
include up to 33 meeting rooms, a
tiered auditorium theatre divisible
into two theatres or flat-floor dining
space for 1,100 guests, and exhibition
halls spanning 6,700 square metres.
Located beside Horizon by SkyCity
and the SkyCity precinct, the NZICC
enjoys a premium location, and its
central CBD setting ensures the
benefits of increased visitation f rom
February 2026 will be felt across all
of Auckland.
As of July 2025, 23 international
events are confirmed between
2026 and 2028, which are expected
to attract 23,000 delegates, and
generate 126,000 visitor days. A
further 51 international bids are
pending with potential for additional
60,000 delegates and 280,000 visitor
days. Major secured conferences
include the International Coral Reef
Symposium and the International
Symposium on Microbial Ecology,
both scheduled for 2026 with a
projected economic impact of
$11 million.
The NZICC will create a combination
of permanent and part-time positions
for up to 500 employees, at its full
operational scale, while generating an
estimated $90 million in new annual
economic spend f rom international
delegates. For SkyCity Auckland, the
NZICC represents a major visitation
catalyst with an estimated 500,000
visitor days annually once fully
operational, with integrated access
via air bridges to our accommodation,
dining, and leisure offerings
maximising occupancy and spend.
NZICC – PREMIER CONVENTION DESTINATION
NZICC IN NUMBERS
32,500SQM
OF FLOOR SPACE
THREE
EXHIBITION HALLS
with operable walls that we can use to divide
the space into 16 different configurations
3
,
000
attendees, one‑off events for 4,000 people,
and concerts with nearly 3,000 seats
CAPACITY FOR
CONVENTIONS UP TO
2
,
850 SEATS
with flexibility to be:
‑ Divisible into 2 x 1,200 person theatres
‑ Flat floor dining space for 1,100
TIERED ‘AUDITORIUM’
THEATRE WITH
400
exhibition booths
CAN ACCOMMODATE
THIRTY-THREE
meeting rooms at any one time
UP TO
23,000
INTERNATIONAL DELEGATES
CONFIRMED BETWEEN
2026-2028
representing a significant
new business opportunity
for New Zealand
OVER
People5-year PerformanceYear In ReviewOutputsCEO LetterChair LetterSustainabilityGovernanceClimate StatementsOtherFinancial StatementsRemuneration
SKYCITY ENTERTAINMENT GROUP I ANNUAL REPORT 2025
2627
IntroductionStrategy

With our B3 Programme anchored
in our Adelaide business – and with
solution design and development
being considered at Group level, our
New Zealand B3 Programme aims
to ensure that the deliverables are
incorporated across the relevant
areas of the SkyCity Group, including
overseeing where New Zealand
adoption requires additional
implementation effort. There are
four main streams of work in our
New Zealand B3 Programme:
• host responsibility – further
enhancing our New Zealand
business’ ability to safeguard
customer wellbeing and respond
to operational impacts across our
three land-based New Zealand
sites with procedures and
environments uplifted accordingly;
• financial crime – enhanced
monitoring and detection,
stronger controls, better risk
assessments, streamlined
reporting, trained staff, and
strengthened governance;
• people and culture –
strengthening our New
Zealand f rameworks to embed
accountability and culture,
ensuring people clearly
understand expectations and are
equipped with the tools, training,
and resources to perform; and
• data – strengthening our New
Zealand data governance to
ensure trusted, high-quality data
underpins strategic decisions,
regulatory interactions and
effective oversight through robust
controls and quality reporting.
LEVERAGING B3 DELIVERY – B3 NEW ZEALAND
Our Adelaide B3 Programme sits
within our broader risk transformation
strategic enabler, which is designed
to strengthen how we manage risk
and compliance across the Group.
Our risk transformation success is
assessed by an independent review of
our risk maturity.
Key to our risk transformation
programme was developing a
clear understanding of historical
shortcomings, and their cause, to
ensure these issues are fixed.
During FY25 we renewed Adelaide’s
leadership with Avril Baynes as
Managing Director and a completely
ref reshed leadership team. Our new
leadership has driven significant uplift
in SkyCity Adelaide, now 12 months
into transformation through our
multi-year B3 Programme - a
strategic reset designed to embed
integrity, accountability, and
long-term sustainability.
A major FY25 milestone for our B3
Programme was establishing fully
resourced Financial Crime and
Gambling Harm Minimisation teams
in SkyCity Adelaide, ensuring we
have the right expertise, leadership,
and f rontline support embedded
in the business. These teams play
critical roles in detection, reporting,
education, and engagement.
Over its first year, the B3 Programme
delivered progress across five key
transformation areas:
• modernising financial crime
detection through intelligence-led
systems and new Customer Risk
Assessment tools;
• proactive gambling harm
minimisation moving beyond
compliance to prevention through
advanced monitoring and the
SkyCare Customer Care Centre;
• strengthening enterprise
risk and compliance with
integrated f rameworks;
• building an accountability culture
through structured leadership
development and a ref reshed Code
of Conduct; and
• data-driven decision-making
through new dashboards
and Customer Workflow
Management System.
We’re already seeing meaningful
results such as: reduced staff
turnover and stronger employee
engagement; increased referrals to
gambling support services; uplift in
suspicious matter reporting and more
consistent, risk-aware decisions f rom
f rontline to Board level.
B3 is reshaping how we operate, lead,
and support our customers and our
people. It is restoring trust, reducing
regulatory and reputational risk, and
laying the groundwork for long-term
performance. Whilst there is still
much more to do over the next few
years, we are proud of the foundations
we have built in FY25.
BUILDING A BETTER BUSINESS (B3) - TRANSFORMING SKYCITY ADELAIDE
FY25 strategy stories – Key Achievements and Milestones (continued)
FY25 CONCLUSION –
FOUNDATION FOR
FUTURE SUCCESS
FY25 has been a transformational
year for SkyCity that will be
remembered as the period
when we transitioned f rom crisis
management to strategic growth
positioning. Despite persistent
economic headwinds that have
impacted consumer discretionary
spending across our markets, and
therefore our financial results,
we’ve made significant progress
on the strategic initiatives that
will define our future success.
Looking ahead, the foundations
established during FY25 will be
built upon in FY26, positioning
us to capitalise on significant
opportunities as economic
conditions normalise and our
strategic initiatives reach maturity.
To that end we are excited to share
with you our vision for the next
three years.
Pictured: Huami, SkyCity Auckland
Pictured: Chandelier Bar, SkyCity Adelaide
People5-year PerformanceYear In ReviewOutputsCEO LetterChair LetterSustainabilityGovernanceClimate StatementsOtherFinancial StatementsRemuneration
SKYCITY ENTERTAINMENT GROUP I ANNUAL REPORT 2025
2829
IntroductionStrategy

Our Three‑Year Strategy – Market Leadership
and transformational growth
Our strategy for the next three years represents a bold future for SkyCity as a
market‑leading entertainment company that combines the best of land‑based
and digital experiences:
TO BECOME A REGIONAL GAMING LEADER DELIVERING CONNECTED EXPERIENCES FOR OUR CUSTOMERS
ACROSS ENTERTAINMENT VENUES AND ONLINE, DRIVING SUSTAINABLE GROWTH AND STRONG
SHAREHOLDER RETURNS.
This ambitious but achievable aspiration recognises that the entertainment industry is undergoing fundamental
transformation, driven by digitalisation, changing consumer behaviours, regulatory evolution, and increasing competition
f rom both traditional and non‑traditional players.
Our response is not defensive but proactive; we’re positioning SkyCity to lead this transformation rather than simply
respond to it, creating competitive advantages that will be difficult for competitors to replicate.
MARKET POSITIONING
By the end of 2028, we envisage SkyCity
as a leader in entertainment across
our markets, combining land-based
destination experiences with digital
engagement in ways that create unique
value propositions for customers while
generating returns for shareholders.
Our integrated approach to gaming
and entertainment experiences will
differentiate us f rom competitors who
operate in single channels or fail to
integrate their offerings effectively.
This strategy leverages our substantial
physical assets to drive online adoption
while using digital capabilities to
enhance the land-based experience,
creating customer engagement
opportunities that pure-play operators
in either channel cannot match. This
strategy provides clarity to how we
consider what physical assets we should
continue to hold and those that we
should monetise.
The strategic positioning we’re
developing recognises that success in
the future entertainment landscape
requires more than just operational
excellence in individual channels – it
demands the ability to create seamless,
personalised experiences across
all touchpoints while maintaining
the highest standards of customer
service, responsible gaming, and
regulatory compliance.
Our first strategic pillar focuses on
enhancing our position as a leading
entertainment provider across
all our markets, with world-class
gaming, leisure, and entertainment
assets that set industry standards
for quality, innovation, and customer
experience. This pillar recognises
that with the opening of the NZICC
and launch of regulated online
casino gaming we have a unique
opportunity to connect these
different experiences with our
existing land-based venues,
for our customers.
The opening of the NZICC in
February 2026 will drive substantial
new visitation across gaming, dining,
accommodation, and entertainment
offerings generating new
revenue opportunities.
Our customer-focused strategy
of connecting experiences is
designed to drive both visitation and
spend per visit through enhanced
experiences, personalised service
delivery, and seamless integration
across all our offerings. This
approach recognises that customer
lifetime value optimisation requires
sophisticated understanding of
customer preferences, behaviour
patterns, and engagement
opportunities across all channels
and touchpoints. An important
enabler of this pillar is our digital
transformation and shift to mobile
connection with our customers.
Our final strategic pillar represents
perhaps our most significant
growth opportunity:
Utilising our land-based
presence, brand recognition,
and customer relationships to
become the local hero in New
Zealand’s emerging regulated
online casino gaming market.
This opportunity could be
transformational for our business
model, financial performance, and
competitive positioning.
The potential New Zealand
online casino gaming market
is estimated at over $700
million annually, representing a
substantial opportunity that could
fundamentally change our revenue
profile and growth trajectory.
The regulatory f ramework being
developed provides for up to 15
licences through a competitive
auction process, creating a
competitive environment that will
require us to be at our best.
Our offering will focus on
superior customer experience,
comprehensive responsible gaming
measures, and offering our players
our land-based experiences. This
integrated approach will enable
unique value propositions that pure
online operators cannot replicate,
including cross-channel loyalty
programmes, integrated customer
support, and the trust and credibility
that comes with our established
physical presence.
The strategy to leverage our
land-based operations creates
multiple competitive advantages
including customer acquisition cost
efficiencies, higher customer lifetime
values, and retention rates that
should exceed pure online operators.
Our existing customer relationships
provide a substantial foundation for
online gaming adoption while our
brand recognition and trust levels
give us significant advantages in
customer acquisition and retention.
Our assessment of ways to
accelerate capability development
includes potential partnerships
and merger and acquisition
opportunities that could enhance
our competitive position, accelerate
time to market, or provide access to
specialised expertise and technology.
These strategic options are being
evaluated against our build versus
buy criteria while maintaining focus
on our core competitive advantages.
The growth potential extends
beyond the initial New Zealand
market to include opportunities to
expand into new offshore online
markets over time, leveraging the
capabilities, technology platforms,
and operational expertise we’re
developing for the domestic
regulated market. This expansion
potential provides additional upside
opportunities while diversifying our
geographic and regulatory exposure.
PILLAR THREE:
MARKET LEADERSHIP IN NEW ZEALAND ONLINE GAMING
This pillar continues the work
currently underway to optimise
our core business, ensuring
that we maintain our focus to
deliver our risk, culture, and
digital transformations – and
embed these changes into our
business. This pillar is also about
our social licence as a gambling
operator, and the privilege and
responsibilities that attach to that,
and the trust of our regulators,
communities and customers
that underpins it. In this pillar we
focus on our risk and compliance
culture and management.
Our asset review and
monetisation strategy provides
financial flexibility for strategic
investments while optimising our
capital allocation and balance
sheet efficiency. The monetisation
of non-core assets, particularly car
park and office properties, could
generate substantial capital for
debt reduction while maintaining
operational control over assets
critical to customer experience.
Cost discipline will remain an
underpinning of this pillar.
PILLAR TWO:
CORE BUSINESS OPTIMISATION
PILLAR ONE:
CONNECTED EXPERIENCES FOR CUSTOMERS
People5-year PerformanceYear In ReviewOutputsCEO LetterChair LetterSustainabilityGovernanceClimate StatementsOtherFinancial StatementsRemuneration
SKYCITY ENTERTAINMENT GROUP I ANNUAL REPORT 2025
3031
IntroductionStrategy

Our People: Our Board
JULIAN COOK
CHAIR
Julian was Chief Executive Officer of
Summerset Group Holdings Limited
f rom 2014 to March 2021 and, prior
to this, 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 f rom
Victoria University and a Master of
Science f rom the University of Waikato.
•Chair of the Governance and
Nominations Committee
•Member of the People and
Culture 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
CHAD BARTON
DIRECTOR
Chad is a seasoned director and
senior executive with over 25 years of
leadership experience across global and
local listed corporations. His extensive
background spans capital markets,
finance, mergers and acquisitions, and
property development, with a focus on
the technology, entertainment, and
services sectors.
Most recently, Chad served as the Chief
Operating Officer and Chief Financial
Officer of Nuix Limited, where he led a
highly successful transformation before
stepping down f rom his global role in
the past year. His previous executive
roles include Chief Financial Officer
at The Star Entertainment Group
Limited, Salmat Limited, and Electronic
Data Systems (EDS) for Australia and
New Zealand.
A passionate advocate for diversity and
inclusion, Chad founded and was the
inaugural Chairperson of Women in
Gaming & Hospitality Australasia, an
organisation committed to advancing
gender equity within the industry.
He has also contributed to medical
research and mental health advocacy
through board roles with the NeuRA
Foundation and the Schizophrenia
Research Institute.
Chad is a member of the Australian
Institute of Company Directors,
Chartered Accountants Australia &
New Zealand, and holds a Bachelor
of Business f rom 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 HUGHES
DIRECTOR
Kate is an experienced non-executive
director, holding board and committee
roles across a diverse portfolio.
Kate is currently on the Boards
of the Australian Maritime Safety
Authority, SuniTAFE and Lower
Murray Water. She also chairs the
Audit and Risk Committees for the
Victorian Department of Health
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
GLENN DAVIS
DIRECTOR
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 a
director of ASX-listed entities Elders
Limited and iTech Minerals Limited. He
has 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
DAVID ATTENBOROUGH
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 Af rica) of Phumelela
Gaming and Leisure in South
Af rica 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 f rom Henley
Business School and a Bachelor
of Science (Honours) f rom 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
DONNA COOPER
DIRECTOR
Donna 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 14-year
period across the United Kingdom,
New Zealand, India, and Australia.
Donna is a Director of BSP Financial
Group Limited, the Chair of the Young
Presidents Organisation (YPO) NZ and
Principal Consultant at Green Sheep
Consultancy. She is a member of the
New Zealand Institute of Directors,
the Australia Institute of Company
Directors, and Global Women.
Donna holds a Master of Arts in
International Business f rom the Rennes
School of Business, France, a Bachelor
of Business f rom the Auckland
University of Technology, and a Global
Competent Boards Designation
(GCB.D) in Sustainability and ESG.
•Chair of the People and
Culture Committee
•Chair of the Transformation
Sub-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
Strategy5-year PerformanceYear In ReviewOutputsCEO LetterChair LetterSustainabilityGovernanceClimate StatementsOtherFinancial StatementsRemuneration
SKYCITY ENTERTAINMENT GROUP I ANNUAL REPORT 2025
3233
IntroductionPeople

JASON WALBRIDGE
CHIEF EXECUTIVE OFFICER
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 f rom the Auckland Institute
of Studies.
CALLUM MALLETT
CHIEF OPERATING OFFICER
NEW ZEALAND AND AUSTRALIA
Callum is the Chief Operating Officer for
both the New Zealand and Australian
operations. 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
f rom Victoria University of Wellington,
and has completed studies with Cornell
University, The London Business School,
and the University of Nevada. Callum
currently sits on the board of the Tourism
Industry Association NZ.
PETER FREDRICSON
CHIEF FINANCIAL OFFICER
Peter joined SkyCity on 5 August 2024
as Chief Financial Officer, taking over
the role f rom 23 August 2024. He is
responsible for the financial management
of SkyCity, including financial reporting,
taxation, capital markets, treasury, and
corporate development. He also oversees
SkyCity’s investor relations and internal
audit functions.
Peter has over 20 years’ experience as a
Chief Financial Officer in ASX and NZX
listed entities in the energy, inf rastructure,
and financial services sectors. Previous
roles have included Chief Financial Officer
of AMP Limited, Acting Chief Executive
Officer and Chief Financial Officer of, then,
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 f rom the University
of Auckland and is a graduate of the
Australian Institute of Company Directors.
Our People: Our Senior Leadership Team
ELAINE CAMPBELL
CHIEF LEGAL, GOVERNANCE AND
EXTERNAL RELATIONS OFFICER
Elaine joined SkyCity, in the newly created
Chief Legal, Governance and External
Relations Officer role, in March 2025.
She oversees the legal, governance and
corporate affairs functions to deliver a
unified strategic approach to SkyCity’s
regulatory, legal, and corporate affairs
work. This is an area of growing complexity
and importance for SkyCity.
Elaine is a highly respected executive
with a wealth of experience leading
organisations in heavily regulated
environments, most recently in the
financial services and telecommunications
industries. She has extensive experience
in capital markets and is a non-executive
director of NZX Limited.
CAROLYN KIDD
CHIEF RISK OFFICER
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 f rom the University of
Auckland and a Diploma of Banking
f rom Massey University.
SIMON JAMIESON
GROUP GENERAL MANAGER - NZICC
DEVELOPMENT AND TOURISM
Simon oversees the development of the
NZICC in Auckland. He also oversees
SkyCity’s health and safety function.
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.
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 inf rastructure
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
f rom the University of Auckland and is
a graduate of executive management
programmes at the Harvard Business
School and the London Business School.
STEVE SALMON
MANAGING DIRECTOR SKYCITY MALTA
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 f rom the Cranfield School
of Management.
AVRIL BAYNES
MANAGING DIRECTOR ADELAIDE
Avril brings more than 30 years of
experience to her role as Managing Director
of SkyCity Adelaide. Avril returned to SkyCity
in November 2023 as General Manager
Hospitality at SkyCity Adelaide and took
over management of the SkyCity Adelaide
site in April 2024.
With a proven record in driving strategic
business growth, empowering high
performing teams and delivering superior
customer service, Avril is widely recognised
as an innovative and dedicated leader. She
has also made a profound contribution
to the communities where she has lived
and worked, most recently as Chair of the
Darwin Major Business Group, and as a
director of the Automobile Association of
the NT, Tourism Top End, Darwin Festival,
and Top End Group Training Board. A
qualified lawyer, Avril is also a former Telstra
Young Businesswoman of the Year (NT).
ANNA SHIPLEY
ACTING CHIEF CORPORATE
AFFAIRS OFFICER
Anna joined SkyCity as Chief Corporate
Affairs Officer in February 2025 and brings
a strong customer-centric focus and
diverse understanding in corporate affairs,
communications, marketing, brand,
government relations and stakeholder
management, earned while living and
working across New Zealand, China, and
the United Kingdom.
Prior to joining SkyCity, Anna was Chief
Corporate Affairs Officer at The Warehouse
Group. Anna’s other previous roles
include General Manager Corporate
Affairs at Bank of New Zealand (BNZ),
as well as Director of Communications
and Head of Marketing for Nokia China
and APAC based in China, and Head of
Communications for Nokia & UK based in
the United Kingdom.
CHRISTINA KATSIBOUBA
CHIEF DIGITAL AND
TRANSFORMATION OFFICER
Christina joined SkyCity in the newly
created role of Chief Digital and
Transformation Officer (CDTO) in
June 2025.
This role combines the traditional
responsibilities for the Chief Information
Officer with broader oversight of digital
and enterprise transformation.
As CDTO, Christina leads our ICT function
and is responsible for overseeing our plans
to deliver on our Three Strategic Plays and
Three Critical Enablers.
Christina brings deep experience in both
the gaming and commercial sectors.
Most recently she was at The Star
Entertainment Group, where she held a
range of senior positions including Chief
Financial Officer and Group Executive
responsibility for Gaming, including
oversight of the Group’s gaming product
strategy and revenue optimisation.
PHIL LEIGHTLEY
GENERAL COUNSEL AND
COMPANY SECRETARY
Phil is the General Counsel and Company
Secretary, being appointed to that role
in early 2025. Phil is responsible for legal
strategy and delivery for the SkyCity Group
as well as its Company Secretariat function.
Prior to joining SkyCity in 2022 as Deputy
General Counsel and Company Secretary,
Phil held senior roles at top law firms in
New Zealand and the United Kingdom
practising in corporate, mergers &
acquisitions and capital markets laws.
Phil is a Barrister and Solicitor of the High
Court of New Zealand and holds Law
(Honours) and Finance degrees f rom the
University of Auckland.
Strategy5-year PerformanceYear In ReviewOutputsCEO LetterChair LetterSustainabilityGovernanceClimate StatementsOtherFinancial StatementsRemuneration
SKYCITY ENTERTAINMENT GROUP I ANNUAL REPORT 2025
3435
IntroductionPeople

Health, Safety And Wellbeing –
Comprehensive Care And Protection
The health, safety, and wellbeing of our employees, customers, and communities
represents a fundamental commitment that influences every aspect of our
operations and strategic planning. FY25 has seen continued investment in
programmes, systems, and capabilities that protect and support our people while
creating environments where everyone can thrive and contribute their best.
Our Health, Safety & Wellbeing Strategy
is delivered through a continuous
improvement f ramework, where our
Board sets annual objectives that
are closely monitored and delivered
through our Health, Safety & Wellbeing
Roadmap. The FY25 roadmap has
driven improvement in health and
safety outcomes, with an increased
focus on leadership and engagement,
structure and support systems, and
critical health and safety risks.
The risk management capability of our
workforce has been built and reinforced
by our enterprise training. This has
increased competency and confidence
in identification and management of
health and safety hazards and risks.
FY25 saw the introduction of a critical
risk f ramework and a comprehensive
critical control verification programme
for controlling our most critical risks.
Functional Health and Safety Employee
Ambassador/Engagement Groups have
enhanced our worker engagement.
These groups now include 200
registered Health and Safety
Ambassadors supporting their business
areas and colleagues.
An external review of our Health and
Safety culture maturity has highlighted a
shift f rom a perceived ‘compliance’ focus
since our last assessment in 2022, toward
a more value driven proactive approach
by our people. This reflects the mindset
in our Code of Conduct of ‘doing the
right thing’ and application of the
‘should we?’ test. This culture shift was a
key factor in the improved rating.
This f ramework provides a structured foundation to support personal and professional wellbeing through six key pillars,
outlined below.
FY25 saw a pivot f rom lag to lead
indictors - such as safety leadership
observations for critical risks, and timely
follow-ups on reported hazards and
corrective actions.
FY25 also saw the launch of the
SkyCity Psychosocial Safety &
Wellbeing Framework, reflecting our
commitment to a safe, inclusive and
supportive workplace. At SkyCity, we
recognise that mental health and
wellbeing are essential to our people’s
overall wellness.
H
E
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T
H
Y

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D
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H
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D
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&

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O
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O
N
THRIVE
@ SKYCITY
JOB DESIGN &
FULFILMENT
Shapes tasks and
roles to ensure
effective workload
management
and encourage
positive workplace
behaviours.
Employees are
engaged in the
design of work and
provided growth
opportunities.
Promotes job
satisfaction,
enhances
performance, and
fosters personal
growth, leading
to improved
engagement and
higher productivity.
INFLUENCE &
INCLUSION
Advocates a fair
and respectful
workplace that
provides for security
and inclusion.
Diversity is valued
and employees
have influence
over their work.
Contributing to a
culture of trust and
inclusion, boosting
confidence,
ownership and
productivity.
LEADERSHIP
Fostering effective
leadership, built
on transparency,
authenticity
and support, to
drive employee
satisfaction,
retention, and
high performance.
Ensuring a positive
and engaging
environment
that aligns with
organisational
values and goals.
CONNECTION
Fosters shared
experience and
strong interpersonal
relationships.
Provides connection
at a workplace
and community
level, enabling our
teams to work in
alignment with their
purpose, values and
culture. A connected
workplace enhances
teamwork,
communication,
and morale,
contributing to
a supportive and
collaborative
environment.
HEALTHY
LIFESTYLE
Provides resources
to improve the
health of employees
and their families,
supporting personal
balance, with focus
on physical health,
life transitions, and
financial literacy.
Prioritising health,
performance and
wellbeing to foster
highly productive
employees.
HEALTHY
MIND
Supports the
emotional and
mental wellbeing of
employees, helping
identify abilities,
improve capability,
build resilience and
personal balance. A
psychologically safe
environment boosts
productivity, reduces
absenteeism, and
fosters resilience.
MY ORGANISATIONMY TEAMMY SELF
SkyCity Auckland also hosted
the NZ Blood Service mobile
collection team and collected
over 70 units of blood exceeding
ours, and the Blood Services,
expectations. Staff continue
to be offered f ree on‑site flu
vaccinations and cardio‑vascular
assessments across all sites.
Mental Health First Aid training
was also delivered at the
Adelaide site.
Overall good progress was made in Health, Safety and Wellbeing in the year,
with improvements in all monitored areas.
Pictured: Caption Placeholder
Strategy5-year PerformanceYear In ReviewOutputsCEO LetterChair LetterSustainabilityGovernanceClimate StatementsOtherFinancial StatementsRemuneration
SKYCITY ENTERTAINMENT GROUP I ANNUAL REPORT 2025
3637
IntroductionPeople

Diversity, Equity and Inclusion
In early 2025, SkyCity ref reshed its Diversity, Equity and Inclusion (DEI) Policy to reflect its
position as an industry leader and the increasing maturity of its DEI programmes.
The updated policy introduces six core principles, clarifies roles and responsibilities, and sets refined, measurable objectives
which are designed to embed equity, diversity and inclusion into every level of the organisation in a lasting and meaningful way.
We are actively developing a roadmap that outlines the activities we will undertake to achieve our 2027 DEI commitments
and long-term goals. As part of this work, a DEI Strategy for the 2026 and 2027 period will be developed during FY26. This first
iteration will further embed DEI into the business by building on the ref reshed policy and the supporting Code of Conduct.
SkyCity’s DEI Policy is available in the Governance section of the company’s website at www.skycityentertainmentgroup.com.
2025 DEI SCORECARD - PROGRESS BY PRINCIPLE
To support transparency and track progress, SkyCity reports annually against its DEI objectives. These objectives are endorsed by
the Board and reviewed at the end of each financial year to guide future planning and continuous improvement.
For the year ended 30 June 2025, we have introduced a new scorecard format aligned to the six principles set out in the
updated DEI Policy. This format provides a high-level overview of progress and reflects the organisation’s evolving approach to
DEI reporting.
We achieved mixed success against the measurable objectives set by the Board as summarised below:
ON TRACK
Delivery is progressing well,
and outcomes are being met
PROGRESSING
Momentum is building,
but further focus or effort
is required
BEHIND PLAN
Progress is slower than
expected or off target;
additional action is needed
KEY
PRINCIPLEVISIONPROGRESS KEYSTATEMENT
Equal Opportunity
Employer (EOE)
As an EOE, we ensure fair and unbiased access to job
prospects, professional development, and workplace
support for all, regardless of personal characteristics.
We prioritise equity to dismantle systemic obstacles
and discriminatory practices.
Core work continued across gender,
ethnicity, pay equity, and talent with
some positive results.
Inclusive and
accessible
workspaces
We strive to remove barriers to participation,
providing equitable opportunities and necessary
accommodations. Our commitment ensures that
everyone has the resources and support needed
to excel.
Strong progress in Rainbow inclusion
and leadership development
marked a shift to coordinated,
enterprise-led progress.
Embedding
a culture of
belonging
We cultivate a culture where every employee feels
valued and integral to the team. By promoting
inclusivity and celebrating diversity, we create a
supportive and collaborative environment.
Progress was supported by active
Employee Resource Groups, stronger
communication, and recognition of
employee-led inclusion efforts.
Positive
interactions and
wellbeing
We prioritise fostering positive interactions
and enhancing employee wellbeing, focusing
on respectful communication, safe working
environments, teamwork, and attention to mental
and physical health.
Baseline wellbeing supports remain
strong, providing a solid foundation to
refocus and drive meaningful action
in FY26.
Recognising
and respecting
our Indigenous
communities
We honour the unique heritage and contributions of
our Indigenous communities. We foster relationships
based on respect and understanding, promote
cultural awareness, and integrate Indigenous
perspectives into our organisation, creating an
inclusive environment that empowers all members.
Meaningful engagement with mana
whenua in Aotearoa and delivery of
an impactful cross organisation te ao
Māori-based learning programme.
Progress in Australia was limited but
renewed commitment was shown in
late FY25.
Fostering our
future workforce
We invest in our employees’ growth and
development, offering opportunities for
continuous learning, skill enhancement, and
career advancement to prepare our team for
future challenges.
Development opportunities grew
through internal and external
partnership, with increasing focus on
neurodiversity inclusion.
SkyCity’s commitment to
inclusion is brought to life
through the voices of our
people - recognising and
valuing diverse voices,
perspectives and experiences
drives innovation and supports
better decision-making.
SkyCity’s Inclusion Council,
comprising elected
representatives f rom our
Employee Resource Groups,
provides critical insights and
leadership which help to shape a
workplace culture that is inclusive,
representative and responsive to
the needs of our people.
Through these networks,
our people lead and support
events, initiatives and cultural
observances that celebrate
identity, promote connection,
and strengthen belonging. Their
contributions not only enhance
our workplace but also create
meaningful opportunities to learn
f rom and appreciate the diversity
within our organisation.
VOICES THAT SHAPE SKYCITY
SkyCity embraces external
benchmarking programmes
as a key tool for evaluating
and enhancing the impact
of our DEI initiatives across
the organisation.
In 2025, SkyCity proudly achieved
GenderTick Advanced status for
the third consecutive year, nearly
six years after first becoming
a founding member of the
programme. As one of the original
six organisations accredited in
2018, SkyCity has continued to
lead as a champion for gender
equality. Over that time, we have
introduced inclusive initiatives
such as f ree period products
in employee bathrooms, a
menopause toolkit, and enhanced
parental leave provisions. We have
also made measurable progress
on reducing gender, Māori,
Pasifika, and Asian pay gaps,
reinforcing our commitment to
equitable outcomes.
This year SkyCity became the
first organisation to be formally
certified by Pride Pledge. This
recognition acknowledges
SkyCity as a workplace that is
not only inclusive of LGBTTQIAP+
(Rainbow) people, but also
actively committed to continuous
improvement. Informed by global
best practice and built on the
Rainbow Inclusion Stocktake,
the certification evaluates
leadership, strategy, policy,
employee engagement, and
ongoing learning. This milestone
strengthens our Rainbow
journey and affirms our focus on
creating spaces that are inclusive,
affirming, and accountable.
MEASURING WHAT MATTERS
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 alignment with our continued
commitment to transparency and
equity, SkyCity is publishing its Rainbow
Pay Gap reflecting our advancing
maturity in applying an intersectional
approach to remuneration analysis and
our leadership in promoting inclusive
and equitable workplace practices.
SkyCity has 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 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 at www.wgea.gov.au.
Strategy5-year PerformanceYear In ReviewOutputsCEO LetterChair LetterSustainabilityGovernanceClimate StatementsOtherFinancial StatementsRemuneration
SKYCITY ENTERTAINMENT GROUP I ANNUAL REPORT 2025
3839
IntroductionPeople

Diversity, Equity and Inclusion (continued)
GENDER PAY GAP
The following table illustrates the
SkyCity gender pay gap as at 30 June
2025 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:
RAINBOW PAY GAP
The following table illustrates the SkyCity Rainbow pay gap as at 30 June 2025. Using 2023 New Zealand Census data on sexual
identity, analysis by our Rainbow partner Pride Pledge indicates the presence of a 16% Rainbow Pay Gap in New Zealand, though
the dataset is less detailed than that available for gender and ethnic pay gaps. No standard measurement exists in Australia.
NEW ZEALANDAUSTRALIA
SkyCity Gender
Pay Gap
1

(as at 30 June)
National
Gender
Pay Gap
SkyCity Gender
Pay Gap
1

(as at 30 June)
National
Gender
Pay Gap
20255.05%
8.2%
(June 2024)2.6%
11.9%
(November 2024)
20244.0%
8.6%
(Sep 2023)4.0%
12.0%
(Nov 2023)
20234.4%
9.2%
(Aug 2022)3.5%
13.3%
(Nov 2022)
20226.8%
9.1%
(Aug 2021)3.5%
13.8%
(Nov 2021)
20216.9%
9.5%
(Aug 2020)6.1%
13.4%
(Nov 2020)
20207.5%
9.3%
(Aug 2019)1.5%
13.9%
(Nov 2019)
20198.2%
9.2%
(Aug 2018)1.5%
14.1%
(Nov 2018)
NEW ZEALANDAUSTRALIA
% of
Rainbow
employees
SkyCity Rainbow
Pay Gap
(as at 30 June)
% of
Rainbow
employees
SkyCity
Rainbow
Pay Gap
(as at 30 June)
20256.5%2.8%4.2%+0.6%
1. 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 illustrates the SkyCity ethnic pay gap as at 30 June 2025 and as a comparison against the prior periods since 2021
(when SkyCity first commenced disclosing its ethnic pay gap):
FOR EVERY $1.00 EARNED BY NZ
EUROPEAN MEN:
GroupEarns
NZ European women$0.97
Asian men$0.93
Pasifika men$0.92
Māori men$0.92
Asian women$0.90
Māori women$0.85
Pasifika women$0.85
WHAT DOES OUR PAY GAP LOOK
LIKE IN NEW ZEALAND (2025)?
FOR EVERY $1.00 EARNED BY
AUSTRALIAN EUROPEAN MEN:
GroupEarns
Australian European women$1.01
Asian men$0.89
Asian women$0.87
WHAT DOES OUR PAY GAP LOOK
LIKE IN AUSTRALIA (2025)?
SKYCITY ETHNIC PAY GAP AS COMPARED TO PĀKEHĀ MEN NZ %
Pākehā WomenMāori WomenPasifika WomenAsian Women
As at
30 June 2021
7.9
18.9
16.6
11.3
2.8
14.9
14.9
10.3
6.8
14.0
13.8
10.9
As at
30 June 2022
2.9
10.3
7.9
6.0
As at
30 June 2023
6.0
13.9
13.9
9.2
As at
30 June 2024
As at
30 June 2025
As at
30 June 2021
As at
30 June 2022
As at
30 June 2023
As at
30 June 2024
As at
30 June 2025
SKYCITY ETHNIC PAY GAP AS COMPARED TO EUROPEAN MEN AUS %

European WomenAsian Women
2.0
13.3
13.4
13.2
13.413.4
0.8
DIVERSITY IN NUMBERS
GENDER COMPOSITION
The gender composition of SkyCity’s Directors, Officers, Senior Executives, and total workforce as at 30 June 2025 and,
comparatively as at 30 June 2024, is set out below:
2025FEMALEMALE
Number%Number %Total
Directors233%467%6
Officers333%667%9
Senior Executives 646%754%13
Total Workforce2,16547.97%2,34852.03%4,513
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 f rom 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 2024 or 30 June 2025.
Strategy5-year PerformanceYear In ReviewOutputsCEO LetterChair LetterSustainabilityGovernanceClimate StatementsOtherFinancial StatementsRemuneration
SKYCITY ENTERTAINMENT GROUP I ANNUAL REPORT 2025
4041
IntroductionPeople

Diversity in Numbers
The following graphic shows the make‑up of SkyCity’s workforce as at 30 June 2025
and, where relevant, as a comparison against our workforce as at 30 June 2024:
FY24: 4,512
4,592
STAFF (FULL/PART-TIME,
AND CASUAL)
FY24: 37 years
38 YRS
AVERAGE AGE OF
OUR WORKFORCE
FY24: 80 years
82 YRS
AGE OF OUR OLDEST
STAFF MEMBER
Women 47.8%
Men 51.8%
Gender diverse 0.4%
FY25
48.3%
51.2%
0.4%
FY24
KEY
Chinese 13.7%
NZ 13.5%
Indian 11.1%
Other Asian 10%
Filipino 9.9%
Australian 8.9%
Māori 5.5%
Other Sth E Asian 4.2%
Samoan 3.2%
European 2.6%
FY25
14.4%
13.3%
10%
8.8%
10%
8.7%
5.7%
4.1%
3.1%
3%
FY24
KEY
<29 yrs 27.2%
29‑44 yrs 42.7%
45‑60 yrs 23.3%
61‑79 yrs 6.6%
80+ yrs <0.01%
FY25
26.0%
43.7%
22.8%
7.3%
0.1%
KEY
FY24: 61
60
LANGUAGES SPOKEN
AND/OR WRITTEN BY STAFF
FY24: 45%
43%
LEADERSHIP ROLES
HELD BY WOMEN
FY24: 6%
5%
IDENTIFY AS PART OF
LGBTTQIAP+ COMMUNITY
FY24: 1%
1%
IDENTIFY AS HAVING
A DISABILITY
Given as a percentage of those
staff members who provided
details about their ethnicity and
those who elected “prefer not
to say”.
20.33%
OF OUR STAFF IDENTIFY
WITH TWO OR MORE
ETHNICITIES
FY24
FY25 GENDER DIVERSITY
TOP 10 ETHNICITIES OUR
STAFF IDENTIFY WITH
AGE BREAKDOWN
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 f rom time to time; and
• strategic leadership refers to individuals designated as senior manager or above in SkyCity’s 2025 Global Women’s Champions for Change Diversity Report
submission and is displayed as the mean across the categories.
DIVERSITY IN LEADERSHIP
BACKGROUND
OUR TOTAL
WORKFORCE
1
OUR SENIOR
LEADERSHIP
OUR STRATEGIC
LEADERSHIP
Asian30%6.3%13.1%
European
2
45%62.5%66.1%
Māori5%0% 5%
MELAA
3
3%0%0%
Pasifika9%0%0%
Other2%12.5%3.2%
Prefer not to say—18.8%6.3%
Given as a percentage of those staff
members who provided details about their
ethnicity and those who elected “prefer not
to say”.
1. Employees may report up to three ethnic
affiliations. As a result, the aggregate
percentage of ethnicities surpasses 100%.
2. Includes New Zealander and Australian.
3. Middle Eastern, Latin American
and Af rican.
MANDARIN (13.77%)
TAGALOG (8.93%)
HINDI (6.96%)
TOP 3 NON-ENGLISH
LANGUAGES
FY24: Mandarin, Tagalog
(Philippines), Hindi
Strategy5-year PerformanceYear In ReviewOutputsCEO LetterChair LetterSustainabilityGovernanceClimate StatementsOtherFinancial StatementsRemuneration
SKYCITY ENTERTAINMENT GROUP I ANNUAL REPORT 2025
4243
IntroductionPeople

MATERIAL ISSUES FROM 2023 MATERIALITY ASSESSMENT
CATEGORY DESCRIPTION
MATERIAL 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)
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)
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)
ESSENTIALCONTRIBUTE
•Hosting responsibly
•Financial crime prevention
•Sustainable business
performance
•Destinations and experiences
•Employee health and safety
•Operational excellence and
business continuity
•Engaged, inclusive, and
capable workforce
•Governance, ethics, and
transparency
•Community investment
•Iwi and indigenous peoples
•Climate change
•Sustainable value chain
Sustainability Pillars –
Comprehensive ESG Framework
Our approach to sustainability represents our commitment to creating long‑term
value for all stakeholders while operating as a responsible corporate citizen across
all our markets and communities.
The development of our sustainability
f ramework has been informed by
extensive stakeholder engagement,
industry best practices, and alignment
with relevant international standards
and f rameworks. We recognise that
sustainability is not simply about
compliance or risk mitigation; it’s about
identifying opportunities to create
shared value, drive innovation, and build
competitive advantages that support
long-term business success while
contributing positively to society and
the environment.
Our sustainability governance structure
ensures appropriate oversight,
accountability, and integration of ESG
considerations into business operations
and strategic planning. This includes
Board-level oversight, executive
accountability, and operational
integration that ensures sustainability
considerations are embedded in
daily decision-making processes
rather than treated as separate or
secondary concerns.
STRATEGIC SUSTAINABILITY
REVIEW AND FUTURE
FRAMEWORK
During FY26 we will be ref reshing our
sustainability strategy, recognising
our three-year Sustainability
Implementation Plan FY23 - FY25
draws to a close. This ref resh will
be informed by a comprehensive
materiality assessment, which we
conduct regularly to understand what
matters most to our stakeholders over
the short, medium, and long term and
where our efforts can have the greatest
impact. The significant expansion of
our operations through Horizon by
SkyCity and the upcoming NZICC
opening means we cannot meet our
existing carbon commitments without
fundamental changes to our approach.
The reality is that our carbon footprint
will increase substantially with these
new assets coming online.
We are assessing whether our
targets remain realistic and taking a
transparent approach to assessing
our environmental commitments,
including the potential need to rebase
them, while maintaining our dedication
to continuous improvement and
responsible business practices.
Our most recent materiality
assessment, conducted in May 2023,
identified key topics that we have
grouped into three priority categories
that form the foundation of our current
sustainability efforts: Our Customers,
Our Community, and Our Environment.
These are the pillars of our FY23-FY25
Sustainability Implementation Plan. The
following pages outline our priorities,
targets, and progress across each
of them.
Pictured: The Kitchen SkyCity Adelaide
PeopleStrategy5-year PerformanceYear In ReviewOutputsCEO LetterChair LetterGovernanceClimate StatementsOtherFinancial StatementsRemuneration
SKYCITY ENTERTAINMENT GROUP I ANNUAL REPORT 2025
4445
IntroductionSustainability

SkyCity is committed to providing entertaining and profitable experiences with safe,
responsible, and well‑managed environments.
We take seriously our responsibilities to minimise the risks associated with gambling harm and to detect and deter money laundering
and terrorism financing. We continue to strengthen our efforts in these areas through targeted initiatives and ongoing investment.
Our customer-centric approach recognises that long-term success is built on earning and maintaining trust, loyalty, and
advocacy, achieved through the consistent delivery of exceptional experiences and responsible business practices.
PRIORITY
• Providing our customers vibrant experiences, responsibly
KEY STAKEHOLDERS
• Customers
• Department of Internal Affairs (DIA)
• 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
FY23 – FY25 SUSTAINABILITY TARGETSFY25 PERFORMANCE AGAINST SUSTAINABILITY TARGETS
Compliant prevention of financial crime programme as
evidenced by delivery of the Group AML Enhancement
Programme
Continued uplift of our compliance obligations by way of:
•Implementation of policy and process enhancements made to
improve risk management of core processes such as customer
due diligence
•The design and implementation of a centralised compliance
workflow management system
• Increasing awareness of AML/CFT risks and capability in
f rontline teams through the roll out of training sessions held
across the business
• Recruiting additional specialist financial crime resource to support
delivery of key uplift initiatives
• Design and implementation of a new AML/CFT risk
assessment methodology
Compliant host responsibility programme as evidenced by
internal/external audit processes and mystery shopper exercises
• Regulatory action against SkyCity for non-compliance with host
responsibility obligations in New Zealand was resolved with the
SkyCity Auckland casino closing for a period of five days
• Mystery shopping conducted on a regular basis to identify
opportunities to uplift processes and training
• DIA audits of the exclusion process for SkyCity Auckland, Hamilton
and Queenstown casinos were commenced with no findings yet
communicated to SkyCity
High levels of employee engagement as evidenced by
maintaining or improving survey scores
• The Groupwide MyVoice25 (Major) employee survey results reflect
continued high engagement
– 80% overall engagement score achieved (75% in the MyVoice24
(Pulse) survey)
– 80% would recommend SkyCity as a great place to work
(no change f rom the MyVoice24 (Pulse) survey
– 84% are proud to work for SkyCity (80% in the MyVoice24
(Pulse) su
rvey)
FY23 – FY25 SUSTAINABILITY TARGETSFY25 PERFORMANCE AGAINST SUSTAINABILITY TARGETS
100% of eligible employees have completed mandatory training
requirements (host responsibility and AML/financial crime)
• As at 30 June 2025, all eligible employees had either completed
their mandatory training or had been assigned training with
appropriate due dates. Exceptions, such as extended leave, were
managed in line with compliance protocols
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 remained
flat at 30.8 % including promotions, largely due to decreased
vacancies across the Group
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 communicated
to staff
Customer satisfaction score - improvement year on year •The Sky Tower’s Global Review Index (GRI) score was 91.5%, while
down 0.7% it still exceeds the industry standard of 86.9%
•The Grand by SkyCity and SkyCity Hotel both saw an increase in
their GRI scores with 90.2% and 88.3%. Horizon by SkyCity achieved
a score of 93.9% in its first year. Eos by SkyCity maintained its GRI
score of 92% ranking #1 within its competitive set
FY25 KEY CHALLENGES
•Turnover rates are decreasing, largely due to cost of living pressures and employees choosing stability in their existing employment
•Inflation, higher interest rates, and cautious spending continue to create a challenging operating environment for our people
Our Customers – Excellence, Safety
and Responsible Entertainment
Pictured: The Grand by SkyCity, Auckland
SUSTAINABILITY IMPLEMENTATION PLAN FY23 - FY25 - OUR CUSTOMERS PILLAR
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CUSTOMER EXPERIENCE
EXCELLENCE AND INNOVATION
SkyCity is New Zealand’s largest
tourism, leisure and entertainment
company and we are committed
to maintaining our market-leading
position by delivering vibrant,
memorable experiences that exceed
customer expectations. These
experiences are delivered within a
strong f ramework of host responsibility.
To stay ahead of evolving customer
needs, we continually review our
precincts and offerings, ensuring they
remain relevant, engaging, and high-
quality. Our comprehensive customer
feedback systems play a pivotal role in
this process, offering valuable insights
into expectations, satisfaction, and
areas for improvement. We use this
feedback systematically to enhance our
experiences, elevate service standards,
and identify emerging trends that
guide both strategic planning and
day-to-day operations. The feedback
loops we’ve embedded across the
organisation ensure that the voice of
the customer is heard and acted upon
at all levels of our organisation.
FOOD AND BEVERAGE
In FY25, we partnered with Titanium
Food to conduct a comprehensive
review of the food and beverage
experience at our flagship Auckland
casino. This collaboration has paved
the way for a series of exciting
enhancements planned for FY26–28,
aimed at broadening our appeal and
elevating the overall dining experience.
Our Auckland restaurant precinct
continued to excel throughout
FY25, with Cassia, Depot, Federal
Delicatessen, Huami, MASU by Nic
Watt and Metita earning prestigious
Cuisine Good Food Awards. Several
establishments also received
recognition through the Metro Top 50,
TripAdvisor Travelers’ Choice Awards
(placing in the top 10% globally) and the
World Culinary Awards, where Metita
and Orbit were honoured as Best Hotel
Restaurant and Oceania’s Best New
Restaurant, respectively. Metita, Cassia,
Federal Delicatessen, Depot, Huami,
and SkyBar were also celebrated
as Iconic Auckland Eats, a public-
nominated distinction.
Meanwhile, our Adelaide operations
had an outstanding year, with the
SkyCity team securing South Australia’s
Best Wedding Caterer and Caterer of
the Year awards, alongside national
recognition as Event/Convention
Centre Caterer of the year at the
Restaurant & Catering Hostplus
Awards for Excellence.
HOTELS
In August 2024, we expanded our
hotel portfolio with the opening
of Horizon by SkyCity, a premium
property that has already garnered
three distinguished design awards.
The hotel has received strong guest
feedback, cementing its status as a
benchmark for contemporary luxury
and design excellence.
Both The Grand by SkyCity and SkyCity
Hotel continue to perform strongly,
with year-on-year increases in guest
feedback scores drawn f rom over 15,000
reviews across the Auckland portfolio.
Further highlighting our commitment
to delivering world-class hospitality,
Eos by SkyCity was awarded South
Australia’s Best 5-Star Luxury
Accommodation by the Tourism
Industry Council of South Australia. This
accolade reflects the exceptional quality
of our hotel assets and our ongoing
dedication to excellence in service,
design, and guest satisfaction.
AUCKLAND CITY RAIL LINK
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, is set to
enhance connectivity to the SkyCity
Auckland precinct when completed in
2026. The new Te Waihorotiu Station, a
300-metre-long underground mid-
town station located near Wellesley and
Victoria Streets, is expected to become
New Zealand’s busiest train station.
Conveniently positioned adjacent
to the SkyCity Auckland precinct,
with entrances on both Victoria and
Wellesley Streets, it will provide direct
and easy access for visitors.
CASINO PRODUCT
In FY25 we continued to invest in new
gaming product, particularly with
the enablement of multi-protocol
technology across our New Zealand
sites, which facilitated the introduction
of QCOM products.
We also expect delivery of our new
Aristocrat Baron and Ainsworth Raptor
cabinets early in the new financial
year, positioning us among the first
casinos in Australasia to offer these
gaming options which enhance our
gaming offerings to customers. Gaming
product investment has been a key
focus in FY25 and remains a priority,
supported by significantly improved
speed to market for gaming machines
in New Zealand. Additionally, we are
committed to ongoing refurbishment
and improvements to floor layouts to
ensure an optimal experience for our
customers. We are pleased to have
received approval f rom the Gambling
Commission in FY25 for the remodelling
and extension of an outdoor balcony
at our Auckland site which, once
completed, will extend our outdoor
space by over 30 square meters. An
application to place gaming machines
in this new area is currently before the
Gambling Commission.
SKYCITY ONLINE CASINO
Our online casino gaming business,
SkyCity Online Casino, is currently
operated f rom Malta, through a
partnership with international iGaming
company Gaming Innovation Group
Inc (GiG). SkyCity intends to seek a
New Zealand licence for this operation
once the Online Casino Gambling
Bill 2025, introduced to the House of
Representatives in June 2025,
has passed into law.
SkyCity Online Casino is currently
delivered under a full outsource
model provided by GiG. This includes
the technical platform, gaming
content, managed services, f ront-end
development, and host responsibility
and AML/CFT procedures.
Currently, host responsibility and AML/
CFT procedures for the online casino
are managed by GiG, which delivers
tailored programmes designed to align
with SkyCity’s land-based practices
where appropriate. Market-specific
processes, such as age verification
and access to New Zealand support
services, have been developed to meet
local expectations. GiG ensures that
all relevant international AML/CFT
obligations are fully met.
Further details of our SkyCity
Online Casino host responsibility
practices can be found at www.
skycityentertainmentgroup.com/our-
commitment/responsible-gambling.
Our Customers – Excellence, Safety and Responsible Entertainment
(continued)
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EXCLUSIONS AND EXCLUDED PERSONS IDENTIFIED AT SKYCITY PROPERTIES
The following graph summarises the number of exclusion orders issued and number of excluded persons identified as returning
to each of the SkyCity properties in breach of an exclusion order over the 2025 financial year:
As part of the B3 Programme, SkyCity Adelaide has been reviewing all of its Host Responsibility processes including uplifting the
way we are capturing and reporting data. To ensure consistency and alignment of exclusion data reporting across the SkyCity
Group, for the FY25 reporting period onwards, SkyCity will no longer include Common Law Barrings / Common Law Barring
Breaches in its exclusion figures, which will help ensure there is no double counting of exclusion data across exclusion types.
354
852
76
115
22
25
211
697
AucklandHamiltonQueenstown
Breaches of Exclusion Orders IdentifiedExclusion Orders Issued
Adelaide
HOST RESPONSIBILITY
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 we provide
experiences and environments that are both entertaining and profitable,
while doing so in a safe and responsible way.
SKYCARE AND OUR COMMITMENT
TO HOST RESPONSIBILITY
At SkyCity, we place great importance
on host responsibility throughout
every part of the organisation. SkyCare
is our commitment to caring for
and supporting our customers and
communities. It is how we approach
host responsibility and ensure we are fit
for the future.
A robust Host Responsibility
Programme (HRP) is in place at each
of our land-based sites, and within the
SkyCity Online Casino, to prevent and
minimise gambling harm. An outline
of SkyCity’s commitment to host
responsibility and detailed individual
site-related information, including
the HRP for each site and the SkyCity
Online Casino, is available at www.
skycityentertainmentgroup.com/our-
commitment/responsible-gambling.
The following information regarding
Host Responsibility and AML/CFT
relates to our land-based casinos.
OUR TEAMS
We are immensely proud of the culture
of care we have developed within our
casinos. We continue to focus on ways
to ensure that this culture of care is
maintained and that we have industry
leading host responsibility practices.
While all of our staff undergo host
responsibility training, a dedicated
team of experienced host responsibility
specialists is employed at each of
SkyCity’s land-based casinos, and an
experienced harm minimisation team is
in place for the SkyCity Online Casino.
Our team of Safer Gambling Advisors
(previously known as Responsible
Gambling Hosts) in Auckland and
Hamilton, our host responsibility staff
in Queenstown, and our team of host
responsibility co-ordinators in Adelaide
provide dedicated host responsibility
coverage in gaming areas. Working
collaboratively with our Gaming
Machines, Table Games, Security and
Surveillance teams, these teams are
focused on interacting with customers
in relation to their gambling activity and
time on site. These teams proactively
monitor gaming areas for signs of
potential gambling harm, and act as a
visible point of contact for customers
who would like to know more about
SkyCity’s host responsibility practices.
We also have host responsibility
staff available at all sites to support
customers through the exclusion
and re-entry process which includes
establishing safe gambling plans for
those customers.
BEST PRACTICE HOST
RESPONSIBILITY
A key strategic focus across the SkyCity
Group for minimising gambling harm
is prevention. By adopting a prevention
approach, we can increase our ability
to identify and respond early to new
or emerging concerns that may lead
to gambling harm-related issues for
our customers.
We promote and use a range of tools to
support safer gambling, including:
Facial Recognition
SkyCity operates a 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 f rom re-entering
its casinos. An automated alert is
triggered notifying SkyCity personnel
when an individual matching an image
f rom SkyCity’s database of excluded
patrons re-enters, or attempts to
re -enter, a SkyCity gambling area.
This technology is enhanced with
additional cameras installed within
SkyCity’s Auckland and Hamilton
casinos to assist us in identifying
customers who remain within the
casino for extended periods (an
automated alert may be triggered
to notify SkyCity personnel when an
individual is identified as being within
the casino for an extended period).
We also utilise facial recognition
monitoring at our SkyCity Auckland,
SkyCity Hamilton and SkyCity
Queenstown ATMs to monitor
repeat withdrawals and declined
transactions, as these may be
indicators of gambling harm.
Focal
We operate a predictive algorithm risk
model (known as the ALeRT BETTOR
Protection System software) created
by Focal Research. This system uses
routinely stored customer data to create
complex models for identifying and
managing high-risk play that otherwise
may not be outwardly visible.
Carded Play
The July 2025 roll out of Carded Play,
which requires all customers to use
a SHOW by SkyCity card to play at
any SkyCity New Zealand casino, is
an important part of our SkyCare
commitment and provides for
scheduled pauses in play to enable
customers to enjoy a break f rom
gambling activities.
The use of these tools significantly
bolsters and assists our ongoing
efforts to detect and prevent excluded
customers f rom re-entering our casinos
and to detect continuous presence and
play. However, despite our best efforts
and our host responsibility measures
and initiatives, there is no guarantee
that such technology will be effective in
each and every case.
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 HRPs.
Each HRP is also subject to audit by the
relevant gambling regulator.
EXCLUSION OPTIONS
Exclusion is an important host
responsibility offering for those that
may be experiencing gambling harm.
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 f rom all SkyCity
New Zealand casinos 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 to that customer.
In Adelaide, customers can also choose
to exclude themselves f rom the SkyCity
Adelaide casino. In some cases, SkyCity
itself, or the Liquor and Gambling
Commissioner, makes the decision to
exclude a customer (known as common
law barrings) – all exclusions are referred
to Consumer and Business Services (the
South Australian Gaming regulator).
COMMUNITY ENGAGEMENT
SkyCity actively engages with gambling
harm support agencies, government
agencies, researchers, and gambling
harm experts to improve information
sharing and collaboration in order to
advance SkyCity’s harm minimisation
and prevention approach. This
collaborative approach ensures that
knowledge about problem gambling
is shared between SkyCity and the
relevant stakeholders, and that we work
together to minimise harm.
SkyCity wants all of our visitors to
enjoy their experience with us. Please
take regular breaks, know your limits
and game responsibly.
Pictured: VIP Host, Gaming Machines
Our Customers – Excellence, Safety and Responsible Entertainment
(continued)
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