Strategic Initiatives and Shareholder Value Enhancements

MARKET RELEASE
SkyCity Entertainment Group Limited
(SKC.NZX/SKC.ASX)
30 September 2026

Update on Strategic Initiatives and Actions to Enhance Shareholder Value

The Board of SkyCity today provides an update on key strategic initiatives and actions to
enhance shareholder value.

The Board's objective is to maximise value for all SkyCity shareholders. The Board continues
to believe that the current share price and previously disclosed approaches do not fully
reflect the underlying value of the SkyCity Group. SkyCity continues to make good progress
on key strategic initiatives as outlined further below. The non-binding indicative proposals
received earlier in the year have not resulted in improved proposals. Alongside the existing
strategy, the Board intends to now also evaluate a range of potential opportunities under a
structured process, including engagement with interested parties.

Update on key existing strategic initiatives

The Board remains confident in SkyCity's strategy and the key strategic initiatives currently
underway to deliver improved shareholder value, including:

• Completion of the asset monetisation programme: SkyCity is targeting receiving
aggregate proceeds of between $275 million and $300 million prior to the end of
2026, having completed the sale of its commercial properties (realising $74.5
million). SkyCity is in advanced, exclusive negotiations for the sale of The Grand
Hotel, with a binding agreement expected shortly.

• Delivering the cost-out programme and Group-wide reset of the operating
model, targeting total benefits of $30 million in FY27 increasing to $70 million
in FY28: SkyCity has undertaken a comprehensive right-sizing of its corporate
workforce in New Zealand (a reduction of more than 200 roles) and is now moving
to a second phase, focused particularly on external spend across the Group - it
remains on track to deliver $30m in cost savings in FY27.

• Securing regulatory certainty for the Adelaide business: SkyCity is well advanced
in negotiating a binding agreement with CBS, consistent with the non-binding
heads of agreement announced on 19 June 2026, to fully and finally resolve all
outstanding regulatory matters arising from the Independent Review.

• Reviewing strategic options for the Adelaide business: Since announcing the
strategic review of the Adelaide business on 20 August 2026, SkyCity has received
inquiries from credible interested parties in that asset. SkyCity will shortly

commence a formal sale process, led by UBS, to seek proposals from these and
other parties.

• Securing an online gambling licence and developing a profitable online
gambling business in New Zealand: The auction process for New Zealand's online
gambling licences is currently underway and is due to conclude on 14 October 2026.

Commencing structured process

On 25 August 2026, SkyCity announced that it had received unsolicited approaches from
two parties in relation to a potential acquisition of the Group. The Board unanimously
determined that these proposals did not adequately reflect the underlying value of the
company, and that the conditions were problematic. Accordingly, the parties were advised
that SkyCity was not prepared to proceed on the terms proposed.

SkyCity has continued to engage with both parties since that time. While no further
proposals have been received to date, the Board intends to continue those discussions
while also evaluating other opportunities that may enhance shareholder value.

The Board has appointed UBS and Chapman Tripp to assist in engaging with interested
parties regarding any potential transaction involving the Group and also evaluating other
opportunities.

There is no certainty that this process will result in any transaction or other outcome.
SkyCity will update shareholders on further progress at the upcoming annual meeting of
shareholders and otherwise in accordance with its continuous disclosure obligations.

Trading update

Underlying Q1 results are in-line with outlook previously presented, and we have made
better than expected progress on our cost savings programme. SkyCity will provide a
further update on trading, along with progress on its current initiatives, at the upcoming
ASM on 21 October 2026.

Ends
For more information, please contact:
Investors and Analysts Media
Craig Brown

Head of Investor Relations & Corporate
Development

Mobile: +64 27 470 6802

E-mail: craig.brown@skycity.co.nz

Steve Pettigrew
General Manager Corporate Affairs
Mobile: 027 258 6257
E-mail: steve.pettigrew@skycity.co.nz

This announcement has been authorised for release by:
Board of Directors, SkyCity Entertainment Group Limited