FY25 Results and New Balance Sheet Initiatives
21 August 2025
Client Market Services
NZX Limited
Level 1, NZX Centre
11 Cable Street
WELLINGTON
Copy to:
ASX Market Announcements
Australian Stock Exchange
Exchange Centre
Level 6, 20 Bridge Street
Sydney NSW 2000
AUSTRALIA
Dear Sir/Madam
SkyCity Entertainment Group Limited (SKC)
Annual Result for the Year Ended 30 June 2025 and Balance Sheet Initiatives
Please find attached the following information relating to SkyCity Entertainment
Group Limited’s (SkyCity) result for the financial year ended 30 June 2025, along with
information relating to its capital initiatives to provide balance sheet resilience,
including a NZ$240m equity raise:
1. Market Release;
2. FY25 Results Presentation;
3. FY25 Financial Statements;
4. Results Announcement (as required by NZX Listing Rule 3.5.1);
5. Equity Raising Investor Presentation;
6. Offer Document;
7. Corporate Action Notice; and
8. Cleansing Notice.
For the purposes of ASX Listing Rule 1.15.3, SkyCity confirms that it continues to comply
with the listing rules of its home exchange, the NZX Listing Rules.
SkyCity is hosting a teleconference call for equity analysts and investors at 11.00am
New Zealand time (9.00am Australian Eastern time) today, where SkyCity
management will present the key information of the FY25 result and equity raise and
provide an overview of the status of SkyCity’s other key strategic initiatives.
Details for this call are as follows:
To participate in the webcast , use the following link:
https://edge.media-server.com/mmc/p/oaho39rk
Register for the teleconference call
https://s1.c-conf.com/diamondpass/10048739-28fgte.html
Authorised by:
Phil Leightley
General Counsel and Company Secretary
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
Anna Shipley
Chief Corporate Affairs Officer
Mobile: 027 521 0706
E-mail: anna.shipley@skycity.co.nz
---
1
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
MARKET RELEASE
SkyCity Entertainment Group Limited
(SKC.NZX/SKC.ASX)
21 August 2025
SkyCity announces FY25 Results and new Balance Sheet initiatives
SkyCity Entertainment Group Limited (“SkyCity”) today announced its results for the year
ended 30 June 2025 and capital initiatives to provide balance sheet resilience, including a
$240m Equity Raise.
Chief Executive Officer, Jason Walbridge, said: “Our financial results reflect the difficult
operating environment we've navigated in FY25. The delayed economic recovery in New
Zealand has led to lower discretionary spend impacting our business and that has come
through the same time as a period of elevated investment”.
“This investment has been centred around regulatory systems upgrades, B3, pre-opening
costs for New Zealand International Convention Centre (“NZICC”) and preparation for
online casino gaming in New Zealand”.
Key features:
• Group revenue $825.2m – 5% lower than the prior period underlying revenue; lower
spend per visit and higher VIP customer churn in Adelaide
• Reported Group EBITDA $216.1m – 56.4% above the prior period; prior period included
$139m of significant or one-off items
• Underlying Group EBITDA $233.7m* – excludes Building a Better Business
programme (B3) costs of $17.6m from Reported EBITDA of $216.1m, 15.9% lower than
the prior period
• Reported Group NPAT $29.2m – includes a $27.3m impact from the South Australian
casino duty settlement, and compared with a loss of $143.3m in the prior period
• Underlying Group NPAT $71.5m* – excludes the impact of the South Australian casino
duty settlement and the B3 costs, compared with $123.3m in the prior period
• FY26 earnings guidance – full year underlying EBITDA expected to be within range of
$190 – $210m
• Independent Review of SkyCity Adelaide – suitability confirmed
• Carded Play now live – successfully launched across all New Zealand sites in July
• Customer visitation remains strong, up 4.6% on prior period – lower spend due to
challenging economic conditions continues
• NZICC on track to open in February 2026 – solid pre-opening pipeline of events
• $240m Equity Raise – announced today to provide balance sheet resilience alongside
asset monetisation over next 12 – 18 months
• No dividend declared
* Underlying results are non-GAAP financial measures which are used by SkyCity’s board and management to assess the performance of the business
and have been derived from SkyCity’s financial statements. Refer to the Appendices to SkyCity’s FY25 results presentation for a description and further
details of SkyCity’s underlying results.
2
“Despite this we are making progress with significant milestones achieved in Carded Play
now live across our New Zealand sites, a positive suitability outcome from the
Independent Review of SkyCity Adelaide and the opening of NZICC in February 2026”.
Financial Performance
Reported Group EBITDA of $216.1 million is in line with the guidance provided in May, and
up 56% on the prior period due to a number of one-off significant accounting
adjustments in FY24.
Reported Group NPAT of $29.2 million was up on the prior corresponding period loss of
$143 million – which included those significant accounting adjustments – and after
providing for the interest associated with the resolution of the long-standing gaming
duty matter in South Australia.
Underlying Group NPAT of $71.5 million was down 42% on the prior corresponding period
due to the lower level of earnings and increased interest expense, partially offset by a
lower tax expense.
Underlying Group revenue of $825.2 million is down 5% on the prior corresponding period
with Underlying Group EBITDA of $233.7 million down 16% on the prior corresponding
period, due primarily to lower customer spend levels, increased churn of VIP customers in
Adelaide and elevated costs related to upgrading regulatory systems, pre-opening costs
for the NZICC and continuing to invest in our online gaming capability.
Gaming revenue in Auckland was impacted by the challenging market conditions and
customer churn in the premium and VIP customer segments. The reduction was partially
offset by the contributions from the Horizon by SkyCity Hotel since August 2024, and the
carpark income due to the buyback of the carpark concession.
“The Auckland hotel market remains very competitive with an oversupply of hotel rooms
due to lower visitor numbers to the city. Horizon by SkyCity has had a strong first year
notwithstanding the macroeconomic backdrop and we’re looking forward to the positive
difference NZICC will make to occupancy across our precinct and wider Auckland when it
opens in 6 months’ time” Mr Walbridge said.
EBITDA for Hamilton and Queenstown was down 4% in line with expectations due to lower
revenue partially offset by disciplined cost control.
The SkyCity Adelaide business experienced higher levels of customer churn in the VIP
customer segment due to enhanced AML and host responsibility initiatives, particularly in
the second half which impacted gaming revenue.
Carded Play
“Carded play is now live across all our New Zealand sites and while still early days, we’re
pleased with the response from customers so far. We are also confirming the previous
guidance regarding the impact on previously uncarded revenue, equivalent to $20 - $30m
EBITDA in FY26” Mr Walbridge said.
“This is a significant change for SkyCity and our customers as we continue to work hard on
raising our host responsibility measures. It will also create operational efficiency over time
and importantly, deliver meaningful and actionable customer insights”.
SkyCity also launched a revamped customer loyalty program SHOW by SkyCity in July.
New Zealand International Convention Centre
“We are looking forward to opening the doors to the NZICC in February. It’s a world-class
venue and is already attracting large-scale events, exhibitions and concert interest. This will
3
be a major catalyst for SkyCity and wider Auckland, with an estimated 500,000 extra
visitations annually expected when operating at full capacity” Mr Walbridge said.
Regulatory progress and Transformation
In Adelaide, the findings of the Independent Review into the suitability of SkyCity Adelaide
to continue to hold the SkyCity Adelaide casino licence and the suitability of SkyCity to
continue to be a close associate of SkyCity Adelaide were released on 12 August.
The final report of The Honourable Brian Martin AO KC confirmed that SkyCity Adelaide is
suitable to hold the SkyCity Adelaide casino licence; and that SkyCity is suitable to be a
close associate of SkyCity Adelaide. The Consumer and Business Services Commissioner
(“Commissioner”) is considering the findings of the report to determine what enforcement
action he may decide to take.
“We acknowledge Mr Martin’s findings and the Commissioner’s comments that we still
have work to do. We remain committed to our B3 programme and constructive
engagement with all our regulators” Mr Walbridge said.
Outlook & FY26 guidance
“Early FY26 trading has been substantially in line with our expectations. The impact of
Carded Play is in-line with our previous guidance and we’re yet to observe any positive
change in consumer discretionary spending in the subdued New Zealand economy” Mr
Walbridge said.
“We expect overall market conditions will continue to be challenging in the short term.
This continues to be a challenge for us as the ongoing delay in the economic recovery in
New Zealand comes at the same time as elevated costs related to upgrading our regulatory
systems and B3 programme, pre-opening costs for NZICC in February and the expected
launch of regulated online casino gaming in winter 2026”.
We expect FY26 Underlying EBITDA to be within a range of $190m – $210m impacted by:
• approximately $23m of ongoing investment with the majority of this investment
occurring in 1H26, driving a material 2H26 earnings skew:
o ~$16m from NZICC, driven by the impact of pre-opening and operating costs
(12 months) with only ~4.5 months of revenues (vs ~$5m investment in FY25)
o ~$7m from investment in online gaming in readiness for FY27 licensing and
go-live (vs ~$2m investment in FY25);
• the expected impact of Carded Play, in respect of which we confirm our guidance
as being within a range of $20 – 30m of reduced EBITDA in FY26;
• our continued focus on cost saving initiatives, targeting minimum net cost savings
in the order of ~$10m; and
• ongoing economic challenges and player churn.
We note that FY26 Reported EBITDA is therefore expected to be $170.6 – 190.6m, once
taking into account total B3 costs of $19.4m.
1
FY26 Reported NPAT is expected to reflect:
• Interest expense of $35 – 40m, driven by reduced capitalisation following NZICC
practical completion and reduced levels of debt as a result of the Equity Raise;
2,3
• D&A of $100 – 110m, increasing due to practical completion and operation thereafter
of NZICC;
2
and
1
Excludes impact of any enforcement action by CBS following Brian Martin independent review.
2
Assumes practical completion 31 October 2025.
3
Reflects impact of equity raising.
4
• Tax of 35 – 45% of Net Profit before Tax being impacted by accounting and tax
treatment, particularly for non-deductible expenditure, adjustments for NZ building
tax depreciation and Australian group tax losses not recognised.
SkyCity expects capital expenditure to be ~$116m in FY26, with $45m related to NZICC and
$71m of BAU and ICT capital expenditure.
No dividends are expected to be paid in FY26.
“Looking to FY27, we expect earnings to improve with NZICC expected to be breakeven
on a stand-alone basis and the regulated online gaming business targeted to deliver
breakeven in the first year of operation in FY27”.
“We remain optimistic that we will see a recovery in spend per visit across our properties
as the New Zealand economic backdrop improves, supported by a full year of visitation
benefits from NZICC and the spend expected from that. SkyCity is well placed to
maximise that opportunity when it occurs” Mr Walbridge said.
Balance Sheet Initiatives
In light of current trading conditions, historical calls on capital from a number of
extraneous matters and the ongoing investment requirements of the business, SkyCity
has today announced a $240 million equity raising (“Equity Raising”) to provide balance
sheet resilience to:
• Navigate this period of continued economic weakness; and
• Execute on near-term priorities
SkyCity is also targeting a number of asset monetisations, expected to release $200m
over the next 12 – 18 months, with key assets identified for proposed divestment
(including a potential Auckland carpark concession and sale of the 99 Albert Street office
building).
The Equity Raising reduces FY25 pro forma net debt / Covenant EBITDA
4
from 3.1x to 2.2x,
with net debt / Covenant EBITDA
4
expected to remain below ~3.0x at relevant testing
periods in FY26 excluding any impact from asset monetisation activity.
Following the execution of the asset monetisation program, SkyCity is targeting net debt
/ EBITDA below 2.0x
5
in FY27, consistent with our medium term targeted BBB credit
rating metrics.
No dividends are expected to be paid during FY26, with SkyCity targeting the resumption
of dividend payments once trading conditions and free cash flow improve.
“Our announcement today, to raise $240m of equity, will improve our financial stability in
the current market conditions and provide us with the right foundations to step
prudently into the opportunities that are ahead of us. We know what we need to do and
we’re leaning into it,” Mr Walbridge said.
Equity Raising Details
SkyCity has today announced a $240m Equity Raising comprising a:
• Fully underwritten approximately $81m institutional placement (“Placement”);
and a
4
Refer to Appendix A of the Equity Raising and Balance Sheet Initiatives Investor Presentation for net debt calculation and reconciliation between
Reported EBITDA, Underlying EBITDA and Covenant EBITDA.
5
On both an Underlying and Covenant EBITDA basis. Refer to Appendix A of the Equity Raising and Balance Sheet Initiatives Investor
Presentation for net debt calculation and reconciliation between Reported EBITDA, Underlying EBITDA and Covenant EBITDA.
5
• Fully underwritten 1 for 3.35 pro rata accelerated non-renounceable entitlement
offer (“Entitlement Offer”) to raise approximately $159m
The Equity Raising will be at a fixed price of $0.70 per new share (the “Offer Price”), which
represents:
• 22.8% discount to the Theoretical Ex-Rights Price
6
(“TERP”) of $0.91; and
• 30.0% discount to the last traded share price on the NZX of $1.00 on 19 August
2025.
Approximately 343 million new shares (“New Shares”) will be issued by SkyCity under the
Equity Raising, representing approximately 45.1% of the existing shares on issue.
New shares issued under the Equity Raise will rank equally in all respects with SkyCity’s
existing ordinary shares.
Macquarie is acting as Sole Arranger to the Equity Raising, while Macquarie, Jarden and
UBS are acting as Joint Lead Managers, Underwriters and Bookrunners.
Placement
SkyCity is undertaking a fully underwritten Placement of new shares to eligible investors
to raise approximately $81m. The Placement will be conducted concurrently with the
Institutional Entitlement Offer (as described below).
Entitlement Offer
SkyCity will offer eligible shareholders the right to participate in the Entitlement Offer to
raise approximately $159m. Eligible shareholders will have the opportunity to apply for 1
New Share for every 3.35 existing SkyCity shares held at the Record Date (being 7.00pm
NZST / 5.00pm AEST on Friday, 22 August 2025).
The Entitlement Offer is non-renounceable, and entitlements will not be tradeable or
otherwise transferable.
Institutional Entitlement Offer
Eligible shareholders will be invited to participate in the accelerated institutional
component of the Entitlement Offer (the “Institutional Entitlement Offer”), which is
being conducted today, Thursday, 21 August 2025, along with the Placement. Under the
Institutional Entitlement Offer, eligible institutional shareholders can choose to take up
all, part or none of their entitlement to New Shares. Entitlements not taken up under the
Institutional Entitlement Offer will be offered by the Joint Lead Managers to eligible
institutional investors at the Offer Price concurrently with the Institutional Entitlement
Offer.
Retail Entitlement Offer
The retail component of the Entitlement Offer (the “Retail Entitlement Offer”) will be
open from 9.00am NZST / 7.00am AEST on Tuesday, 26 August 2025 to 5.00pm NZST /
3.00pm AEST on Thursday, 4 September 2025 to eligible retail shareholders with an
address recorded in SkyCity’s share register in New Zealand or Australia, as at the Record
Date. Eligible retail shareholders who take up their full entitlement under the Retail
Entitlement Offer will also be eligible to subscribe for additional new shares in excess of
their entitlements at the Offer Price, up to a maximum of 60% of their entitlements. The
entitlements will not be quoted on NZX or ASX and there will be no shortfall bookbuild for
those entitlements not taken up by eligible retail shareholders or the entitlement of
6
TERP is calculated with reference to SkyCity’s last traded share price on the NZX of $1.00 on Tuesday, 19 August 2025 and includes
approximately 343m new shares to be issued under the Placement and Entitlement Offer. TERP is a theoretical calculation only and the actual
price at which SkyCity shares will trade immediately after the ex-rights date for the Offer will depend on many factors and may not be equal to
TERP.
6
ineligible retail shareholders (the Entitlement Offer is non-renounceable and any
entitlements not taken up will lapse).
Further details about the Retail Entitlement Offer are set out in the Offer Document.
Shareholders entitled to participate in the Retail Entitlement Offer should visit
www.shareoffer.co.nz/skycity and apply online by 5.00pm NZST / 3.00pm AEST on
Thursday, 4 September 2025.
ENDS
Currency
Unless otherwise stated, all references to “$” are to the New Zealand dollar.
Not an offer of securities in the United States
This announcement does not constitute an offer to sell, or a solicitation of an offer to buy,
securities in the United States or any other jurisdiction. The offer and sale of the
entitlements and the New Shares described in this announcement have not been, and
will not be, registered under the U.S. Securities Act of 1933 ("U.S. Securities Act"), and the
entitlements may not be taken up by, and the New Shares may not be offered or sold to,
any person in the United States, except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the U.S. Securities Act and the
applicable securities laws of any state or other jurisdiction of the United States.
For more information, please contact:
Investors and analysts Media
Craig Brown
Head of Investor Relations & Corporate
Development
+64 27 470 6802
craig.brown@skycity.co.nz
Anna Shipley
Chief Corporate Affairs Officer
+64 27 5210 706
anna.shipley@skycity.co.nz
This announcement has been authorised for release by:
Phil Leightley, General Counsel & Company Secretary
7
Offer timetable
Event Date
Equity Raising announcement & trading halt Thursday, 21 August 2025
Placement and Institutional Entitlement Offer opens Thursday, 21 August 2025
Placement and Institutional Entitlement Offer closes Thursday, 21 August 2025
Trading halt lifted Friday, 22 August 2025
Record date for the Offer (7.00pm NZST / 5.00pm
AEST)
Friday, 22 August 2025
A$ Price announced Monday, 25 August 2025
Retail Entitlement Offer opens Tuesday, 26 August 2025
ASX Settlement of New Shares under the Placement
and Institutional Entitlement Offer
Wednesday, 27 August 2025
ASX Allotment of New Shares under the Placement
and Institutional Entitlement Offer
Thursday, 28 August 2025
NZX Settlement and Allotment of New Shares under
the Placement and Institutional Entitlement Offer
Thursday, 28 August 2025
Commencement of trading of New Shares issued
under the Placement and Institutional Entitlement
Offer on NZX and ASX
Thursday, 28 August 2025
Retail Entitlement Offer closes (5.00pm NZST / 3.00pm
AEST)
Thursday, 4 September 2025
ASX Settlement of New Shares under the Retail
Entitlement Offer
Wednesday, 10 September 2025
ASX Allotment of New Shares under the Retail
Entitlement Offer
Thursday, 11 September 2025
NZX Settlement and Allotment of New Shares under
the Retail Entitlement Offer
Thursday, 11 September 2025
Commencement of trading of New Shares issued
under the Retail Entitlement Offer on NZX
Thursday, 11 September 2025
Commencement of trading of New Shares issued
under the Retail Entitlement Offer on ASX
Friday, 12 September 2025
Despatch of holding statements in respect of New
Shares issued under the Retail Entitlement Offer
Monday, 15 September 2025
Note: The above timetable is indicative only and subject to change without notice
(subject to applicable laws and the NZX Listing Rules and ASX Listing Rules). All dates
and times are NZST (unless noted otherwise).
---
slive ie 4
ENTERTAINMENT GROUP
2025RESULIS
es
FY25 INVESTOR PRESENTATION | 21 AUGUST 2025 ation
THE ULTIMATE EXPERIENCE IN ENTERTAINMENT
FY25 INVESTOR PRESENTATION | 21 AUGUST 2025
2025 RESULTS
THE ULTIMATE EXPERIENCE IN ENTERTAINMENT
DRAFT
IMPORTANT NOTICE
•All information included in this presentation is provided as at 21 August 2025. This
disclaimer applies to this document and the verbal or written comments of any person
presenting it.
•The information in this presentation has been prepared by SkyCity with due care and
attention, however, neither SkyCity nor any of its directors, employees, shareholders nor
any other person gives any representations or warranties (either express or implied)
as to the accuracy or completeness of the information and, to the maximum extent
permitted by law, no such person shall have any liability whatsoever to any person for any
loss (including, without limitation, arising f rom any fault or negligence) arising f rom this
presentation or any information supplied in connection with it.
•This presentation includes a number of forward-looking statements. Forward-looking
statements, by their nature, involve inherent risks and uncertainties. Many of those risks
and uncertainties are matters which are beyond SkyCity’s control and could cause actual
results to differ f rom those predicted. Variations could either be materially positive or
materially negative.
•A number of non-GAAP financial measures are included in this presentation which
are used by management to assess the performance of the business and have been
derived f rom SkyCity’s financial statements. You should not consider any such financial
measures in isolation f rom, or as a substitute for, the information provided in the financial
statements which are available at www.skycityentertainmentgroup.com
•This presentation has not taken into account any particular investor’s investment
objectives or other circumstances. Investors are encouraged to make an independent
assessment of SkyCity. The information in this presentation does not constitute financial
product, legal, financial, investment, tax or any other advice or a recommendation
•All figures in this presentation are in NZ Dollars (NZ$) unless stated otherwise.
•Some totals may not sum due to rounding.
•This presentation needs to be read in conjunction with the Equity Raising and Balance
Sheet Initiatives presentation and Financial Statements for the year ended 30 June 2025
SKYCITY FY25 | RESULTS INVESTOR PRESENTATION | 21 AUGUST 2025
1
CONTENTS
JASON WALBRIDGE
CHIEF EXECUTIVE OFFICER
page 3
OVERVIEW
PETER FREDRICSON
CHIEF FINANCIAL OFFICER
page 7
GROUP
FINANCIAL
RESULTS
CALLUM MALLETT
CHIEF OPERATING OFFICER
page 12
OPERATING
PERFORMANCE
JASON WALBRIDGE
CHIEF EXECUTIVE OFFICER
page 19
OUTLOOK
page 22
APPENDICES
SKYCITY FY25 | RESULTS INVESTOR PRESENTATION | 21 AUGUST 2025
2
Slivecity
ENTERTAINMENT GROUP
OVERVIEW
JASON WALBRIDGE | CHIEF EXECUTIVE OFFICER
OVERVIEW
JASON WALBRIDGE | CHIEF EXECUTIVE OFFICER
FY25 RESULTS OVERVIEW
1. Refer to Appendices for a description and further details of SkyCity’s underlying results
2. Last 12 months reported EBITDA, adjusted as per bank covenants - see Appendix for reconciliation
3. Based on underlying EBITDA
$825.2m
REPORTED/UNDERLYING
1
REVENUE
(11.1%) Reported revenue pcp
(5.2%) Underlying revenue pcp
$216.1m
REPORTED
EBITDA
56.4% pcp
$233.7m
UNDERLYING
1
EBITDA
(15.9%) pcp
(adds back B3 costs of $17.6m)
$29.2m
REPORTED
NPAT
nm pcp
$71.5m
UNDERLYING
1
NPAT
(42%) pcp
3.9cps
REPORTED
EARNINGS PER SHARE
nm pcp
9.4cps
UNDERLYING
1
EARNINGS PER SHARE
(42%) pcp
$757m
NET DEBT
3.1x (covenant)
NET DEBT/
EBITDA
2
>10.5m
TOTAL
VISITATION
4.6% pcp
$22
GROUP
EBITDA
3
PER VISIT
(20%) pcp
3.2x (underlying)
SKYCITY FY25 | RESULTS INVESTOR PRESENTATION | 21 AUGUST 2025
4
FY25 YEAR IN REVIEW
•FY25 result impacted by:
‒Delayed economic recovery in New Zealand
‒Lower visitation and spend by VIP customers in Adelaide
‒Elevated costs related to upgrading regulatory systems and B3 programme
‒Pre-opening costs for NZICC
‒Continuing to invest in our Online gaming capability
•Horizon Hotel opened 1 August 2024
•NZICC on track for February 2026 opening
•Successful launch of Carded Play across New Zealand casinos in July 2025 and
impact in line with guidance provided
•Launch of new customer loyalty program SHOW by SkyCity in July 2025
•Key assets identified for proposed divestment (including Auckland carpark
concession and 99 Albert Street office building), focused on maximising value
•Progress in Adelaide:
‒South Australia Casino Duty dispute resolved
‒Brian Martin independent review of SkyCity Adelaide concluded,
finding that SkyCity Adelaide is suitable to hold the casino licence. Any action
by CBS in response to the report is not known at this stage
‒CBS and Kroll monitored ‘Programme of Work’ underway and progressing
Challenging trading conditions through
period of elevated investment
SKYCITY FY25 | RESULTS INVESTOR PRESENTATION | 21 AUGUST 2025
5
VISITATION AND SPEND
•Group visitation includes all visits to gaming, food and beverage,
hotels and other entertainment activities across our properties
•Key business drivers include visitation, spend per visit and costs
•Spend per visit leads into EBITDA per visit and at a Group level this
has reduced $5.00 per visit over FY25 compared to pcp
FY25FY24
Group Visitation10.6m10.2m
Group Underlying EBITDA$233.7m$277.8m
Group Underlying EBITDA/Visitation~$22~$27
Difference
$5/visit
SKYCITY FY25 | RESULTS INVESTOR PRESENTATION | 21 AUGUST 2025
6
Slveity
ENTERTAINMENT GROUP
3
P2
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GROUP
FINANCIAL
AN
yon.
RESULTS
:
Sa
kes
22
PETER FREDRICSON | CHIEF FINANCIAL OFFICER
GROUP
FINANCIAL
RESULTS
PETER FREDRICSON | CHIEF FINANCIAL OFFICER
FY25 GROUP RESULTS
$MFY25FY24
1
% Change
Total Underlying Revenue
2
825.2870.5(5.2)
Auckland209.6237.0(11.6)
Hamilton & Queenstown33.735.0(3.7)
Adelaide
3
31.139.6(21.5)
Online(1.8)3.6(147.2)
Corporate / Group(38.9)(37.3)4.3
Group Underlying EBITDA233.7277.8(15.9)
EBITDA margin
4
28.3%31.9%—
D&A(94.2)(92.0)2.4
Group Underlying EBIT139.5185.8(25.0)
Net finance costs(26.4)(16.0)65.0
Tax expense(41.6)(46.6)(10.7)
Underlying Profit After Tax
5
71.5123.2(42.0)
Non-operating items
6
(42.2)(266.5)(84.2)
Reported Profit After Tax29.2(143.3)(120.4)
1. FY24 Revenue restated to exclude gaming GST and gaming rebates
2. Excludes gaming GST
3. Adjusted for B3 costs of $17.6m
4. Underlying EBITDA / Underlying Revenue
5. Refer to Appendix for a description and further details of SkyCity’s underlying results
6. Refer to reconciliation in the Appendix
Non-Gaming revenue growth from:
•opening of Horizon Hotel
•the buyback of the Auckland carpark concession
•renewed emphasis on community events and sponsorship in Adelaide
Operating expenses across the Group flat overall due to:
•an increase in people, risk and other costs of $17m
•offset by a reduction in marketing, property and operating costs of $19m
EBITDA margin impacted primarily by lower gaming revenue
Total revenue impacted by a reduction in Gaming Revenue due to:
•a challenging economic environment in New Zealand
•increased VIP customer churn in Adelaide in the second half
•Online operations impacted by competitor behaviour and continuing investment ahead
of regulation
SKYCITY FY25 | RESULTS INVESTOR PRESENTATION | 21 AUGUST 2025
8
BALANCE SHEET
AS AT 30 JUNE20252024
Total net debt
1
$756.8m$663.1m
Available liquidity (cash and undrawn facilities)$286.5m$303.0m
Average borrowing cost5.84%5.59%
Average debt maturity (yrs)3.8 yrs2.4yrs
Hedged debt %84%61%
Net debt to Covenant EBITDA
2
3.1x2.5x
Net debt to Underlying EBITDA 3.2x2.5x
Credit rating (S&P Global)BBB-BBB-
•
Average debt borrowing cost of 5.84%, an increase of 25bps
following debt restructure undertaken in August 2024
•The recent reduction in the Official Cash Rate has supported
lower wholesale short term interest rates which has seen the
average cost of borrowing track lower over the second half
•Covenant leverage ratio of 3.1x remains within banking covenants
•Underlying EBITDA leverage ratio of 3.2x
1. Net Debt reflects total debt less cash, including lease liabilities
2. Last 12 months reported EBITDA, adjusted as per bank covenants - see Appendix p.28 for reconciliation
SKYCITY FY25 | RESULTS INVESTOR PRESENTATION | 21 AUGUST 2025
9
Increase in net debt f rom FY23 driven by legacy non-operating capital requirements
PRO FORMA NET DEBT BRIDGE
•Between FY23 and FY25 existing debt levels
impacted by:
‒Carpark concession repurchase: ~$204m
(Jan 2024)
‒AUSTRAC / DIA penalties: ~$83m (July 2024)
‒SA Casino duty penalty interest: ~$27m
(Feb 2025)
FY23 net debtCarpark
repurchase
$443m
$277m
$166m
1.5x ND /
EBITDA
3.1x ND /
EBITDA
~$204m
~$83m
~$27m
$757m
$620m
$137m
AUSTRAC /
DIA fine
SA casino dutyFY25 net debt
Net drawn debt
less cash, includes
lease liabilities
Net drawn debt
less cash, includes
lease liabilities
Lease liabilities
Net debt (incl. lease liabilities)
$311m of non-operating one-off charges
SKYCITY FY25 | RESULTS INVESTOR PRESENTATION | 21 AUGUST 2025
10
PRO FORMA OPERATING CASHFLOW
•Underlying cash generation has been impacted by weak NZ economic conditions and elevated
operating costs due to increased regulatory / compliance costs
•Strong cash generation f rom underlying operations of the business with proforma operating cash
flows of $148.4m when excluding regulatory penalties of $76m and casino duty settlement of $27m
•FY25 capital expenditure of $137.2m remained elevated as anticipated, comprising;
‒$77.2m business as usual/ICT capex
‒$60m NZICC development, lower than expected due to delay in handover
$77.2M
$60.0M
$148.4M$27.4M
$75.7M
$45.2M
FY25 Operating
Cashflow
Casino duty
interest paid
Pro forma Operating
Cashflow
BAU/ICT
Capex
NZICC
Capex
Regulatory
penalties
Operating cash flow impacted by non-operating one-off charges
SKYCITY FY25 | RESULTS INVESTOR PRESENTATION | 21 AUGUST 2025
11
Slivecity
ENTERTAINMENT GROUP
OPERATING
PERFORMANCE
CALLUM MALLETT | CHIEF OPERATING OFFICER
it
IH
OPERATING
PERFORMANCE
CALLUM MALLETT | CHIEF OPERATING OFFICER
AUCKLAND
Managing operations in a challenging economic environment
•Visitation marginally lower vs FY24 - given 1H24 visitation benefiting
f rom FIFA World Cup
•International tourism numbers to New Zealand impacted by lower cruise ship
visitation and aircraft capacity issues
•Customer spend levels impacted by difficult economic environment
•Operational efficiency initiatives implemented across the precinct
Gaming
•Both key gaming metrics impacted by lower customer spend levels
•New gaming machines introduced toward end of year well received by customers
•Lower premium and VIP customer play volume also impacted by customer churn
Non-gaming
•Total Hotel rooms sold up 24% following opening of the Horizon Hotel
in August 2024
•Combined hotel occupancy of 74% impacted by a currently oversupplied Auckland
hotel market following significant increase in new rooms ahead of NZICC opening
•F&B visitation steady, with average spend lower due to weaker
consumer sentiment
•Completed Auckland production kitchen refurbishment in 1H25
•Sky Tower visitation lower, offset by repricing and addition of new customer
experience – The Lookout
FY25FY24
Gaming
Visitation2.0m 2.1m(4.5%)
EGM WPUPD$427$434(1.6%)
Table Games WPOH$365$403(9.4%)
Non-Gaming
Hotels – Rooms Sold246,659198,12724.5%
Hotels – Occupancy73.9%85.2%(13.3%)
Hotels – Average Daily Rate$227$245(7.4%)
F&B – Visitation (Covers)2,052k2,045k0.3%
F&B – Average Spend$34$36(5.0%)
$mFY25FY24
Gaming Machines 233.9 247.7 (5.6%)
Table Games 114.7 127.6 (10.1%)
Premium Table 9.2 19.6 (53.0%)
Total Gaming Revenue 357.8 394.9 (9.4%)
Food and Beverage 63.5 67.6 (6.1%)
Hotels 52.3 45.0 16.3%
Other 40.6 39.3 3.5%
Total Non-Gaming Revenue 156.4 151.8 3.0%
Total Revenue 514.3 546.7 (5.9%)
Operating expenses(304.6)(309.7)(1.6%)
Underlying EBITDA 209.6 237.0 (11.5%)
Underlying EBITDA Margin40.8%43.3%
SKYCITY FY25 | RESULTS INVESTOR PRESENTATION | 21 AUGUST 2025
13
NZICC
Opening February 2026
•Major visitation catalyst for SkyCity Auckland – estimated 500k
visitations p.a. once operating at full capacity
•Installations, commissioning and testing of key systems and operational
training f rom late 2025
•Solid pre-opening pipeline of committed and prospective events:
‒Total pipeline of 76 events in FY26 attracting up to an aggregate of
~107k visitor days, with 29 of these events confirmed
‒Total pipeline of 121 events in FY27 attracting up to an aggregate of
~251k visitor days, with 40 events confirmed
•Strategy in place to maximise visitations across precinct (Hotel, F&B,
Sky Tower etc)
•NZICC expected to grow Auckland’s share of large-scale local events,
exhibitions, concerts, and public events
8,600SQM
OF EXHIBITION SPACE
3,000
people, or one-off events up
to 4,000 people and concerts
just under 3,000 people.
CAPACITY FOR
CONVENTIONS UP TO
2,850
with flexibility to be:
- Divisible into 2 x 1,200 person theatres
- Flat floor dining space for 1,100
TIERED AUDITORIUM
THEATRE WITH SEATING FOR
THIRTY-THREE
meeting rooms available at any one time
UP TO
32,500SQM
OF FLOOR SPACE
400
exhibition booths or
dinners for up to
3,200
CAN
ACCOMMODATE
UP TO
SKYCITY FY25 | RESULTS INVESTOR PRESENTATION | 21 AUGUST 2025
14
HAMILTON AND QUEENSTOWN
Performance in line with expectations
•Combined site visitation improved with increased tourism in Queenstown
partially offset by lower visitation in Hamilton
•Customer spend levels lower due to the difficult operating environment,
however margins maintained due to cost management
1
•Sale of surplus land completed in Queenstown
•Additional outdoor gaming balcony planned for Hamilton
•Licence renewal process underway in Queenstown, hearing in November 2025
•Both sites maintained prominent community involvement and focus
Gaming
•Hamilton gaming customer visitation and spend impacted by enhanced
AML/CFT & host responsibility processes, plus challenging economic
environment
•WPUPD lower in Hamilton partially offset by increase in Queenstown
•Table Games WPOH lower in Queenstown due to Premium customer reset,
Hamilton flat on prior period
Non-gaming
•Increase in F&B visitation driven by upgrade of Amuse Bar and Kitchen and
an increase in Conventions in Hamilton
•Average spend levels marginally lower due to challenging
economic conditions
FY25FY24
Gaming
Visitation430k420k1.2%
EGM WPUPD$376$387(3.0%)
Table Games WPOH$255$272(6.0%)
Non-Gaming
F&B - Visitation (Covers)587k577k1.6%
F&B - Average Spend$14$15(4.0)%
1. Refer to Appendix for more detail
$mFY25FY24
Gaming Machines 50.7 52.3 (3.0%)
Table Games 13.5 13.3 1.7%
Premium Table-0.1 1.1 (106.4%)
Total Gaming Revenue 64.1 66.6 (3.7%)
Food and Beverage 5.4 5.6 (4.7%)
Other 4.7 4.8 (0.6%)
Total Non-Gaming Revenue 10.1 10.4 (2.8%_
Total Revenue 74 .2 77.0 (3.6%)
Operating expenses(40.6)(42.0)(3.3%)
Underlying EBITDA 33.7 35.0 (3.9%)
Underlying EBITDA Margin45.3%45.5%
SKYCITY FY25 | RESULTS INVESTOR PRESENTATION | 21 AUGUST 2025
15
CARDED PLAY
•Significantly assists with host responsibility gaming measures
•Enhances risk management
•Creates operational efficiency
•Meaningful customer insights
•Customers can continue to use cash, QUICK Pay or TITO
tickets when playing
•Confirm previous guidance regarding impact of carded play
on previously uncarded revenue, equivalent to $20 - 30m
EBITDA in FY26
Successful launch across NZ in July 2025
3-5
MINUTES
TO ENROL ON
AVERAGE AT
KIOSK
Rebranded host
responsibility for
players
SKYCITY FY25 | RESULTS INVESTOR PRESENTATION | 21 AUGUST 2025
16
ADELAIDE
Focus on implementation of B3
Gaming
•Gaming visitation flat in Q4 with enhanced AML/CFT and host
responsibility initiatives impacting customer numbers plus lower levels of
interstate visitation
•Gaming turnover levels impacted by lower VIP customer levels, partially offset
by growth in lower tier customers
•Building a Better Business (B3) programme completed year 1 of 3 (including
NZ$17.6m spend)
•Brian Martin independent review of SkyCity Adelaide concluded, finding that
SkyCity Adelaide is suitable to hold the casino licence. Any action by CBS in
response to the report is not known at this stage
Non-gaming
•EOS Hotel improved occupancy levels with lower average daily rates due to
competitive market conditions
•Stable visitation and increase in spend per visit supported improvement in
food and beverage earnings and margin
•Convention activity delivered strong growth in FY25
FY25FY24
Gaming
Visitation1.2m1.1m5.0%
EGM WPUPD$255$274(7.0%)
Table Games WPOH$450$499(10.0%)
Non-Gaming
Hotels - Rooms Sold34,78933,0275.3%
Hotels - Occupancy79.4%75.3%4.1%
Hotels - Average Daily Rate$452$477(5.3%)
F&B - Visitation (Covers)1,692k1,724k(1.9%)
F&B - Average Spend$32$313.6%
A$mFY25FY24
Gaming Machines 87.7 90.4 (3.0%)
Table Games 52.5 53.6 (2.1%)
Premium Table 5.3 10.8 (50.7%)
Other Gaming 0.1 0.1 14.2%
Total Gaming Revenue 145.7 154.9 (6.0%)
Food and Beverage 41.3 42.5 (2.8%)
Hotels 14.2 13.7 3.6%
Other 11.1 7.6 47.0%
Total Non-Gaming Revenue 66.5 63.7 4.5%
Total Revenue 212.2 218.6 (2.9%)
Operating expenses(183.7)(182.1)0.9%
Underlying EBITDA
1
28.5 36.5 (22.0%)
Underlying EBITDA Margin13.4%16.7%
1. Underlying EBITDA has the B3 costs added back
SKYCITY FY25 | RESULTS INVESTOR PRESENTATION | 21 AUGUST 2025
17
ONLINE
Continuing to invest ahead of regulation
•Ongoing refinement of player acquisition and retention strategy
•SkyCity heavily constrained by current regulatory environment restrictions
which are disregarded by some competitors
•Unique customers per month and bets per customer per month have
stabilised in last quarter
•Legislation and regulation progressing, with regulated market opening
expected early FY27
Progress to date
• Established Malta office
• Offshore in-house team established, expanding capability
• Executing on f ront end, mobile and platform development / changes
• Paying NZ Online Gaming casino duty (f rom July 2024)
• Proactive engagement with NZ Government and policymakers
Priorities for FY26
•Transition to new platform partner
• Integrate new mobile app and web portal
• Investing in building a launch-ready operational team in Malta
• Secure Malta Online Casino Gaming licence
• Secure NZ Online Gaming licence
SKYCITY FY25 | RESULTS INVESTOR PRESENTATION | 21 AUGUST 2025
18
Sliveciry
ENTERTAINMENT GROUP
eo) Ea tele) 4
JASON WALBRIDGE | CHIEF EXECUTIVE OFFICER
OUTLOOK
JASON WALBRIDGE | CHIEF EXECUTIVE OFFICER
Challenging trading conditions through period of ongoing
investment in NZICC pre-opening and Online Gaming
OUTLOOK
Early FY26 trading substantially in line with expectations
•Carded play impact in-line with our guidance
•No change observed in New Zealand consumer discretionary spending
FY26 Underlying EBITDA
1
is expected to be $190.0 – 210.0m, impacted by:
•Approximately $23m of ongoing investment, the majority of which will occur in 1H26, driving a material 2H26 earnings skew:
‒~$16m f rom NZICC, driven by the impact of pre-operating costs (12 months) with only ~4.5 months of revenues (vs $5m investment in FY25)
‒~$7m f rom investment in Online Gaming in readiness for FY27 licensing and go-live (vs $2m investment in FY25)
•Confirm previous guidance regarding impact of carded play on previously uncarded revenue, equivalent to $20 - 30m EBITDA in FY26
•Continuation of FY25 cost saving initiatives, targeting minimum net cost savings in the order of $10m in FY26
•Guidance assumes ongoing economic challenges and player churn
FY26 Reported EBITDA is expected to be $170.6 – 190.6m (including B3 costs of $19.4m)
2
FY26 Reported NPAT is expected to reflect:
• Interest expense of $35 – 40m, driven by change to capitalisation of interest following NZICC practical completion
3,4
• D&A of $100 – 110m, increasing due to practical completion of NZICC
3
• Tax of 35 – 45%, impacted by accounting and tax treatment, particularly for non-deductible expenditure, adjustment for NZ building tax
depreciation and Australian group tax losses not recognised
Capex expected to be ~$116m in FY26:
•$45m of investment in NZICC
•$71m of BAU maintenance capex
No dividends expected to be paid in FY26
1. Underlying EBITDA excludes B3 costs.
2. Excludes impact of any enforcement action levied by CBS following Brian Martin independent review.
3. Assumes practical completion 30 September 2025.
4. Reflects impact of equity raising.
SKYCITY FY25 | RESULTS INVESTOR PRESENTATION | 21 AUGUST 2025
20
Anticipated FY27 recovery driven by NZICC/Online
Gaming moving f rom investment to operating,
and increased spend as NZ economy improves
OUTLOOK (CONT)
Earnings expected to improve in FY27 with:
•NZICC expected to be breakeven in FY27 on a stand-alone basis (prior to contribution to broader
precinct revenues):
‒Opening expected in February 2026
‒Strong pipeline of bookings for FY27 and beyond
•Online Gaming targeted to deliver breakeven in the first year of operation in FY27:
‒Upf ront investment concentrated in FY26
‒Regulation expected f rom August 2026 – operations live shortly thereafter
•Potential recovery in spend per visit across our properties as the NZ economic backdrop improves
•Full year visitation benefits of NZICC supporting Auckland visitation and spend
Expect BAU capex to be broadly in line with D&A going forward
B3 costs in FY27 expected to be in-line with existing guidance (~$20m)
•B3 remediation costs expected to leave the business by the end of FY27
SKYCITY FY25 | RESULTS INVESTOR PRESENTATION | 21 AUGUST 2025
21
Sliveciry
ENTERTAINMENT GROUP
PAN od md = | BLDG
APPENDIX
UNDERLYING OPERATING RESULTS BY SEGMENT
AUCKLAND
HAMILTON AND
QUEENSTOWNADELAIDEONLINECORPORATETOTALADELAIDE (A$)
$MFY25FY24FY25FY24FY25FY24FY25FY24FY25FY24FY25FY24FY25FY24
Gaming machines233.9247.750.752.395.997.90.00.00.00.0380.5397.987.790.4
Table games114.7127.613.513.357.558.10.00.00.00.0185.7198.952.553.6
Premium tables9.219.6(0.1)1.15.811.70.00.00.00.015.032.45.310.8
Other gaming0.00.00.00.00.10.13.79.30.00.03.89.50.10.1
Total gaming revenue357.8394.964.166.6159.3167.93.79.30.00.0585.0638.7145.7154.9
Food and beverage63.567.65.45.645.146.00.00.00.00.0113.9119.241.342.5
Hotels52.345.00.00.015.514.80.00.00.00.067.859.814.213.7
Entertainment and other40.639.34.74.812.18.20.40.10.60.658.552.811.17.6
Total non-gaming revenue156.4151.810.110.472.769.00.40.10.60.6240.2231.866.563.7
Total underlying revenue514.3546.774 .277.0232.0236.94.19.40.60.6825.2870.5212.2218.6
Operating expenses(304.6)(309.7)(40.6)(42.0)(200.9)(197.3)(5.9)(5.8)(39.5)(37.9)(591.6)(592.7)(183.7)(182.1)
Underlying EBITDA209.6237.033.735.031.139.6(1.8)3.6(38.9)(37.3)233.7277.828.536.5
Depreciation and amortisation(50.1)(40.7)(5.5)(5.4)(24.9)(32.2)(0.4)0.0(13.3)(13.8)(94.2)(92.0)(22.7)(29.7)
Underlying EBIT159.5196.328.129.66.27.4(2.2)3.6(52.2)(51.1)139.5185.85.86.8
Certain totals may not agree due to rounding
SKYCITY FY25 | RESULTS INVESTOR PRESENTATION | 21 AUGUST 2025
23
OPERATING PROFIT TO STATUTORY
RESULT RECONCILIATION
FY25FY24 (RESTATED)
$MREVENUEEBITDAEBITNPATREVENUEEBITDAEBITNPAT
Reported Results825.2216.1121.929.2928.5138.246.2(143.3)
Remove impact of the Casino Duty dispute ———27.3————
Remove impact of Adelaide B3 costs —17.617.617.6————
Remove NZ deferred tax treatment changes———(2.6)———149.0
Remove impact of NZICC fire accounting————(48.4)9.29.28.4
Remove gain on sale of shares————(9.6)(9.6)(9.6)(9.6)
Remove asset impairments—————94.394.373.1
Remove regulatory penalties—————35.935.935.8
Remove provisions in relation to prior years—————9.89.89.8
Underlying Results825.2233.7139.571.5870.5277.8185.8123.2
Notes:
• FY24 underlying results have been restated to remove GST revenue reclassification and gaming rebates due to a change in company policy
• Certain totals may not agree due to rounding
SKYCITY FY25 | RESULTS INVESTOR PRESENTATION | 21 AUGUST 2025
24
PEOPLE
Employ over 4,500 staff
•MyVoice employment engagement survey completed in July 2025,
key findings:
‒ 80% participation rate
‒ 80% employee engagement, our highest level to date
‒ 84% proud to work at SkyCity
‒ 80% would recommend SkyCity as a great place to work
•The SkyCity Gender Pay Gap – 5% in New Zealand and 2.6% in Australia,
which compares favourably to the relevant national averages of 8.2% in
New Zealand and 11.9% in Australia
•Key Health and Safety scorecard targets achieved include:
‒TRIFR
1
of 11.1 which improved f rom 11.4 in FY24
‒Incident investigations completed in 10 days tracking above 90%
‒85% of reported hazards reviewed and closed out within 5 days
•Up to 500 new employees will be required to open and
operate the NZICC
84%
proud to work
at SkyCity
OF PARTICIPANTS
80%
recommend SkyCity
as a great place
to work
OF PARTICIPANTS
80%
PARTICIPATION
RATE
1. Total Recordable Incident Frequency Rate
SKYCITY FY25 | RESULTS INVESTOR PRESENTATION | 21 AUGUST 2025
25
COMMUNITY
•$3.1m contributed via the SkyCity Community Trusts
•Over 5,400 grants totalling greater than $81m awarded since the
first community trust was established in 1996
•Celebrated 25 years partnering with Variety – the Children’s
Charity with over $6m raised during this time, including $180,000
in FY25
•21 years of partnership with Leukemia & Blood Cancer New
Zealand which has seen over $21m raised including $2.3m across
the Firefighter Stair Challenge and Step Up events in FY25
•SkyCity Adelaide supported more than 60 local charities and
events including the HAS Foundation, Sammy D Foundation,
KickStart for Kids and Breakthrough Mental Health Foundation
•41 rangatahi (young people) onboarded to Project Nikau during
FY25, taking the total graduates to 247 since inception in 2019
SKYCITY FY25 | RESULTS INVESTOR PRESENTATION | 21 AUGUST 2025
26
GROUP DEBT AND LIQUIDITY
GROUP DEBT FACILITIES
TOTAL FACILITY AMOUNT
MATURITY AMOUNT AMOUNT DRAWN UNDRAWN
TYPE DATE $M NZ$M NZ$M NZ$M
USPP Mar 28 65.4 AUD 70.4 70.4 —
USPP Feb 30 75.0 US 129.0 129.0 —
USPP Sep 31 150.0 US 246.9 246.9 —
NZ Bond May 27 175.0 NZ 175.0 175.0 —
Bank facility Jul 27 57.5 NZ 57.5 — 57.5
Bank facility Sep 27 80.0 NZ 80.0 50.0 30.0
Bank facility Sep 28 137.5 NZ 137.5 — 137.5
896.3 671.3 225.0
LIQUIDITY PROFILE
FACILITY DRAWN AVAILABLE
LIMIT AMOUNT LIQUIDITY
$M $M $M
Facilities due within 12 months 0.0
Facilities due post 12 months 896.3 671.3 225.0
Total 896.3 671.3 225.0
Cash and Cash equivalents available for Liquidity 51.5
Overdraft Facility 10.0
Total liquidity 286.5
Less facilities maturing <12 months 0.0
Funding headroom 286.5
0
Jun 25Jun 26Jun 27Jun 28Jun 29
100
200
300
400
500
FIXED RATE HEDGING – 30 JUNE 2025
2.0%
4.0%
5.0%
3.0%
Fixed Rate DebtSwapsWeighted Average Fixed Rate
DRAWN DEBT SOURCES
USPP
NZ Bond
Bank
66%
26%
7%
SKYCITY FY25 | RESULTS INVESTOR PRESENTATION | 21 AUGUST 2025
27
FACILITIES & COVENANTS
Covenant EBITDA Reconciliation
$M FY25 ADJUSTMENT
Reported EBITDA 216.1
(+) B3 transformation costs 17.6 Add back of B3 transformation costs associated
with the remediation program at SkyCity Adelaide
Underlying EBITDA 233.7
(+) NZICC pre-opening costs 5.9 One-off costs associated with the opening of the NZICC
(+) Carded play implementation 2.3 One-off costs associated with the implementation
of carded play and NZ B3 costs
Covenant EBITDA 241.9
Net Debt to Underlying EBITDA 3.2x
Net Debt to Covenant EBITDA 3.1x
Net Debt Calculation
AS AT 30 JUNE 2025
TOTAL AMOUNT
MATURITY AMOUNT DRAWN AVAILABLE
TYPE DATE $M NZ$M NZ$M
Bank facility NZD Jul 27 57.5 — 57.5
Bank facility NZD Sep 27 80.0 50.0 30.0
Bank facility NZD Sep 28 137.5 — 137.5
NZ Bond NZD May 27 175.0 175.0 —
USPP AUD Mar 28 65.4 70.4 —
USPP USD Feb 30 75.0 129.0 —
USPP USD Sep 31 150.0 246.9 —
671.3 225.0
Lease liabilities
Current 6.9
Non-current 130.1
Less: Cash 51.5
Total Net Debt 756.8
SKYCITY FY25 | RESULTS INVESTOR PRESENTATION | 21 AUGUST 2025
28
SKYCITY OVERVIEW
AUCKLANDHAMILTON AND QUEENSTOWNADELAIDEONLINE
Operated since19962002 & 200020002019
Gaming licence expiry20482027 Hamilton2085 (exclusive to 30 June 2035)NZ market regulating in late 2026
2025 Queenstown
1
Pursuing Malta licence
Gaming licences1,877 EGMs
3
425 EGMs
3
1,080 EGMsUnlimited slots and tables
150 Table games
3
35 Table games
3
200 Table games
3
~2,400 games
240 Automated table games
4
Live dealer, virtual tables and sports
Non-gaming
(Number of)
938 Hotel rooms (3 hotels)120 Hotel rooms (1 hotel)
17 F&B Outlets9 F&B outlets10 F&B outlets
1 Convention/Entertainment1 Convention/Entertainment1 Convention/Entertainment
3,065 Carparking spaces
2
330 Carparking spaces750 Carparking spaces
Property owned1 Casino1 Hamilton Casino1 HotelMobile app and web portal
3 Hotels
1 Observation tower
20,000 sqm Office
32,500 sqm Convention centre
5
Property leased1 Queenstown Casino1 CasinoOffice in Malta
1 Carpark (750 spaces)
Metrics as at 30 June 2025.
1. Application for renewal submitted
2. Carparking spaces owned by SkyCity. Includes estimated 1,115 carpark spaces for the NZICC
3. This allowance may be alternatively utilised to enable automated table game terminals
4. This allowance may be alternatively utilised to enable table games
5. Excludes carparks
SKYCITY FY25 | RESULTS INVESTOR PRESENTATION | 21 AUGUST 2025
29
IMPORTANT INFORMATION
RECONCILIATION OF GROUP RESULTS
Guide to understanding the basis of underlying earnings
The Group’s objective in preparing underlying financial information is to enable
the investment community to better understand the Group’s underlying
operational performance
The Group achieves this objective by providing information that:
•is representative of SkyCity’s underlying performance as a potential indicator
of sustainable performance; and
•enables comparison across financial periods
This objective is achieved by eliminating:
•property valuations, asset impairments, regulatory penalties and provisions,
NZICC fire accounting and NZ tax treatment changes; and
•structural differences in the business between financial reporting periods
Underlying results are also used for internal purposes such as budgeting and
staff incentives, but not for financing decisions
Non-GAAP information is prepared in accordance with a Board approved
“Non-GAAP Financial Information Policy” and is reviewed by the Board at each
reporting period
Application of the Group’s “Non-GAAP Financial Information Policy” is consistent
with the Board-approved approach
•Average NZ$ vs. A$ cross-rate for
FY25 = 0.9200 and FY24 = 0.9232
•Weighted average number of
shares excludes executives’ shares
held on trust under the Group’s
executive incentive schemes:
‒FY25 = 759,218,929
‒FY24 = 758,733,593
•GST rates: NZ 15%; AU 10%
•EBITDA margin % is calculated on
revenue, excluding gaming GST
•Certain totals, subtotals and
percentages may not sum or
reconcile due to rounding
GLOSSARY
AML/CFTAnti-money laundering
and countering financing
of terrorism
D&ADepreciation and amortisation
EBITDAEarnings before interest
and taxes
EGMElectronic gaming machine
F&BFood and beverage outlets
FIFAFédération Internationale de
Football Association
nmNot Meaningful
NPATNet profit after tax
NZICCNew Zealand International
Convention Centre
PCPPrior comparable period
WPOHWin per opening hour
WPUPDWin per unit per day
SKYCITY FY25 | RESULTS INVESTOR PRESENTATION | 21 AUGUST 2025
30
SEWN city
@ ENTERTAINMENT GROUP
THANK
FY25 INVESTOR PRESENTATION | 21 AUGUST 2025
CONTACT
Craig Brown
Head of Investor Relations
(Olg-Tlen=1KeUal@lsLaveln Aceh ay
THANK YOU
FY25 INVESTOR PRESENTATION | 21 AUGUST 2025
CONTACT
Craig Brown
Head of Investor Relations
Craig.Brown@skycity.co.nz
---
Financial Statements and Notes
For the Year ended 30 June 2025
These financial statements were signed on
20 August 2025 on behalf of the Board of directors
of SkyCity Entertainment Group Limited by:
Julian Cook Chad Barton
Chair of the SkyCity Board Chair of the Audit Committee
ContentsPage
Independent auditor’s review report 1
Consolidated financial statements
Income Statement
6
Statement of Comprehensive Income
7
Balance Sheet
8
Statement of Changes in Equity
9
Statement of Cash Flows
10
Notes to the financial statements
1 General Information
11
2 Basis of Preparation
11
3 Material Accounting Policies
12
4 Segment Information
13
5 Revenue
15
6 Other Income
15
7 Expenses
16
8 Earnings per Share
18
9 Dividends
18
10 Leases
19
11 Net Finance Costs
20
12 Non‑current Liabilities – Interest Bearing Liabilities
20
13
C
urrent Liabilities – Interest Bearing Liabilities
22
14 Net Debt Reconciliation
22
15 Investment Properties
23
16
C
urrent Liabilities Deferred Licence Value
24
17 Non‑current Liabilities – Deferred Licence Value 24
18
Income Tax Expense 25
19 Deferred Tax Assets 26
20
Deferred Tax Liabilities 27
21 Imputation and Franking Credits 27
22 Property, Plant and Equipment 28
23
Intangible Assets 30
24 Rec
eivables and Prepayments
35
25
Cash and Cash Equivalents 35
26 Assets Held for Sale 35
27
Payables and Provisions 36
28 Share Capital 36
29
Reser
ves
37
30
Derivative Financial Instruments 38
31 Financial Risk Management 39
32
Shar
e Based Payments
41
33 Relat
ed Party Transactions
44
34
Subsidiaries
45
35 Contingencies 46
36 Commitments 47
37 Reconciliation of Profit After Income Tax to Net Cash Inflow f rom Operating Activities 47
38 Events Occurring after the Reporting Date 47
Financial Statements and Notes
For year ended 30 June 2025
SKYCITY ENTERTAINMENT GROUP I FINANCIAL STATEMENTS AND NOTES
Independent auditor’s report
To the shareholders of SkyCity Entertainment Group Limited
Our opinion
In our opinion, the accompanying consolidated financial statements (the financial statements) of SkyCity
Entertainment Group Limited (the Company), including its subsidiaries (the Group), present fairly, in all material
respects, the financial position of the Group as at 30 June 2025, its financial performance, and its cash flows for the
year then ended in accordance with New Zealand Equivalents to International Financial Reporting Standards (NZ
IFRS) and International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards).
What we have audited
The Group's financial statements comprise:
●the balance sheet as at 30 June 2025;
●the income statement for the year then ended;
●the statement of comprehensive income for the year then ended;
●the statement of changes in equity for the year then ended;
●the statement of cash flows for the year then ended; and
●the notes to the financial statements, comprising material accounting policy information and other explanatory
information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)) and
International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the
Auditor’s responsibilities for the audit of the financial statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1 International Code of
Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) (PES 1)
issued by the New Zealand Auditing and Assurance Standards Board and the International Code of Ethics for
Professional Accountants (including International Independence Standards) issued by the International Ethics
Standards Board for Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
In our capacity as auditor and assurance practitioner, our firm also provides review, other assurance, agreed-upon
procedures and other services. Our firm carries out other assignments in the areas of tax compliance, tax advisory
services and other services relating to executive remuneration benchmarking. The firm has no other relationship
with, or interests in, the Group.
PwC New Zealand, PwC Tower, 15 Customs Street West,
Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000
© 2025 PricewaterhouseCoopers New Zealand. All rights reserved. ‘PwC’ and
‘PricewaterhouseCoopers’ refer to the New Zealand member firm, and may sometimes refer to the
PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for
further details.
1
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial statements of the current year. These matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
Description of the key audit matter How our audit addressed the key audit matter
Accounting considerations in respect of
SkyCity Adelaide
Impairment testing of the SkyCity Adelaide
CGU
As disclosed in Note 23 of the financial statements,
the carrying amount of the SkyCity Adelaide cash
generating unit (CGU) was impaired by NZ$94.3
million in the prior period.
The SkyCity Adelaide casino licence has a finite
useful life and, as such, accounting standards
require the Group to assess at the end of each
reporting period whether there is any indication
that it may be impaired.
An impairment assessment was prepared by
management for the Adelaide CGU using the fair
value less costs of disposal (FVLCOD) method,
using a discount rate determined by an
independent expert. The impairment assessment
was prepared as the Group considered there are
indications that the CGU may be impaired,
including unfavourable economic conditions, the
impact of ongoing regulatory matters on the
business and planned future initiatives such as the
introduction of carded play planned for December
2026.
Management made a number of key assumptions
which impact the CGU’s estimated recoverable
amount. As described in Note 23, these
assumptions include the compound annual
Earnings Before Interest and Tax (EBITDA) growth
rate of 5.7%, terminal growth rate of 2.5%, and
post-tax discount rate of 9.8%. In addition, the
forecasts assume no growth in gaming machine
market share together with corresponding cost
optimisation, and increased expenditure for the
Building a Better Business programme, financial
crime and host responsibility.
Management concluded that the valuation of the
CGU falls within a reasonable range, the midpoint
of which implies headroom of A$17.5 million as at
30 June 2025 (with the low end of the range
implying headroom of A$7.0 million, and the high
end of the range implying headroom of
A$26.8m).
Management has addressed the significant
uncertainty inherent in the forecast through
consideration of various sensitivities and
reasonably possible downside scenarios, and
determined on this basis that the CGU valuation
does not require any additional impairment to be
recognised, nor is a reversal of any previously
recorded impairment justified.
Our procedures in relation to the impairment of the
SkyCity Adelaide CGU included the following:
●Understood the process undertaken by management
to prepare the forecast cash flows;
●Compared the forecast cash flows used for the current
year impairment assessment to the Board-adopted
forecast;
●Considered the appropriateness and accuracy of the
ten-year forecast cash flows included in
management’s DCF model, as adopted by the Board,
by comparing historical performance against previous
budgets;
●Challenged key assumptions in the cash flow
forecasts, with reference to external evidence where
possible;
●Engaged our auditor’s valuation expert to:
−Review and challenge key assumptions, including
the post-tax discount and terminal growth rates
based on their experience and external market
evidence;
−Assess the reasonableness of the cost of disposal
assumption applied under the FVLCOD method
based on their experience and industry
knowledge; and
−Evaluate the final conclusions reached with
reference to external market evidence.
●In conjunction with our auditor’s valuation expert, we
assessed management’s model and considered key
sensitivities, including consideration of reasonably
possible downside scenarios to address the significant
uncertainty inherent in the cash flows; and
●Assessed the appropriateness of the associated
disclosures made in the financial statements with
reference to the requirements of NZ IAS 36, including
those for key assumptions and sensitivities.
2 PwC
SKYCITY ENTERTAINMENT GROUP I FINANCIAL STATEMENTS AND NOTES
2
Recognition of deferred tax assets
As disclosed in Note 19 of the financial statements,
the Group has recognised a deferred tax asset of
$30.5 million as at 30 June 2025 (2024: $30.5
million) in relation to unused tax losses in
Australia. Under Australian tax legislation, tax
losses can be carried forward indefinitely, however
it must be probable that future taxable income will
become available in order to recognise a deferred
tax asset for the unused tax losses.
Management’s forecasts, including consideration
of key sensitivities, indicate that the Adelaide
business will generate future taxable income. On
this basis, the Group has considered it is probable
that sufficient future taxable income will be
generated to utilise the tax losses recognised.
There is an inherent level of uncertainty associated
with management’s forecasting and the continued
recognition of the deferred tax asset is a significant
area of judgement.
The impairment of the SkyCity Adelaide CGU and
recognition of deferred tax assets were key focus
areas of our audit and considered to be a key audit
matter due to the inherent estimation uncertainties
and significant judgement involved, including the
impact of future regulatory changes and planned
enhancements, such as carded play, on the
assumptions applied.
Our procedures in relation to the recognition of deferred
tax assets for the unused tax losses included performing
the following:
●Considered the forecast accuracy of the Board
adopted forecasts by comparing historical
performance against previous budgets;
●Assessed the forecasts to determine the expected
timing for future utilisation of tax losses in Australia,
and considered the impact of key sensitivities on this
assessment;
●Considered the impact of management’s future plans
and intentions on the forecast taxable income of
SkyCity Adelaide;
●Challenged management’s assessment of the
recoverability of the deferred tax asset with reference
to the recognition criteria in NZ IAS 12; and
●Assessed the appropriateness of the associated
disclosures made in the financial statements with
reference to the requirements of NZ IAS 12.
Contingent liabilities relating to legal and
regulatory matters
The Group operates in a highly regulated
environment. Given the extent of scrutiny by
regulators and the general nature of casino
operations across both New Zealand and
Australia, there remains a high degree of risk in
respect of legal and regulatory compliance.
As disclosed in Note 35 of the financial statements,
the Group is subject to ongoing legal and
regulatory matters, most notably the independent
review into the suitability of SkyCity Adelaide to
continue to hold its casino licence, and the
associated findings from the review report released
in August 2025. The assessment of these matters
involves complexity and uncertainty as to their
outcome and quantification of any associated
future economic outflows.
NZ IAS 37 Provisions, Contingent Liabilities and
Contingent Assets (NZ IAS 37) outlines the criteria
for the recognition of a provision or disclosure of a
contingent liability. The application of this standard
required judgement to be applied to determine if a
provision for these matters should be recognised
or a contingent liability disclosed, and the extent of
disclosures required.
Due to the significance of the matters disclosed in
Note 35, their subjective nature and the associated
uncertainties, any related assumptions have the
potential to be subject to management bias. This
was therefore considered to be an area of focus for
our audit and considered to be a key audit matter.
Our procedures included the following:
●Held meetings with management, including in-house
legal counsel, to obtain the most recent facts and
circumstances in relation to ongoing regulatory
matters;
●Assessed our obligations under auditing and ethical
standards and relevant legislation to determine
whether the matters are required to be reported to
third parties;
●Read meeting minutes from relevant committees to
identify and consider information relating to regulatory
matters;
●Discussed the matters with the Group’s external legal
counsel, where applicable, to corroborate the
information provided by management;
●Read correspondence between the Group and the
applicable regulatory bodies;
●Evaluated management’s assessment of whether the
various regulatory matters should be recognised as a
provision or disclosed as a contingent liability, against
the criteria in NZ IAS 37; and
●Assessed the appropriateness of the associated
disclosures in the financial statements with reference
to the requirements of NZ IAS 37.
3 PwC
3
Our audit approach
Overview
Over all group materiality: $7.39 million, which represents approximately 0.9% of total
revenue.
We chose total revenue, which is a generally accepted benchmar k, as the benchmar k
because, in our v iew, it provides a mor e stable measure of the Group’s performance..
We selected transactions and balances to audit based on the over all group materiality to
SkyCity Entertainment Group rather than deter
min in g the scope of procedures to
perform by auditing only specific subsidiaries or entities.
As reported above, we have two key audit matters, being:
● Accounting considerations in respect of SkyCity Adelaide; and
● Contingent liabilities relating to legal and regulatory matters.
As part of designing our audit, we determin ed materiality and assessed the risks of material misstatement in the
fina
ncial statements. I n particular, we considered where management made subjective judgements; for example, in
respect of significant accounting estimates that involved makin g assumptions and considerin g future events that are
in herently uncertain. As in all of our audits, we also addressed the risk of management over ride of internal controls,
in cluding among other matters, consideration of whether t
here was evidence of bias that represented a risk of
material misstatement due to fraud.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable
assurance about whether the financial statements are free from material misstatement. Misstatements may arise
due to fraud or error . T hey are considered material if, individually or in
the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of the financial statements.
Based on our professional judgement, we determin ed certain quantitative thresholds for materiality, including the
over all Group materiality for the financial statements as a whole as set out above. T hese, together with qualitative
considerations, helped us
to determin e the scope of our audit, the nature, timin g and extent of our audit
procedures, and to evaluate the effect of misstatements, both individually and in the aggregate, on the financial
statements as a whole.
How we tailored our group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the
financial statements as a whole,
takin g into account the structure of the Group, the accounting processes and
controls, and the industry in which the Group operates.
Other information
The Directors are responsible for the other information. T he other information comprises the information included
in the Annual Report, but does not include the financial statements and our auditor’s report thereon. T he Annual
Report is expected to
be made available to us after the date of this auditor’s report.
Our opinion on the financial statements does not cover the other information and we will not express any form of
audit opinion or assurance conclusion thereon.
4 PwC
SKYCITY ENTERTAINMENT GROUP I FINANCIAL STATEMENTS AND NOTES
4
In connection with our audit of the financial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial statements or our
knowledge obtained in the audit, or otherwise appears to be materially misstated.
When we read the other information not yet received, if we conclude that there is a material misstatement therein,
we are required to communicate the matter to the Directors and use our professional judgement to determine the
appropriate action to take.
Responsibilities of the Directors for the financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of the financial
statements in accordance with NZ IFRS and IFRS Accounting Standards, and for such internal control as the
Directors determine is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group’s ability to continue as a
going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of
accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements, as a whole, are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAs (NZ) and ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the External
Reporting Board’s website at:
https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-1-1/
This description forms part of our auditor’s report.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our audit work has been undertaken so that
we might state those matters which we are required to state to them in an auditor’s report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company
and the Company’s shareholders, as a body, for our audit work, for this report, or for the opinions we have formed.
The engagement partner on the audit resulting in this independent auditor’s report is Philippa (Pip) Cameron.
For and on behalf of
PricewaterhouseCoopers Auckland
20 August 2025
5 PwC
5
Consolidated financial statements
INCOME STATEMENT
FOR YEAR ENDED 30 JUNE 2025
2025 2024
Notes $’000 $’000
Revenue 5 821,306 861,037
Other income 6 3,919 21,422
NZICC fire related income — 45,926
NZICC fire related expenses — (52,390)
Employee benefits expense (341,667) (314,714)
Asset impairments 7 — (94,326)
Other expenses 7 (117,054) (123,548)
Directors’ fees (1,351) (1,327)
Gaming taxes and levies (51,948) (64,354)
Direct consumables (62,684) (62,879)
Marketing and communications (22,379) (21,505)
Regulatory penalties — (41,300)
Community contributions, sponsorships and donations (9,685) (10,064)
Fair value loss on investment properties 15 (2,362) (3,979)
Share of profits f rom associate — 158
Earnings Before Interest, Tax, Depreciation and Amortisation Expenses (EBITDA) 216,095 138,157
Depreciation and amortisation 7 (87,370) (85,601)
Depreciation on right‑of‑use assets 10 (6,843) (6,420)
Earnings Before Interest and Tax (EBIT) 121,882 46,136
Net finance costs 11 (53,718) (15,996)
Profit Before Income Tax 68,164 30,140
Income tax expense 18 (38,930) (173,488)
Profit/(Loss) for the Year Attributable to Shareholders of the Company 29,234 (143,348)
Earnings per share for Profit Attributable to the Shareholders of the Company
Cents Cents
Basic and diluted earnings/(loss) per share 8 3.9 (18.9)
The above income statement should be read in conjunction with the accompanying notes.
SKYCITY ENTERTAINMENT GROUP I FINANCIAL STATEMENTS AND NOTES
6
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
2025 2024
Notes $’000 $’000
Profit/(Loss) for the Year 29,234 (143,348)
Other Comprehensive Income
Items that may be subsequently reclassified to profit or loss
Foreign Currency Translation Reserve
Exchange differences on translation of overseas subsidiaries 29 (174) 214
Asset Revaluation Reserve
Asset revaluation reserve – revaluation on transfer to investment property 381 —
Cash Flow Hedge Reserve 29
Cash flow hedges – revaluations (22,795) (1,587)
Cash flow hedges – transfer to finance costs 17,417 1,628
Cash flow hedges – income tax 1,506 (11)
Cost of Hedging Reserve 29
Cost of hedging reserve – costs incurred/revaluations (1,103) 2,650
Cost of hedging reserve – transfer to finance costs 829 1,157
Cost of hedging reserve – income tax 77 (1,066)
Other Comprehensive Income for the Year, Net of Tax (3,862) 2,985
Total Comprehensive Income for the Year 25,372 (140,363)
The above statement of comprehensive income should be read in conjunction with the accompanying notes.
Consolidated financial statements
7
BALANCE SHEET
AS AT 30 JUNE 2025
2025 2024
Notes $’000 $’000
Assets
Current Assets
Cash and cash equivalents 25 51,499 60,536
Receivables and prepayments 24 23,980 86,878
Inventories 8,111 8,375
Derivative financial instruments 30 165 17,913
Current tax receivables — 7
NZICC fire recoveries — 2,480
Assets held for sale 26 — 13,000
Total Current Assets 83,755 189,189
Non‑current Assets
Deferred tax assets 19 48,751 52,350
Non‑current receivables and prepayments 604 —
Derivative financial instruments 30 721 550
Investment properties 15 78,725 78,800
Property, plant and equipment 22 1,877,408 1,816,961
Intangible assets 23 555,813 544,607
Right‑of‑use assets 10 113,907 98,579
Total Non‑current Assets 2,675,929 2,591,847
Total Assets 2,759,684 2,781,036
Liabilities
Current Liabilities
Payables and provisions 27 143,824 226,796
Interest bearing liabilities 13 — 241,116
Current tax liabilities 10,943 34,707
Derivative financial instruments 30 547 366
Lease liabilities 10 6,809 3,285
Deferred licence value 16 246,408 —
Total Current Liabilities 408,531 506,270
Non‑current Liabilities
Interest bearing liabilities 12 666,484 368,381
Non‑current payables 11,372 20,052
Derivative financial instruments 30 5,027 7,178
Deferred tax liabilities 20 207,692 210,739
Lease liabilities 10 130,154 118,147
Deferred licence value 17 — 246,408
Total Non‑current Liabilities 1,020,729 970,905
Total Liabilities 1,429,260 1,477,175
Net Assets 1,330,424 1,303,861
Equity
Share capital 28 1,343,627 1,342,436
Reserves 29 (11,312) (7,450)
Retained earnings (1,891) (31,125)
Total Equity 1,330,424 1,303,861
The above balance sheet should be read in conjunction with the accompanying notes.
Consolidated financial statements
SKYCITY ENTERTAINMENT GROUP I FINANCIAL STATEMENTS AND NOTES
8
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
Retained
Share capital Reserves Earnings Total Equity
Notes $’000 $’000 $’000 $’000
Balance as at 1 July 2023 1,343,027 (10,435) 197,605 1,530,197
Total comprehensive income — 2,985 (143,348) (140,363)
Dividends paid 9 — — (85,382) (85,382)
Shares issued under employee share schemes 28 (620) — — (620)
Net movement in treasury shares 28 29 — — 29
Balance as at 30 June 2024 1,342,436 (7,450) (31,125) 1,303,861
Balance as at 1 July 2024 1,342,436 (7,450) (31,125) 1,303,861
Total comprehensive income — (3,862) 29,234 25,372
Shares issued under employee share schemes 28 1,247 — — 1,247
Net movement in treasury shares 28 (56) — — (56)
Balance as at 30 June 2025 1,343,627 (11,312) (1,891) 1,330,424
The above statement of changes in equity should be read in conjunction with the accompanying notes.
Consolidated financial statements
9
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
2025 2024
Notes $’000 $’000
Cash Flows from Operating Activities
Receipts f rom customers 829,703 858,009
Payments to suppliers and employees (548,881) (540,773)
Government grants received 304 475
Other insurance income received 2,480 —
Regulatory penalties paid (75,697) —
Casino duty interest paid (27,436) —
Gaming taxes and levies paid (75,144) (59,465)
Income taxes paid (60,167) (54,672)
Net Cash Inflow from Operating Activities 37 45,162 203,574
Cash Flows from Investing Activities
Disposal of associate 56,755 —
Purchases of property, plant and equipment (161,589) (303,689)
Investment property additions (1,287) (7,859)
Purchased intangible assets (2,256) (7,047)
Proceeds f rom disposal of assets held for sale 13,679 —
NZICC fire related costs — (817)
Net Cash Outflow from Investing Activities (94,698) (319,412)
Cash Flows from Financing Activities
Cash flows associated with net derivatives (590) 2,295
Proceeds f rom borrowings 365,664 110,000
Repayment of borrowings (295,380) (75,814)
Movement in treasury shares (56) 29
Dividends paid to company shareholders 9 — (85,382)
Interest paid (15,386) (9,118)
Lease interest paid (7,483) (6,523)
Repayment of lease liabilities (6,270) (4,126)
Net Cash Inflow/(Outflow) from Financing Activities 40,499 (68,639)
Net Decrease in Cash and Cash Equivalents 14 (9,037) (184,477)
Cash and cash equivalents at the beginning of the year 60,536 245,013
Cash and Cash Equivalents at the End of the Year 25 51,499 60,536
The above cash flow statement should be read in conjunction with the accompanying notes.
Consolidated financial statements
SKYCITY ENTERTAINMENT GROUP I FINANCIAL STATEMENTS AND NOTES
10
1 GENERAL INFORMATION
SkyCity Entertainment Group Limited
(the Company) and its subsidiaries
(together, SkyCity or the Group) operate
in the gaming, entertainment, hotel,
convention, hospitality and tourism
sectors. The Group has operations in
New Zealand and Australia.
The Company is a limited liability
company incorporated and domiciled in
New Zealand. The Company is registered
under the Companies Act 1993 and is
an FMC reporting entity under Part 7 of
the Financial Markets Conduct Act 2013.
The address of its registered office is
99 Albert Street, Auckland. The Company
is listed on the New Zealand stock
exchange and has a foreign exempt
listing on the Australian stock exchange
(NZX and ASX respectively).
These consolidated financial statements
were approved for issue by the Board of
Directors (Board) on 20 August 2025.
For the purposes of complying with
generally accepted accounting practice
in New Zealand (GAAP), the Group is a
for profit entity.
2 BASIS OF PREPARATION
The financial statements of the Group
have been prepared in accordance
with GAAP. They comply with New
Zealand Equivalents to International
Financial Reporting Standards (NZ IFRS),
International Financial Reporting
Standards Accounting Standards (IFRS
Accounting Standards), the requirements
of Part 7 of the Financial Markets Conduct
Act 2013 and the NZX Listing Rules.
The Group financial statements
incorporate the assets and liabilities
of all subsidiaries of the Group as at
30 June 2025 and the results of all
subsidiaries for the year then ended.
MEASUREMENT BASIS
These financial statements have
been prepared under the historical
cost convention, as modified by the
revaluation of certain assets and liabilities,
as identified in specific accounting
policies below and in the notes.
PRESENTATION CURRENCY
The financial statements are presented
in New Zealand dollars, which is the
Company’s functional currency. Amounts
are rounded to the nearest thousand
dollars, unless otherwise stated.
NON‑GAAP FINANCIAL
INFORMATION
The Group’s standard profit measure
prepared under GAAP is profit for
the year. When discussing financial
performance, the Group also uses
non‑GAAP financial information,
which is not prepared in accordance
with NZ IFRS and therefore may not
be comparable to similar financial
information presented by other entities.
The directors and management believe
that this non‑GAAP financial information
provides useful information to readers of
the financial statements to assist them
in understanding the Group’s financial
performance and is consistent with the
information used internally to evaluate
the performance of business units.
Definitions of non‑GAAP financial
information used in these financial
statements are:
•EBITDA: earnings before interest, tax,
depreciation and amortisation; and
•EBIT: earnings before interest and tax.
GOING CONCERN
Our FY25 financial results reflect the
challenging operating environment
we have navigated during the year.
The delayed economic recovery in
New Zealand has led to reduced
discretionary spending, which has
impacted our business performance.
This has coincided with a period of
elevated investment, primarily focused
on regulatory system upgrades,
the Building a Better Business (B3)
programme, pre‑opening costs for the
New Zealand International Convention
Centre (NZICC), and preparations for
the launch of regulated online casino
gaming in New Zealand.
As at 30 June 2025, the Group reported
a negative working capital position of
$324.8 million. This is primarily due to
the reclassification of $246.4 million
relating to the NZICC deferred licence
value f rom non‑current to current
liabilities. This amount is expected to
be transferred to Property, Plant and
Equipment within the next 12 months
upon completion of the NZICC (refer to
note 16). Excluding this reclassification,
the Group’s adjusted working capital
deficit would be $78.4 million, largely
comprising liabilities associated with
employee benefits and accrued
expenses. The Group continues to
maintain access to undrawn banking
facilities totalling $225.0 million as at
balance date (refer to note 12).
Looking ahead to FY26, we expect
market conditions to remain challenging
and have revised our earnings outlook
accordingly. The ongoing delay in New
Zealand’s economic recovery coincides
with the introduction of carded play
across our New Zealand properties,
as well as continued elevated costs
associated with regulatory system
upgrades, the B3 programme, NZICC
pre‑opening costs (ahead of its February
opening), and the launch of regulated
online casino gaming in the 3rd quarter
of calendar year 2026.
As a result of those current and expected
trading conditions, historical capital
demands, and ongoing investment
requirements, the Company’s Directors
have today approved an equity raising
of approximately $240 million to provide
resilience within the balance sheet and
support the execution of near‑term
priorities. The proceeds are intended
to be used to repay debt and provide
ongoing support to ensure the Group’s
forecast ability to comply with its
debt covenants.
In addition, SkyCity is targeting a
number of asset monetisations
expected to release approximately
$200 million over the next 12–18 months.
Key assets identified for potential
divestment include a proposed
Auckland car park concession and the
99 Albert Street office building.
The Company’s Directors have assessed
the Group’s forecast cash flows and
considered the effectiveness of the
mitigation strategies in place. Based on
this assessment, they have concluded that
there are no material uncertainties that
may cast significant doubt on the Group’s
ability to continue as a going concern.
They are confident that the Group will
remain compliant with all debt covenants
and be able to meet its financial
obligations as they fall due. Accordingly,
these financial statements have been
prepared on a going concern basis.
CRITICAL ACCOUNTING ESTIMATES
AND JUDGEMENTS
The preparation of financial statements
requires the use of certain critical
accounting estimates and the exercise
of judgement regarding the application
of accounting policies. The critical
estimates and judgements made
in the preparation of these financial
statements relate to the following:
•goodwill and casino licences that
have an indefinite useful life are
impairment tested annually, which
requires the use of key estimates.
Details of the estimates made are
Notes to the financial statements
11
provided in note 23;
•the SkyCity Adelaide Pty Ltd (SkyCity
Adelaide) casino licence, which has a
finite useful life, was impaired in prior
periods and consequently was tested
for impairment in the current period.
This impairment testing required
the use of key estimates, which are
discussed in note 23(C);
•while the NZICC is still under
construction the Group has used
judgement and estimations in
relation to the value of the NZICC car
parks in service (note 22(B));
•investment properties are carried at
fair value. Determining the fair value
of properties requires the use of
estimates and assumptions. Details of
the estimates and assumptions made
are provided in note 15(B);
•judgement and estimation are required
when determining the amount of
deferred tax assets to be recognised
in respect of SkyCity Adelaide’s tax
losses and the recent change in New
Zealand tax legislation which may
impact the reduction of building
structure depreciation as part of the
tax calculation. Further information is
provided in note 19 and note 20; and
•the Group has used judgement and
estimations in relation to the value of
amounts recognised as construction
work in progress that are expected
to ultimately be allocated to the
structure on completion of the
NZICC as at 30 June 2025, for use
in tax calculations (note 20).
3 MATERIAL ACCOUNTING
POLICIES
The principal accounting policies
adopted in the preparation of these
financial statements are set out below
and in the notes to the financial
statements. These policies have been
consistently applied to all periods
presented, unless otherwise stated.
A) PRINCIPLES OF
CONSOLIDATION
Subsidiaries are all entities over which
the Group has control. The Group
controls an entity when the Group
is exposed, or has rights, to variable
returns f rom its involvement with the
entity and has the ability to affect those
returns through its power over the entity.
Subsidiaries are fully consolidated f rom
the date on which control is transferred
to the Group. They are deconsolidated
f rom the date that control ceases.
Intercompany transactions, balances and
unrealised gains on transactions between
Group companies are eliminated in the
Group financial statements. Unrealised
losses are also eliminated. When necessary,
amounts reported by subsidiaries have
been adjusted to conform with the
Group’s accounting policies.
B) FOREIGN CURRENCY
TRANSLATION
i) Transactions and Balances
Items included in the financial
statements of each Group entity are
measured using that entity’s functional
currency (which is the currency that
best reflects the economic substance of
the events and circumstances relevant
to that operation).
Foreign currency transactions are
translated into the functional currency
using the exchange rates prevailing
at the dates of the transactions.
Foreign exchange gains and losses
resulting f rom the settlement of such
transactions and f rom the translation
at year end exchange rates of monetary
assets and liabilities denominated in
foreign currencies are recognised in
the Income Statement, except when
deferred in other comprehensive
income as qualifying cash flow hedges
and qualifying net investment hedges.
Translation differences on financial
assets and liabilities carried at fair value
through profit or loss are recognised in
the Income Statement as part of the fair
value gain or loss. Translation differences
on non‑monetary financial assets such
as equity instruments classified at fair
value through other comprehensive
income are included in the Statement of
Comprehensive Income.
ii) Foreign Operations
The results and financial position of
foreign entities (none of which has the
currency of a hyperinflationary economy)
that have a functional currency different
f rom the presentation currency are
translated into the presentation currency
as outlined below:
•assets and liabilities for each Balance
Sheet presented are translated at
the closing rate at the date of that
Balance Sheet;
•income and expenses for each
Income Statement are translated at
average exchange rates; and
•all resulting exchange differences
are recognised in other
comprehensive income.
Exchange differences arising f rom the
translation of any net investment in
foreign entities, and of borrowings and
other currency instruments designated
as hedges of such investments, are
taken to shareholders’ equity.
C) GOODS AND SERVICES TAX (GST)
The Income Statement, Statement of
Comprehensive Income and Statement
of Changes in Equity have been
prepared so that all components are
stated exclusive of GST. All items in the
Balance Sheet are stated net of GST,
with the exception of receivables and
payables, which include GST invoiced.
D) STATEMENT OF CASH FLOWS
Cash flows associated with derivatives
that are part of a hedging relationship
are off‑set against cash flows associated
with the hedged item.
E) IMPAIRMENT OF
NON‑FINANCIAL ASSETS
Intangible assets, including goodwill,
that have an indefinite useful life are
tested for impairment annually (or
more f requently if events or changes
in circumstances indicate that the
asset might be impaired). Goodwill and
casino licences are allocated to cash
generating units (CGU) for the purpose
of impairment testing.
Intangible assets that have a finite
useful life, and items of property,
plant and equipment are assessed for
indicators of impairment annually and
tested for impairment if an indicator of
impairment is found.
Impairment testing is done by
comparing the carrying value of the
asset to its recoverable amount, which is
the higher of value in use and fair value
less costs of disposal. Any impairment
is recognised immediately as an
expense. Impairment on goodwill is not
subsequently reversed, but impairment
on other assets may be reversed.
F) FAIR VALUE HIERARCHY
Some of the items in the financial
statements are carried at fair value.
In addition, for some items carried
under a different measurement basis,
fair value is disclosed. Where a fair
value measurement is made, the
measurement is categorised as falling
within one of three levels on the fair
value hierarchy, with categorisation
based on the nature of the significant
inputs to the valuation:
•Level 1 – unadjusted quoted prices in
an active market for identical assets or
liabilities;
•Level 2 – inputs other than quoted
prices included within level 1 that are
observable for the asset or liability,
either directly (i.e. as prices) or
indirectly (i.e. as information derived
f rom prices); and
•Level 3 – inputs for the asset or liability
that are not based on observable
market data (i.e. unobservable inputs).
Notes to the financial statements
SKYCITY ENTERTAINMENT GROUP I FINANCIAL STATEMENTS AND NOTES
12
3 MATERIAL ACCOUNTING POLICIES (CONTINUED)
G) NEW ACCOUNTING STANDARDS ADOPTED DURING THE YEAR
During the year ended 30 June 2025, the Group adopted the amendments to FRS 44 New Zealand Additional Disclosures,
effective for periods beginning on or after 1 January 2024.
These amendments require the disaggregation of fees paid to audit firms into categories including audit, assurance, tax, and
other services. The Group has updated its disclosures accordingly in note 7. As part of this update, prior period comparatives have
been restated to align with the new disclosure requirements. The adoption of these amendments did not have a material impact
on the financial position or performance of the Group but resulted in enhanced transparency of audit‑related disclosures.
H) STANDARDS, AMENDMENTS AND INTERPRETATIONS TO EXISTING STANDARDS THAT ARE NOT YET EFFECTIVE
New or revised standards and interpretations that have been approved, but are not yet effective, have not been adopted by the
group for the year ended 30 June 2025:
•NZ IFRS 18, Presentation and Disclosure in Financial Statements, issued in May 2024, is effective for annual reporting
periods beginning on or after 1 January 2027, and entities can early adopt this accounting standard. NZ IFRS 18 sets out
requirements for the presentation and disclosure of information in general purpose financial statements to help ensure
they provide relevant information that faithfully represents an entity’s assets, liabilities, equity, income and expenses. The
Group is yet to assess NZ IFRS 18’s full impact. The Group intends to apply the standard when it becomes mandatory f rom
1 January 2027.
There are no other new or amended standards that are issued but not yet effective, that are expected to have a material impact
on the Group.
4 SEGMENT INFORMATION
Operating segments are reported in a manner consistent with the internal reports that the Chief Executive Officer, who is the
chief operating decision maker, uses to assess performance and allocate resources.
The prior year has been restated to align the presentation with the July 2024 IFRIC agenda decision on segment reporting.
Gaming revenue has been adjusted for player rebates to align internal reporting with the revenue treatment in the Income
Statement. Comparative information has been restated to reflect this change.
A) PRIMARY REPORTING FORMAT BUSINESS SEGMENTS
SkyCity Other NZ SkyCity Corporate/ 2025
Auckland Operations Adelaide Online Group Total
2025 $’000 $’000 $’000 $’000 $’000 $’000
Gaming revenue 357,820 64,121 159,184 — — 581,125
Online revenue — — — 3,661 — 3,661
Non‑gaming revenue 153,079 10,118 72,845 420 58 236,520
Other income 3,355 — — — 564 3,919
Total income 514,254 74,239 232,029 4,081 622 825,225
Employee benefits expense (174,451) (24,136) (115,700) (2,512) (24,868) (341,667)
Gaming taxes and levies (19,173) (3,783) (28,992) — — (51,948)
Other expenses (113,294) (12,668) (73,818) (1,778) (13,957) (215,515)
Total EBITDA 207,336 33,652 13,519 (209) (38,203) 216,095
Depreciation and amortisation (50,081) (5,539) (24,863) (432) (13,298) (94,213)
Segment profit/(loss) (EBIT) 157,255 28,113 (11,344) (641) (51,501) 121,882
Net finance costs (53,718)
Profit before income tax 68,164
Segment assets 2,078,095 97,736 400,172 5,098 178,583 2,759,684
Net additions to non‑current assets
(other than financial assets
and deferred tax) 133,004 7,531 11,465 3,309 30,482 185,791
Notes to the financial statements
13
4 SEGMENT INFORMATION (CONTINUED)
SkyCity Other NZ SkyCity Corporate/ 2024
Restated Auckland Operations Adelaide Online Group Total
2024 $’000 $’000 $’000 $’000 $’000 $’000
Gaming revenue 394,826 66,574 167,571 — — 628,971
Online revenue — — — 9,336 — 9,336
Non‑gaming revenue 143,011 10,375 69,274 — 70 222,730
Other income 11,320 31 20 — 10,051 21,422
NZICC fire income 45,926 — — — — 45,926
Share of profit f rom associate — — — — 158 158
Total income 595,083 76,980 236,865 9,336 10,279 928,543
Employee benefit expenses (168,545) (23,363) (103,194) (1,332) (18,292) (314,726)
Gaming taxes and levies (20,842) (4,107) (39,405) — — (64,354)
Impairment — — (94,326) — — (94,326)
NZICC fire expenses (52,390) — — — — (52,390)
Other expenses (128,655) (14,501) (95,832) (3,833) (21,769) (264,590)
Total EBITDA 224,651 35,009 (95,892) 4,171 (29,782) 138,157
Depreciation and amortisation (40,678) (5,423) (32,157) — (13,763) (92,021)
Segment profit/(loss) (EBIT) 183,973 29,586 (128,049) 4,171 (43,545) 46,136
Net finance costs (15,996)
Profit before income tax 30,140
Segment assets 2,015,633 97,184 425,735 3,193 239,291 2,781,036
Net additions to non‑current assets
(other than financial assets and deferred tax) 292,073 6,869 12,246 — 13,141 324,329
B) SECONDARY REPORTING FORMAT – GEOGRAPHICAL SEGMENTS
Total Revenue
Non-current Assets
Excluding Financial
Instruments and
Deferred Tax Assets
Restated
2025 2024 2025 2024
$’000 $’000 $’000 $’000
New Zealand 593,139 691,677 1,666,639 1,429,233
Australia 232,086 236,866 959,818 1,109,714
825,225 928,543 2,626,457 2,538,947
C) DESCRIPTION OF SEGMENTS
The Group is organised into the following main operating segments:
SkyCity Auckland
This segment consists of the Group’s Auckland operations and includes casino operations, hotels and conventions, including the
NZICC, food and beverage, the Sky Tower, investment properties and a number of other related activities.
Other NZ Operations
This segment consists of the Group’s operations at SkyCity Hamilton and SkyCity Queenstown and includes casino operations,
conventions, and food and beverage.
SkyCity Adelaide
This segment consists of the Group’s Adelaide operations, and includes casino operations, hotel and conventions and food and beverage.
Online
This segment consists of the Group’s online gaming operations.
Corporate/Group
This segment includes head office functions, funding entities. It is not considered an operating segment.
Notes to the financial statements
SKYCITY ENTERTAINMENT GROUP I FINANCIAL STATEMENTS AND NOTES
14
5 REVENUE
ACCOUNTING POLICY
Gaming revenues represent the net win to the Group’s land based casinos f rom gaming activities, being the difference between
amounts wagered and amounts won by casino patrons. Revenue is recognised at the conclusion of each game. Gaming rebates
are accounted for as a reduction in gaming revenue.
Revenue f rom the online casino is derived f rom gaming activities by New Zealand based players using an online platform
developed by Gaming Innovation Group (GiG) and operated under a Malta gaming licence held by Silvereye Entertainment
Limited (a subsidiary of GiG). GiG is therefore the principal transacting with the online casino customers (and not SkyCity).
Revenue is reported net of costs payable to GiG under contractual arrangements agreed with GiG.
Non‑gaming revenues include revenues arising f rom hotels and conventions, food and beverage, the Sky Tower, car parking and
other sources. These revenues are recognised when the associated goods or services have been provided.
2025 2024
$’000 $’000
Gaming 581,125 628,971
Non‑gaming 236,520 222,730
Online gaming 3,661 9,336
Total revenue 821,306 861,037
The Group provides complimentary hotel accommodation, food and beverage and other goods and services to certain groups of
customers. As the goods and services offered under these arrangements are tailored to meet the needs of individual customers,
it is not practical to allocate total revenue received to all of the goods and services provided. Consequently, this revenue is all
recognised as gaming revenue. The retail value of complimentary items provided in the current year was $29.9 million
(2024: $23.2 million).
2025 2024
Notes $’000 $’000
Reconciliation to the segment note
Total revenue 5 821,306 861,037
Other income 6 3,919 21,422
Share of profit f rom associate — 158
NZICC fire income — 45,926
Total income 825,225 928,543
6 OTHER INCOME
2025 2024
$’000 $’000
Gain on disposal of property, plant and equipment 395 124
Dividend income 15 7
Rental income f rom investment properties 3,205 3,866
Government grants 304 475
Other insurance income — 2,480
Gain on sale of shares in associate — 9,633
Gain on termination of Car Park Concession Agreement — 4,837
Total other income 3,919 21,422
Government Grants
The New Zealand Government provides wage subsidies to assist people into employment. SkyCity received $0.3 million in
subsidies for the current financial year under those schemes (2024: $0.5 million).
Notes to the financial statements
15
7 EXPENSES
2025 2024
$’000 $’000
Other Expenses
Utilities, insurance and rates 32,531 30,867
Onerous contract expense (relating to the Wharf Casino lease) — 1,264
Other property expenses 22,483 19,516
ICT related expenses 23,147 21,729
Professional fees 31,714 20,291
Other items 6,212 29,073
Expenses relating to short term leases 684 807
Impairment of receivables 283 1
117,054 123,548
Depreciation and Amortisation (excluding right‑of‑use assets)
Depreciation (note 22) 76,075 73,846
Casino licence amortisation (Adelaide) (note 23) 1,394 1,721
Computer software amortisation (note 23) 9,800 9,908
Gaming machine entitlements amortisation (note 23) 101 126
87,370 85,601
Impairment of property, plant and equipment (note 22) — 53,168
Impairment of intangible assets (note 23) — 17,963
Impairment of right‑of‑use assets (note 10) — 23,195
— 94,326
Notes to the financial statements
SKYCITY ENTERTAINMENT GROUP I FINANCIAL STATEMENTS AND NOTES
16
7 EXPENSES (CONTINUED)
Auditor’s Fees
During the year, the fees outlined in the table below were incurred for services provided by the Company’s auditor and its
related practices.
The Group engages PricewaterhouseCoopers (PwC) on assignments additional to its statutory audit duties where PwC’s
expertise and experience with the Group are important and auditor independence is not impaired. For other work, the Group’s
External Auditor Independence Policy requires advisors other than PwC to be engaged wherever practicable.
2025 2024
$’000 $’000
Audit and review of the financial statements
1
1,475 1,432
Audit or review related services
2
64 77
Other assurance services
3
57 —
Total fee for audit, other audit related and other assurance services 1,596 1,509
Taxation services
4
80 46
Other services
5
60 125
Total fees for taxation and other services 140 171
Total fees paid to auditors 1,736 1,680
1. Audit and review of the financial statements includes $94,400 (2024: $101,900) paid to other PwC network firms. The 2025 audit fee also
includes $52,000 of additional fees incurred in relation to the FY24 audit which were finalised during FY25.
2. Audit or review related services include specified reporting to the Supervisor of the Group’s retail bond of $9,360 (2024: $9,050) and agreed
upon procedure engagements of $55,120 (2024: $68,120) in relation to the Group’s allocation of revenue f rom the SkyCity Community Trusts,
assessment of the underlying results disclosed in the Annual Report, procedures in relation to the vote count at the Annual General Meeting,
and for 2024 only, verification procedures in relation to share based payment calculations.
3. Other assurance services include the limited assurance engagement performed over the Group’s greenhouse gas emissions disclosures
of $57,200 (2024: nil).
4. Taxation services include $46,750 (2024: $45,960) for tax compliance services, and $33,400 (2024: nil) for tax consulting services.
5. Other services includes $34,000 (2024: $75,000) in relation to executive remuneration benchmarking, and a preconditions assessment in
preparation for assurance of the Group’s greenhouse gas emissions disclosures of $26,000 (2024: nil). In 2024 only, these also included
$50,000 for a preliminary gap assessment performed in relation to climate reporting requirements.
The fee paid to PwC for the audit and review of the Group’s financial statements is split across the jurisdictions where there
are subsidiary entities that require an audit or are a significant component of the Group. Taxation services are performed
by PwC Australia.
2025 2024
$’000 $’000
PwC New Zealand 1,562 1,532
Other PwC network firms 174 148
Total fees paid to auditors 1,736 1,680
Notes to the financial statements
17
8 EARNINGS PER SHARE
ACCOUNTING POLICY
i) Basic Earnings per Share
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted
average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued
during the year.
ii) Diluted Earnings per Share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the
after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and the weighted
average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.
There are no dilutive potential ordinary shares and therefore basic and diluted earnings per share are the same.
2025 2024
Basic earnings per share
Weighted average number of ordinary shares used as the denominator
in calculating basic and diluted earnings per share 759,218,929 758,733,593
Profit/(loss) f rom continuing operations attributable to the ordinary equity
holders of the company used in calculating basic and diluted earnings per share ($’000) 29,234 (143,348)
Basic and diluted earnings /(loss) (cents) per share 3.9 (18.9)
9 DIVIDENDS
ACCOUNTING POLICY
Dividends are recognised when declared.
Cents
per share $’000
Dividends paid
2023 final 6.00 45,541
2024 interim 5.25 39,841
30 June 2024 11.25 85,382
2024 final — —
2025 interim — —
30 June 2025 — —
During the prior year, supplementary dividends of $8.8 million were paid on shares held by non‑resident shareholders, for which
the Group received an equivalent foreign investor tax credit entitlement. The foreign investor tax credit entitlement is included in
income taxes paid within the Statement of Cash Flows.
The Board has not declared a final dividend in respect of the financial year ended 30 June 2025.
Notes to the financial statements
SKYCITY ENTERTAINMENT GROUP I FINANCIAL STATEMENTS AND NOTES
18
10 LEASES
ACCOUNTING POLICY
Assets and liabilities arising f rom a lease are initially measured on a present value basis. Lease liabilities include the net present
value of the following lease payments:
•fixed payments (including in‑substance fixed payments), less any lease incentives receivable;
•variable lease payments that are based on an index or a rate; and
•payments to be made under reasonably certain extension options.
The lease payments are discounted using the interest rate implicit in the lease. If, as is generally the case, that rate cannot be
readily determined, the Group’s incremental borrowing rate is used, being the rate that the Group would have to pay to borrow
the funds necessary to obtain an asset of similar value to the right‑of‑use asset in a similar economic environment with similar
terms, security and conditions. The incremental borrowing rate is calculated as follows:
•where possible, using recent third party financing received by the individual lessee as a starting point, adjusted to reflect
changes in financing conditions since the third party financing was received;
•using a build‑up approach that starts with a risk f ree interest rate adjusted for credit risk; and
•making adjustments specific to the lease (e.g. term, country, currency and security).
The weighted average incremental borrowing rate for the Group’s leases is 5.5% (2024: 5.3%), with rates ranging f rom 3.3% to 6.5%
(2024: 3.3% to 6.0%).
Right‑of‑use assets are measured at cost comprising the following:
•the amount of the initial measurement of the lease liability;
•any lease payments made at or before the commencement date;
•any initial direct costs; and
•restoration costs.
Subsequent to initial recognition:
•lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease
payments made; and
•right‑of‑use assets are amortised on a straight‑line basis over the remaining term of the lease (or over the remaining economic
life of the asset if, rarely, this is judged to be shorter than the lease term).
A small number of short term leases have not been included in the calculation of lease liabilities or right‑of‑use assets. Payments
made in relation to these leases are recognised on a straight‑line basis over the lease term.
Lease Arrangements
The Group has a small number of long term leases. Lease terms are negotiated on an individual basis and contain a wide range
of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the
leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.
Extension and termination options are included in a number of leases across the Group. These are used to maximise operational
flexibility in terms of managing the assets used in the Group’s operations. The majority of extension and termination options held
are exercisable only by the Group and not by the respective lessor.
The Balance Sheet shows the following amounts relating to leases:
2025 2024
$’000 $’000
Right‑of‑use assets net book value
SkyCity Auckland – Subsoil 4,123 4,126
SkyCity Auckland – Airbridges 3,215 3,058
SkyCity Queenstown – Stratton House 299 986
SkyCity Adelaide – Railway Building and Extension 49,501 48,687
SkyCity Adelaide – Car Park 37,511 41,722
SkyCity Malta – Office 1,552 —
Carded Play Hardware 17,706 —
Total right‑of‑use assets 113,907 98,579
Lease liabilities
Current 6,809 3,285
Non‑current 130,154 118,147
Total lease liabilities 136,963 121,432
During the current financial year, the Group entered into new lease agreements for office premises and equipment, resulting in
the recognition of additional right‑of‑use assets and corresponding lease liabilities.
The additions to right‑of‑use assets during the year amounted to NZ$20.7 million, comprising:
•Office premises: NZ$1.9 million; and
•Equipment: NZ$18.8 million.
Notes to the financial statements
19
10 LEASES (CONTINUED)
The Income Statement shows the following amounts relating to leases:
2025 2024
$’000 $’000
Depreciation of right‑of‑use assets 6,843 6,420
Impairment of right‑of‑use assets — 23,195
Interest expense on lease liabilities (part of net finance costs) 7,483 6,523
11 NET FINANCE COSTS
2025 2024
$’000 $’000
Finance costs 52,926 47,739
Foreign exchange losses/(gains) 1,633 (241)
Interest income (895) (6,251)
Casino duty interest (note 27) 27,332 —
Capitalised interest (note 22) (27,278) (25,251)
Total net finance costs 53,718 15,996
12 NON‑CURRENT LIABILITIES – INTEREST BEARING LIABILITIES
ACCOUNTING POLICY
Interest bearing liabilities are initially recognised at fair value, net of transaction costs incurred. They are subsequently carried at
amortised cost and any difference between the proceeds (net of transaction costs) and the redemption value is recognised in
the Income Statement over the period of the borrowings using the effective interest method. However, the interest margin on
US dollar denominated USPP notes maturing in March 2028, February 2030 and September 2031 are accounted for as a fair value
hedge and the carrying value of the borrowings is adjusted for fair value changes attributable to the risk being hedged.
Borrowings are only classified as non‑current liabilities if the Group has an unconditional right to defer settlement of the liability
for at least 12 months after the reporting date.
2025 2024
$’000 $’000
Unsecured Interest Bearing Liabilities
USPP notes 444,513 195,924
Syndicated bank facility 50,000 —
New Zealand bonds 175,000 175,000
Deferred funding expenses (3,029) (2,543)
Total non‑current interest bearing liabilities 666,484 368,381
Notes to the financial statements
SKYCITY ENTERTAINMENT GROUP I FINANCIAL STATEMENTS AND NOTES
20
12 NON‑CURRENT LIABILITIES – INTEREST BEARING LIABILITIES (CONTINUED)
A) USPP NOTES
As at 30 June 2025, SkyCity had outstanding USPP debt of:
•A$65.4 million maturing on 15 March 2028;
•US$75.0 million maturing on 28 February 2030; and
•US$150.0 million maturing on 15 September 2031.
Movements in the carrying value of the outstanding balance in the current year relate to the issue of new USPP notes, the
repayment of USPP notes that matured in March 2025 and foreign exchange and interest rate movements.
The US dollar USPP notes have been hedged to NZ dollars by way of cross currency interest rate swaps (CCIRS) to eliminate
foreign exchange exposure to the US dollar. The offsetting changes in the value of the CCIRS are included within derivative
financial instruments (note 30).
The fair value of USPP debt is estimated at NZ$478.5 million (2024: NZ$371.9 million) compared to a carrying value of
NZ$444.5 million (2024: NZ$357.0 million). Fair value has been calculated based on the present value of future principal and
interest cash flows, using market interest rates and credit margins at balance date. This is a level 2 valuation in the fair value
hierarchy.
All financial covenants were met at 30 June 2025.
B) SYNDICATED BANK FACILITY
The syndicated banking facility is provided by ANZ (New Zealand) and Westpac (New Zealand).
As at 30 June 2025, SkyCity had in place revolving credit facilities, totalling NZ$275.0 million, of:
•NZ$57.5 million maturing on 15 July 2027 (undrawn at the reporting date);
•NZ$80.0 million maturing on 15 September 2027 ($50.0 million drawn at the reporting date); and
•NZ$137.5 million maturing on 15 September 2028 (undrawn at the reporting date).
C) NEW ZEALAND BONDS
$175.0 million of six year unsubordinated, unsecured redeemable fixed rate bonds were issued on 21 May 2021.
The bonds are quoted on the NZDX. As at 30 June 2025, the closing price was $0.95687 (2024: $0.89546) per $1 bond. The bonds
are carried at amortised cost. The total fair value of the bonds is $167.5 million (2024: $156.7 million) which is a level 1 valuation in
the fair value hierarchy as they are listed securities.
D) NEGATIVE PLEDGE DEEDS
A negative pledge deed has been executed in relation to each of the funding facilities bank facilities, USPP notes and New
Zealand bonds. In each deed, there are requirements for minimum guaranteeing group participation and financial covenants. All
requirements of the negative pledge deeds have been met as at 30 June 2025.
E) WEIGHTED AVERAGE INTEREST RATE
2025 2025 2024 2024
% $’000 % $’000
Interest bearing liabilities 5.84% 806,476 5.59% 733,472
The weighted average debt interest rate includes lease liabilities and the impact of interest rate and foreign currency hedging.
Notes to the financial statements
21
13 CURRENT LIABILITIES – INTEREST BEARING LIABILITIES
ACCOUNTING POLICY
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at
least 12 months f rom the reporting date.
2025 2024
$’000 $’000
Unsecured Interest Bearing Liabilities
Syndicated bank facility — 80,000
USPP notes — 161,116
Total current interest bearing borrowings — 241,116
Refer note 12(A) for details concerning the USPP notes and 12(B) for details concerning the syndicated bank facility.
14 NET DEBT RECONCILIATION
Cash and Cash Lease
Equivalents Borrowings Liabilities Total
$’000 $’000 $’000 $’000
Net debt as at 1 July 2023 (245,013) 571,480 119,885 446,352
Cash flows 184,477 34,186 (10,649) 208,014
Non‑cash movements:
Changes in fair values — 3,231 — 3,231
Changes in FX rates — — 552 552
Other non‑cash movements — 600 11,644 12,244
Net debt as at 30 June 2024 (60,536) 609,497 121,432 670,393
Cash flows 9,037 70,284 (13,753) 65,568
Non‑cash movements:
Changes in fair values — 5,663 — 5,663
Changes in FX rates — (18,475) (1,830) (20,305)
Other non‑cash movements — (485) 31,114 30,629
Net debt as at 30 June 2025 (51,499) 666,484 136,963 751,948
Notes to the financial statements
SKYCITY ENTERTAINMENT GROUP I FINANCIAL STATEMENTS AND NOTES
22
15 INVESTMENT PROPERTIES
ACCOUNTING POLICY
Investment property, principally comprising f reehold office buildings and display space, is held for long term rental yields.
Completed investment property is carried at fair value, which is based on active market prices, adjusted, if necessary, for any
difference in the nature, location or condition of the specific asset. If this information is not available, the Group uses alternative
valuation methods, such as recent prices in less active markets, or discounted cash flow projections which are level 3 valuations in
the fair value hierarchy. Changes in fair value are recorded in the Income Statement.
2025 2024
$’000 $’000
Opening balance at 1 July 78,800 108,803
Additions 1,287 7,859
Net loss f rom fair value adjustment (2,362) (3,979)
Transfer to property, plant and equipment – NZICC car parks (note 22) — (30,483)
Transfer f rom property, plant and equipment – 99 Albert Street (note 22) 7,400 —
Transfer to property, plant and equipment – 99 Albert Street (note 22) (6,400) (3,400)
Closing balance at 30 June 78,725 78,800
A) AMOUNTS RECOGNISED IN PROFIT OR LOSS FOR INVESTMENT PROPERTY
2025 2024
$’000 $’000
Rental income 3,205 3,866
Direct operating expenses f rom property that generated rental income (3,604) (2,465)
Net loss f rom fair value adjustment (2,362) (3,979)
Total recognised in profit or loss (2,761) (2,578)
B) INVESTMENT PROPERTIES HELD AT 30 JUNE 2025
Investment properties were revalued to fair value on 30 June 2024 and 30 June 2025 by CBRE Ltd (CBRE), a registered valuer and
member of the New Zealand Institute of Valuers and the Property Institute of New Zealand that has recent experience in the
location and category of the property being valued.
At 30 June 2024, the fair value of these investment properties was $78.8 million. The significant assumptions used in the
valuation were:
•capitalisation rate – range f rom 5.38% to 7.50%; and
•passing yield (calculated as net rent divided by fair value) – range f rom 2.02% to 7.52%.
At 30 June 2025, the fair value of these investment properties was $78.7 million. The significant assumptions used in the valuation were:
•capitalisation rate – range f rom 5.25% to 7.50%; and
• passing yield (calculated as net rent divided by fair value) – range f rom 2.02% to 6.68%.
The 30 June 2024 and 30 June 2025 valuations are sensitive to movements in estimated capitalisation rate and passing yield.
If the assumed capitalisation rate is increased or the passing yield is decreased, the fair value would decrease.
99 Albert Street
During the current financial year, the Group reassessed the use of certain floors at 99 Albert Street which is a mixed‑use building.
As a result two floors previously classified as investment property, with a carrying value of $6.4 million, were transferred to
property, plant and equipment due to a change in use, as they are now owner occupied. Simultaneously, two floors previously
classified under property, plant and equipment with a carrying value of $7.0 million, were transferred to investment property,
as they are now leased to third parties and held to earn rental income.
Immediately before reclassification the portion of property, plant and equipment was revalued and the resulting uplift in value of
$0.4 million has been transferred to the Asset Revaluation Reserve (note 29).
The net impact of these transfers resulted in:
•A net increase of $1.0 million in the carrying amount of investment property; and
•An amount of $0.4 million was transferred to the Asset Revaluation Reserve, reflecting the fair value gain on the reclassified assets.
The following were the significant assumptions f rom CBRE’s valuation used at the date of change in use:
•capitalisation rate of 7.0%; and
•passing yield (calculated as net rent divided by fair value) of 3.26%.
Notes to the financial statements
23
16 CURRENT LIABILITIES – DEFERRED LICENCE VALUE
ACCOUNTING POLICY
Regulatory reforms granted which are specific to the Group are initially recognised at their fair value when it is probable that the
reforms will be received, and that the Group will comply with all conditions attached.
Regulatory reforms are recognised as an intangible asset (note 23) and included within the value of casino licences. Where a
regulatory reform is related to property, plant and equipment, once constructed the carrying value of that property, plant and
equipment is reduced by the value of the regulatory reforms. Prior to completion of the related property, plant and equipment,
the value of the regulatory reforms is accounted for as a deferred licence value.
Total
2025 $’000
Opening balance —
Transfer f rom non‑current liabilities 246,408
Closing balance 246,408
Refer note 17 for details concerning the Auckland deferred licence value.
17 NON‑CURRENT LIABILITIES – DEFERRED LICENCE VALUE
Total
2025 $’000
Opening balance at 1 July 246,408
Transferred to current liabilities (note 16) (246,408)
Closing balance at 30 June —
Total
2024 $’000
Opening balance 1 July 262,444
Adjustment to property, plant and equipment re NZICC car parks (note 22) (16,036)
Closing balance at 30 June 246,408
SKYCITY AUCKLAND
In 2016, SkyCity’s accounting for the granting of the NZICC Auckland casino licence enhancements resulted in the recognition
of a deferred licence value liability of $405.0 million. Based on the Group’s accounting policy, this amount was to be accounted
for as a reduction in the carrying value of the NZICC upon completion. Following the NZICC fire in October 2019, the damaged
portion of the NZICC was disposed of for financial reporting purposes. As a result of this disposal a portion of the deferred licence
was released to the Income Statement in the years ended 30 June 2020 to 30 June 2023.
In the prior financial year, as a result of NZICC car parks being in service, $16.0 million of the remaining balance was released
against the assets (note 22).
In the current financial year, the balance has been moved to current liabilities as it will be moved to Property, Plant and
Equipment within the next 12 months (note 16).
Notes to the financial statements
SKYCITY ENTERTAINMENT GROUP I FINANCIAL STATEMENTS AND NOTES
24
18 INCOME TAX EXPENSE
ACCOUNTING POLICY
The income tax expense for the year is the tax payable on the current year’s taxable income, based on the income tax rate for
each jurisdiction. This is then adjusted by changes in deferred tax assets and liabilities attributable to temporary differences
between the tax bases of assets and liabilities and their carrying amounts in the financial statements.
Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the financial statements. However, deferred tax liabilities are not recognised if they
arise f rom the initial recognition of goodwill. Deferred income tax is not accounted for if it arises f rom initial recognition of an
asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting
nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively
enacted by the reporting date and are expected to apply when the related deferred income tax asset is realised, or the deferred
income tax liability is settled.
Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against
which the temporary differences can be utilised.
2025 2024
$’000 $’000
a) Income Tax Expense
Current tax expense 36,795 46,684
Deferred tax expense (note 19 and 20) 2,135 126,804
Total income tax expense 38,930 173,488
b) Numerical Reconciliation of Income Tax Expense
to Prima Facie Tax Payable/(Receivable)
Profit f rom continuing operations before income tax expense 68,164 30,140
Prima facie income tax @ 28% 19,086 8,439
Tax effects of:
Australian tax group losses not recognised 12,488 4,004
Items non‑deductible for tax purposes 11,326 (3,123)
Other 642 114
Investment property fair value adjustments 593 166
Non‑assessable gain on sale (103) —
Items non‑assessable for tax purposes (329) 2,793
Difference in overseas tax rates (1,037) (4,340)
Prior period adjustments (1,077) 2,172
Adjustment to New Zealand building tax depreciation (2,659) 129,599
Deferred tax impact of termination of Car Park Concession Agreement — 19,373
Non‑deductible regulatory provision — 8,130
Adelaide impairment adjustments — 7,096
Non‑deductible NZICC fire capital receipts/expenses — 1,810
Controlled foreign company regime — 1,342
Non‑taxable gain on sale of associate shares — (2,697)
Non‑deductible gain on Auckland car park buy back — (1,390)
Income tax expense 38,930 173,488
The weighted average applicable tax rate was 57.1% (2024: 575.6%). The weighted average tax rate has been significantly impacted by:
•Non‑deductible expenditure;
•Adjustments to New Zealand building tax depreciation;
•Fair value adjustments; and
•Australian Group tax losses not recognised.
Excluding these items, the weighted average tax rate would have been 36.8% (2024: 27.4%).
Notes to the financial statements
25
19 DEFERRED TAX ASSETS
2025 2024
$’000 $’000
The balance comprises temporary differences attributable to:
Provisions and accruals 6,146 9,928
Depreciation 3,859 3,561
Foreign exchange variances (79) 36
Lease liabilities 34,718 33,860
Right‑of‑use assets (26,265) (25,524)
Tax losses 30,489 30,489
Other (117) —
Net deferred tax assets 48,751 52,350
Movements:
Balance at beginning of the year 52,350 25,465
Foreign exchange differences — 127
Charged to the Income Statement (note 18) (3,599) 26,758
Closing balance at 30 June 48,751 52,350
Deferred tax assets relate to the Australian and other foreign operations (excluding Malta).
The Group has recognised a deferred tax asset of $48.8 million in relation to tax losses and other deductible timing differences.
A deferred tax asset has been recognised on tax losses of $100.9 million (A$93.7 million) (2024: $102.5 million, A$93.7 million) in
relation to Australia. The Group has a further $53.7 million (A$49.9 million) (2024: $13.3 million, A$12.2 million) of tax losses which
are not recognised as deferred tax assets because it has been assessed that it is not probable that future taxable profits will be
available in an appropriate time f rame against which the Group can utilise the tax losses. The tax losses have predominantly
arisen as a result of the COVID‑19 pandemic impacting SkyCity Adelaide’s operations and South Australian tourism, with
the expanded SkyCity Adelaide property largely not able to operate at full capacity for the majority of time since opening in
December 2020. In addition, accelerated tax depreciation on the Adelaide property expansion and expenditure incurred in
relation to SkyCity Adelaide regulatory reviews have also contributed to the tax loss position.
It is possible to carry forward Australian tax losses indefinitely, subject to ownership and similar business tests, and these losses
do not have an expiry date.
The Group’s forecasts, taking into account the latest outlook for the business, indicate that the Adelaide business will generate
future taxable income. On this basis, the Group has considered it is probable that sufficient future taxable income will be
generated to utilise the tax losses recognised.
The Group reviews future loss utilisation at each reporting date.
Notes to the financial statements
SKYCITY ENTERTAINMENT GROUP I FINANCIAL STATEMENTS AND NOTES
26
20 DEFERRED TAX LIABILITIES
2025 2024
$’000 $’000
The balance comprises temporary differences attributable to:
Provisions and accruals (7,012) (8,175)
Depreciation 216,126 218,208
Lease liabilities (5,573) (2,398)
Right‑of‑use asset 5,608 2,288
Cash flow hedges (3,618) (1,105)
Asset revaluation reserve 1,921 1,921
Tax losses (90) —
Other 330 —
Net deferred tax liabilities 207,692 210,739
Movements:
Balance at the beginning of the year 210,739 56,100
Charged to the Income Statement (note 18) (1,464) 153,562
Tax (credited)/debited directly to other comprehensive income (note 29) (1,583) 1,077
Closing balance at 30 June 207,692 210,739
Deferred tax liabilities relate to the New Zealand and Malta operations.
On 28 March 2024, the New Zealand Government enacted changes to tax legislation which removed the ability to depreciate
buildings with a life over 50 years for tax purposes. For the Group the application of this taxation change under NZ IAS 12 Income
Taxes resulted in an increase to the deferred taxation liability of $129.6 million and a corresponding one off increase to tax expense
of $129.6 million as the tax base of New Zealand buildings was reduced to nil. The deferred taxation liability adjustment relates
to New Zealand buildings except for certain investment properties and also impacts building structure assets that are classified
as construction work‑in‑progress, including the Group’s NZICC and Horizon Hotel projects. As these projects were yet to be
completed at 30 June 2024, there was significant judgement involved in estimating the value of the building structure assets
for these projects. Due to the judgement involved, the final impact may differ materially f rom the amount included in these
financial statements.
During the current financial year, the Horizon Hotel commenced operations. The final cost allocation of the buildings was
determined by a quantity surveyor to differ f rom previously estimated. As a result a further impact of the 0% depreciation rules
was recorded. The Horizon Hotel is not eligible for the investment boost (discussed below).
On 22 May 2025 the Government introduced the investment boost initiative for new depreciable property first available for use
after that date. Any entitlement is subject to demonstrating compliance with the specific requirements of tax legislation. SkyCity
will consider the application and suitability of the investment boost on an asset‑by‑asset basis.
Recent law changes impacted deferred tax in the current year by an effective net increase to building tax depreciation of
$9.5 million.
21 IMPUTATION AND FRANKING CREDITS
2025 2024
$’000 $’000
Balances available for use in subsequent reporting periods
Imputation credit account (New Zealand) 120,899 85,079
Franking credit account (Australia) (A$) 13,951 13,951
As required by the Income Tax Act 2007, the imputation credit account had a credit balance as at 31 March 2025. The continued
availability of imputation credits is subject to maintaining defined shareholder continuity rules with certain concessions for a
listed company.
Notes to the financial statements
27
22 PROPERTY, PLANT AND EQUIPMENT
ACCOUNTING POLICY
Property, plant and equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses.
Historical cost includes expenditure that is directly attributable to the acquisition of the items. Cost may also include transfers
f rom equity of any gains/losses on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment.
Land is not depreciated. Depreciation on other assets is calculated using the straight‑line method to allocate their cost, net of
their residual values, over their estimated useful lives, as below:
•Buildings and fit out 5 – 75 years
•Plant, equipment and motor vehicles 2 – 75 years
•Fixtures and fittings 3 – 25 years
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date.
Plant
equipment Fixtures Capital
Buildings and motor and work in
Land and fitout vehicles fittings progress Total
$’000 $’000 $’000 $’000 $’000 $’000
At 1 July 2023
Cost 179,602 999,241 420,326 147,236 735,471 2,481,876
Accumulated depreciation and impairment — (396,279) (322,553) (110,568) — (829,400)
Net book amount 179,602 602,962 97,773 36,668 735,471 1,652,476
Year ended 30 June 2024
Opening net book amount 179,602 602,962 97,773 36,668 735,471 1,652,476
Exchange differences — 908 106 28 12 1,054
Net additions/transfers/disposals 1,146 13,636 26,865 3,146 38,771 83,564
Car park asset additions — 186,612 1,480 — 13,942 202,034
Release f rom deferred licence (note 17) — (16,036) — — — (16,036)
Transfer to investment properties
99 Albert Street (note 15) 1,928 1,316 112 44 — 3,400
Transfer to investment properties –
NZICC car parks (note 15) — 30,483 — — — 30,483
Transfer to assets held for sale (note 26) (13,000) — — — — (13,000)
Depreciation charge — (32,225) (33,183) (8,438) — (73,846)
Impairment (note 7) — (43,913) (6,215) (3,040) — (53,168)
Closing net book amount 169,676 743,743 86,938 28,408 788,196 1,816,961
At 30 June 2024
Cost 169,676 1,197,072 376,109 139,047 788,196 2,670,100
Accumulated depreciation and impairment — (453,329) (289,171) (110,639) — (853,139)
Net book amount 169,676 743,743 86,938 28,408 788,196 1,816,961
Notes to the financial statements
SKYCITY ENTERTAINMENT GROUP I FINANCIAL STATEMENTS AND NOTES
28
22 PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Plant
equipment Fixtures Capital
Buildings and motor and work in
Land and fitout vehicles fittings progress Total
$’000 $’000 $’000 $’000 $’000 $’000
Year ended 30 June 2025
Opening net book amount 169,676 743,743 86,938 28,408 788,196 1,816,961
Exchange differences — (2,571) (318) (167) (66) (3,122)
Net additions/transfers/disposals — 47,620 32,207 3,094 57,341 140,262
Horizon Hotel additions — 138,090 10,653 15,082 (163,825) —
Transfer to investment properties –
99 Albert Street (note 15) (4,028) (2,990) — — — (7,018)
Transfer f rom investment properties –
99 Albert Street (note 15) 3,484 2,916 — — — 6,400
Depreciation charge — (35,331) (31,589) (9,155) — (76,075)
Closing net book amount 169,132 891,477 97,891 37,262 681,646 1,877,408
At 30 June 2025
Cost 169,132 1,374,849 382,984 153,548 681,646 2,762,159
Accumulated depreciation and impairment — (483,372) (285,093) (116,286) — (884,751)
Net book amount 169,132 891,477 97,891 37,262 681,646 1,877,408
A) CAPITALISED BORROWING COSTS
Borrowing costs of $27.3 million have been capitalised in the current year relating to capital projects (2024: $25.3 million) using
the Group’s weighted average cost of debt of 5.84% across the year (2024: 5.59%).
B) NZICC CAR PARKS
In the prior year the car parks in the NZICC were capitalised to property, plant and equipment as they are now in service. As
the NZICC is still a construction site, and the information required to accurately assess the car park asset values will not be
received f rom FCC until following practical completion, significant judgment was required to estimate the asset value and asset
classification. The estimates were based on the building works contract and the cost of remediation post the fire in October 2019,
at the NZICC construction site. The most significant risk to the judgments and estimates used, relate to the final allocation of
costs once construction is complete. These judgements and estimates will continue to be reviewed as new information becomes
available and as a result may change materially.
C) ENCUMBRANCES
A memorandum of encumbrance is registered against the certificate of title for the Auckland casino in favour of Auckland
Council. Auckland Council requires prior written consent before any transfer, assignment or disposition of the land. The intent of
the covenant is to protect the Council’s rights under the resource consent, relating to the provision of the bus terminus, public
car park and public footpaths around the complex.
A further encumbrance records the Council’s interest in relation to the subsoil areas under Federal and Hobson Streets used by
SkyCity as car parking and a vehicle tunnel. The encumbrance is to notify any transferee of the Council’s interest as lessor of the
subsoil areas.
There are four encumbrances relating to the NZICC site land. One encumbrance protects the rights of the Crown under the
agreement between the Crown and the Group for the construction of the NZICC (NZICC Agreement), two relate to firewalls
between buildings that have now been demolished and the final encumbrance protects the underground vehicle entrance to
the car park on the main Auckland casino site. The NZICC site land is also subject to a covenant in favour of the Crown which
restricts the subdivision and use of the site to that permitted under the NZICC Agreement.
Notes to the financial statements
29
23 INTANGIBLE ASSETS
ACCOUNTING POLICY
i) Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the net identifiable assets of
the acquired business at the date of acquisition. Goodwill is included in intangible assets. Goodwill is not amortised but is instead
tested for impairment annually (or more f requently if events or changes in circumstances indicate that it might be impaired) and
is carried at cost less accumulated impairment losses.
ii) Acquired Software
Acquired computer software (other than that licensed under a software as a service arrangement) is capitalised at cost (which
includes acquisition cost and any costs incurred in bringing the software into use). Subsequent to initial recognition, it is carried
at cost less accumulated amortisation and accumulated impairment losses. Amortisation is calculated on a straight‑line basis
over the useful life, which ranges f rom three to 15 years.
iii) Gaming Machine Entitlements
Gaming machine entitlements (GMEs) are required to operate gaming machines in South Australia. Each GME gives the licensee
the right to own and operate a single gaming machine at the licensee’s venue.
The number of GMEs held by a licensee cannot exceed the maximum number of gaming machines which have been approved
for the venue. SkyCity Adelaide currently owns 1,080 GMEs and is licensed to hold a maximum of 1,500.
GMEs can be purchased or sold during trading rounds by an eligible person via the South Australian Government’s approved
trading system. Trading rounds are usually held at least twice a year at the discretion of the South Australian Liquor and
Gambling Commissioner. The trading price of a GME is determined by a number of factors, including the number of sellers and
buyers and the minimum and maximum prices offered.
SkyCity Adelaide’s GMEs are carried at cost less accumulated amortisation and impairment losses. They are amortised over the
term of the exclusivity period (which is the period over which SkyCity Adelaide is exclusively permitted to provide casino gaming,
except for interactive gaming, in South Australia), which is to 30 June 2035.
iv) Casino Licences and Regulatory Reforms
The Group’s casino licences that have:
•a finite useful life are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is
charged to profit or loss on a straight‑line basis over the legal licence term; and
•an indefinite useful life are carried at cost less accumulated impairment losses.
Determining whether a casino licence has a finite or indefinite useful life is a key judgement and involves assessment of the
terms and conditions, and in particular the renewal terms, of the relevant licence.
Regulatory reforms granted by a government that are specific to the Group are accounted for as intangible assets arising f rom
a government grant and included within the value of casino licences. The reforms are initially recognised at their fair value when
there is reasonable assurance that the reforms will be received, and the Group will comply with all conditions attached to them.
Where a regulatory reform is related to property, plant and equipment, once constructed the carrying value of that property,
plant and equipment is reduced by the value of the regulatory reforms. Prior to completion of the related property, plant and
equipment, the value of the regulatory reforms is accounted for as deferred licence value.
Notes to the financial statements
SKYCITY ENTERTAINMENT GROUP I FINANCIAL STATEMENTS AND NOTES
30
23 INTANGIBLE ASSETS (CONTINUED)
Gaming
Casino Computer machine
Goodwill licenses software entitlements Total
$’000 $’000 $’000 $’000 $’000
At 1 July 2023
Cost 35,786 779,055 140,450 1,848 957,139
Accumulated amortisation and impairment — (286,864) (103,395) (327) (390,586)
Net book amount 35,786 492,191 37,055 1,521 566,553
Movements in the Year Ended 30 June 2024
Exchange differences — 398 4 6 408
Net additions/transfers/disposals — — 6,520 — 6,520
Car park asset additions — — 844 — 844
Impairment charge — (17,533) (144) (286) (17,963)
Amortisation charge — (1,721) (9,908) (126) (11,755)
Closing net book amount 35,786 473,335 34,371 1,115 544,607
At 30 June 2024
Cost 35,786 780,836 114,187 1,857 932,666
Accumulated amortisation and impairment — (307,501) (79,816) (742) (388,059)
Net book amount 35,786 473,335 34,371 1,115 544,607
Movements in the Year Ended 30 June 2025
Exchange differences — (1,066) (27) (16) (1,109)
Net additions/transfers/disposals — — 18,384 — 18,384
Horizon Hotel additions — — 5,226 — 5,226
Amortisation charge — (1,394) (9,800) (101) (11,295)
Closing net book amount 35,786 470,875 48,154 998 555,813
At 30 June 2025
Cost 35,786 774,866 118,412 1,828 930,892
Accumulated amortisation and impairment — (303,991) (70,258) (830) (375,079)
Net book amount 35,786 470,875 48,154 998 555,813
Notes to the financial statements
31
23 INTANGIBLE ASSETS (CONTINUED)
Casino LicenceContract Term
SkyCity Auckland
Casino (indefinite
useful life)
SkyCity Auckland Limited holds a casino premises licence for the Auckland premises.
The initial licence was granted in 1996 for nil consideration, and hence there was no associated initial
carrying value.
Pursuant to the terms of the NZICC Agreement, the initial term of the licence was extended to
30 June 2048.
The licence can be renewed for further periods of 15 years pursuant to section 138 of the
Gambling Act 2003 (NZ).
In addition to the licence extension, the casino premises licence was amended to: (a) permit the
implementation of account based cashless gaming and ticket in ticket out (TITO) gaming systems; (b)
permit an increase in the number of gaming machines, gaming tables and automated table games; and
(c) implement various other operational improvements. Under the NZICC Agreement, the Company has
agreed to construct the NZICC for a total cost of at least $430.0 million.
The reforms (a to c above) are exclusive to the Group and were recorded at fair value based on the
estimated incremental benefit over the life of the reforms. The fair value was determined using a
discounted cash flow model falling within level 3 of the fair value hierarchy over the life of the reforms.
The carrying amount of the casino licence is $405.0 million (2024: $405.0 million).
SkyCity Adelaide
Casino (finite
useful life)
The casino and associated operations are carried out by SkyCity Adelaide under a casino licence (the
Approved Licensing Agreement (ALA)) dated October 1999 (as amended). Unless terminated earlier,
the expiry date of the ALA is 30 June 2085. The term of the ALA can be renewed for a further fixed term
pursuant to section 9 of the Casino Act 1997 (SA). The carrying value of the casino licence is amortised
over the life of the ALA.
The casino licence and associated regulatory reforms asset are amortised over 20 years or 71 years
depending on whether the incremental benefit is associated with the exclusivity period (which is to
30 June 2035 and is the period over which SkyCity Adelaide is exclusively permitted to provide casino
gaming, except for interactive gaming, in South Australia) or the full licence period.
The carrying value of the casino licence is A$61.2 million, NZ$65.9 million (2024: A$62.4 million,
NZ$68.3 million).
SkyCity Hamilton
Casino (indefinite
useful life)
SkyCity Hamilton Limited holds a casino premises licence for the Hamilton premises. The casino
premises licence is for an initial 25 year term f rom 19 September 2002. The licence can be renewed for
further periods of 15 years pursuant to section 138 of the Gambling Act 2003 (NZ). As the licence was
initially granted for nil consideration, there is no associated carrying value.
SkyCity
Queenstown
Casino (indefinite
useful life)
SkyCity Queenstown Limited holds a casino premises licence for the Queenstown premises. The casino
premises licence is for an initial 25 year term f rom 7 December 2000. The licence can be renewed for
further periods of 15 years pursuant to section 138 of the Gambling Act 2003 (NZ). SkyCity Queenstown
Limited has applied to the Gambling Commission for a renewal of the licence, who has sought and
received feedback f rom various government agencies and the public on the renewal application. A
public hearing of the renewal application will be heard in November 2025. As the licence was initially
granted for nil consideration, there is no associated carrying value.
Notes to the financial statements
SKYCITY ENTERTAINMENT GROUP I FINANCIAL STATEMENTS AND NOTES
32
23 INTANGIBLE ASSETS (CONTINUED)
A) IMPAIRMENT TESTS FOR INTANGIBLES ASSETS WITH INDEFINITE USEFUL LIVES
Goodwill and the casino licences of SkyCity Auckland and SkyCity Hamilton have indefinite useful lives and consequently are
tested annually for impairment.
SkyCity SkyCity
Auckland Hamilton
1
Total
$’000 $’000 $’000
2025
Goodwill — 35,786 35,786
Casino licence 405,000 — 405,000
Total 405,000 35,786 440,786
2024
Goodwill — 35,786 35,786
Casino licence 405,000 — 405,000
Total 405,000 35,786 440,786
1. SkyCity Hamilton is included within the “Other NZ Operations” segment in note 4.
These intangible assets are tested for impairment in the CGU to which they belong. The recoverable amount of each CGU is
determined on the basis of fair value less costs of disposal (FVLCOD). These calculations use cash flow projections using updated
five‑year forecasts for each site. The calculated FVLCOD of these CGU’s exceeds the carrying value.
The entire Auckland precinct is treated as a single CGU due to the close and interconnected relationship of the cash flows across
all of SkyCity’s Auckland businesses.
B) KEY ASSUMPTIONS USED FOR FAIR VALUE LESS COSTS OF DISPOSAL CALCULATIONS OF CASH GENERATING UNITS
Compound annual
EBITDA growth rate
Terminal
growth rate
Post-tax
discount Rate
2024
2025 2024 2025 2024 2025 restated
SkyCity Auckland 7.9% 6.7% 2.5% 2.5% 9.2% 9.6%
SkyCity Hamilton 3.3% 3.1% 2.5% 2.5% 9.2% 9.6%
Note: restated due to the use of pre-tax in 2024.
During the current financial year, the Group revised the methodology used to determine the recoverable amount of its New
Zealand CGUs for impairment testing purposes. In prior years, recoverable amounts were determined using a Value in Use (VIU)
approach based on pre‑tax discounted future cash flows.
For the current financial year, the Group adopted a FVLCOD approach, consistent with NZ IAS 36 Impairment of Assets.
This change reflects the availability of market based inputs and valuation evidence, which provide a more appropriate basis
for estimating recoverable amounts.
Key changes in methodology include:
•Adjustment for Disposal Costs: A deduction of 2% of Enterprise Value was applied to each CGU to reflect estimated costs of
disposal, aligning the DCF valuation with FVLCOD principles.
•Discount Rate: A post‑tax Weighted Average Cost of Capital (WACC) was applied. In prior years, the recoverable amount was
determined using a pre‑tax discount rate, consistent with the VIU methodology previously applied. The shift to a post‑tax rate
aligns with market participant assumptions under the FVLCOD approach.
•Corporate Cost Allocation: Unallocated corporate expenditure was allocated across the CGUs based on each CGU’s Enterprise
Value prior to allocation. This approach ensures a proportionate and economically justified distribution of shared costs.
Management believes these adjustments provide a more accurate and market aligned estimate of CGU recoverable amounts.
For each CGU, there is sufficient headroom between the FVLCOD of the CGU and the carrying value of the related CGU assets
that significant changes in the assumptions used would not require an impairment.
Notes to the financial statements
33
23 INTANGIBLE ASSETS (CONTINUED)
C) IMPAIRMENT REVIEW OF THE SKYCITY ADELAIDE CGU
At each reporting period, the Group undertakes a FVLCOD assessment of its Adelaide CGU to identify if any indicators of
impairment are identified and require adjustment.
In the previous financial year, Deloitte was engaged to undertake an indicative valuation of the SkyCity Adelaide GCU, using
the FVLCOD approach (with the valuation being a level 3 measurement in the fair value hierarchy). As a result of this valuation,
an impairment of A$86.2 million (NZ$94.3 million) was recognised and apportioned between property, plant and equipment
A$48.6 million (NZ$53.2 million), intangible assets A$16.4 million (NZ$17.9 million) and right‑of‑use assets A$21.2 million (NZ$23.2 million).
In the current financial year, Management undertook an enterprise valuation of the Adelaide CGU using a FVLCOD methodology
consistent with the previous years, utilising a SkyCity Adelaide ten‑year model that is premised on casino license ownership continuity.
A number of significant assumptions and changes in SkyCity Adelaide’s outlook have been made since the previous valuation including:
•delay in introduction of Carded Play f rom February 2026 to December 2026 with no adoption by the rest of the South
Australian gaming machine market. The introduction of Carded Play is assumed to reduce uncarded revenue by 17.5%
(2024: 17.5%). This assumption has a significant level of uncertainty as it requires an estimation of the potential impact
on customer behaviour and Adelaide’s competitive positioning in the South Australian market, to estimate the financial
implications for Adelaide’s future revenue and cashflow generation;
•decrease in gaming machine market share growth f rom 12% in FY35 in the previous valuation to remain flat throughout
the forecast period;
•optimisation of variable capital and operating expenditure to align with gaming performance; and
•increase in B3 programme costs in FY26 and FY27 as well as business as usual financial crime
and host responsibility resources on an ongoing basis.
SkyCity Entertainment Group Directors adopted a ten‑year model and the enterprise value for SkyCity Adelaide that falls within
the enterprise value range as determined by Management.
Due to the significant uncertainty inherent in these estimates several sensitivities on the ten‑year outlook were undertaken and
analysed for consideration as part of the impairment assessment resulting in a range for the enterprise value of A$202.0 million
to A$221.8 million (2024: A$213.5 million to A$230.7 million) with resultant headroom of A$7.0 million to A$26.8 million.
The enterprise value prepared indicates that no impairment or reversal of a previous impairment is warranted premised on the
following financial assumptions:
•compound annual EBITDA (excluding B3 costs) growth rate f rom 2026 to 2035 of 5.7% (30 June 2024: 2025 to 2034 of 6.0%);
•terminal growth rate of 2.5 % (30 June 2024 of 2.5%); and
•post‑tax discount rate of 9.8% (30 June 2024: 11.0% which included an upward risk adjustment to reflect uncertainties in the
underlying cash flow assumptions. This risk adjustment has been removed f rom the discount rate and reflected in the cash
flow forecasts themselves this year).
SkyCity has engaged Grant Samuel and Associates Limited to independently determine the post‑tax discount rate.
The indicative enterprise value is highly sensitive to changes in its key assumptions and estimates. The sensitivities
below illustrate the range of the potential impact of +/‑ changes against the mid‑point of the enterprise value:
•a Carded Play impact assumption change of +/‑ 2.5% results in an approximate change in enterprise value of
A$6.4 million/NZ$6.9 million (2024: A$11.0 million/NZ$12.0 million) with all other factors remaining unchanged;
•a terminal growth rate change of +/‑ 0.5% results in an approximate change in enterprise value in the range
of A$11.1 – $12.8 million/NZ$11.9 ‑ $13.8 million (2024: A$7.0 ‑ $8.0 million/NZ$8.0 – $9.0 million);
•a discount rate change of +/‑ 0.4% results in an approximate change in enterprise value in the range of
A$13.5 – $15.1 million/NZ$14.5 ‑ $16.3 million (2024 at 0.5%: A$18.0 – $22.0 million/NZ$20.0 – $24.0 million);
•a cost inflator change on a fixed cost base of +/‑ 0.25% results in an approximate change in enterprise value of
A$20.7 million/NZ$22.3 million; and
•a change in resultant gaming machine share in FY35 of +/‑ 0.5% results in an approximate change in enterprise value
of A$27.1 – $29.5 million/NZ$29.2 – $31.8 million.
The Group will continue to complete annual impairment reviews of the SkyCity Adelaide GCU. Increases in the FVLCOD could
result in a partial reversal of impairment recognised to date. Decreases in the FVLCOD may result in the recognition of an
additional impairment charge.
SKYCITY ENTERTAINMENT GROUP I FINANCIAL STATEMENTS AND NOTES
34
24 RECEIVABLES AND PREPAYMENTS
ACCOUNTING POLICY
Trade receivables are recognised initially at transaction value and subsequently measured at amortised cost less impairment.
2025 2024
$’000 $’000
Net trade receivables
Trade receivables (gross) 5,483 8,143
Impairment (1,081) (1,052)
Trade receivables (net) 4,402 7,091
Other receivables 3,405 60,871
Prepayments 16,173 18,916
Total receivables and prepayments 23,980 86,878
Due to the short term nature of these receivables, and the fact that they are assessed for impairment, their carrying value
approximates fair value.
In the prior year $56.8 million was included in other receivables relating to the sale of the Group’s shareholding interest in
Gaming Innovation Group Inc.
25 CASH AND CASH EQUIVALENTS
2025 2024
$’000 $’000
Cash at bank 13,498 18,998
Cash in house 38,001 41,538
Total cash and cash equivalents 51,499 60,536
26 ASSETS HELD FOR SALE
ACCOUNTING POLICY
Non‑current assets are classified as assets held for sale when their carrying amount is to be recovered principally through a
sale transaction and a sale is considered highly probable. They are stated at the lower of carrying amount and fair value less
costs to sell.
Non‑current assets are not depreciated or amortised while they are classified as held for sale.
2025 2024
$’000 $’000
Land — 13,000
Total assets held for sale — 13,000
There are no assets held for sale at 30 June 2025. At the prior reporting date, the vacant land located in Franklin Road Queenstown
was subject to a sale and purchase agreement which had been entered into. In the current year, the purchase price was received,
title was transferred to the purchaser and the asset was derecognised.
Notes to the financial statements
35
27 PAYABLES AND PROVISIONS
ACCOUNTING POLICY
Accounts payable are initially recognised at fair value, net of transaction costs, and thereafter carried at amortised cost.
A provision is recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable
that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are
measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the
end of the reporting period. The discount rate used to determine the present value is a pre‑tax rate that reflects current market
assessments of the time value of money and the risks specific to the liability.
2025 2024
$’000 $’000
Trade payables 35,673 20,846
Deferred income 12,483 18,216
Accrued expenses 44,930 116,400
Employee benefits 50,662 47,346
Provisions 76 14,469
Regulatory provisions — 9,519
Total payables and provisions 143,824 226,796
The carrying amounts of trade and other payables approximates their fair value, due to their short term nature.
In the prior year, provisions and accruals were recognised in connection with several legal and regulatory matters: the civil
penalty proceedings initiated by the Department of Internal Affairs against SkyCity Casino Management Limited; a longstanding
contractual dispute between SkyCity Adelaide and Revenue South Australia regarding the interpretation of the Casino Duty
Agreement for calculating casino duty; and a regulatory penalty imposed on SkyCity Adelaide by the Australian Transaction
Reports and Analysis Centre (AUSTRAC). These matters have now been resolved.
28 SHARE CAPITAL
2025 2024 2025 2024
Shares Shares $’000 $’000
Opening balance of ordinary shares issued 760,205,209 760,205,209 1,342,436 1,343,027
Share rights issued for employee services — — 1,247 (620)
Net issue of treasury shares — — (56) 29
Closing balance of ordinary shares issued 760,205,209 760,205,209 1,343,627 1,342,436
All ordinary shares rank equally, carry one vote per share and carry the right to dividends.
Included within the number of shares is 986,280 treasury shares (2024: 1,471,616) held by a third party in connection with the
Company’s employee share schemes. The movement in treasury shares during the year related to the issuance of shares under
the employee incentive plans, and the exercise of share rights/options.
Notes to the financial statements
SKYCITY ENTERTAINMENT GROUP I FINANCIAL STATEMENTS AND NOTES
36
29 RESERVES
2025 2024
$’000 $’000
a) Reserves
Asset revaluation reserve 13,151 12,770
Hedging reserve – cash flow hedges (7,201) (3,329)
Foreign currency translation reserve (16,634) (16,460)
Cost of hedging reserve (628) (431)
Total reserves (11,312) (7,450)
Movements:
Asset Revaluation Reserve
Opening balance 12,770 12,770
Revaluation on transfer to investment property 381 —
Closing balance 13,151 12,770
Hedging Reserve – Cash Flow Hedges
Opening balance (3,329) (3,359)
Revaluation (22,795) (1,587)
Transfer to net profit – finance costs (net) 17,417 1,628
Deferred tax 1,506 (11)
Closing balance (7,201) (3,329)
Foreign Currency Translation Reserve
Opening balance (16,460) (16,674)
Exchange difference on translation of overseas subsidiaries (174) 214
Closing balance (16,634) (16,460)
Cost of Hedging Reserve
Opening balance (431) (3,172)
Revaluations (1,103) 2,650
Transfer to finance costs 829 1,157
Deferred tax 77 (1,066)
Closing balance (628) (431)
Notes to the financial statements
37
30 DERIVATIVE FINANCIAL INSTRUMENTS
ACCOUNTING POLICY
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re‑measured
at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a
hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as either:
1) hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedge); or
2) hedges of exposures to variability in cash flows associated with recognised assets or liabilities or highly probable forecast
transactions (cash flow hedges).
Fair Value Hedge
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in the Income
Statement, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
Cash Flow Hedge
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised
as equity in the hedging reserve. The gain or loss relating to the ineffective portion is recognised immediately in the Income
Statement.
Amounts accumulated in equity are recognised in the Income Statement in the periods when the hedged item will affect profit
or loss (for instance when the forecast sale that is hedged takes place).
When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting,
any cumulative gain or loss existing in equity at that time remains in equity and is recognised in the Income Statement when
the forecast transaction is ultimately recognised in the Income Statement. When a forecast transaction is no longer expected to
occur, the cumulative gain or loss that was reported in equity is transferred to the Income Statement.
Derivatives that do not Qualify for Hedge Accounting
Changes in the fair value of any derivative instrument that do not qualify for hedge accounting are recognised in the
Income Statement.
2025 2024 2025 2024
Notional Notional Fair Fair
value value value value
$’000 $’000 $’000 $’000
Current Assets
Interest rate swaps – cash flow hedges — 80,000 — 591
Forward foreign exchange contracts 73,980 85,143 165 1,892
Cross currency interest rate swaps – cash flow hedges
1
— 146,630 — 15,430
Total current derivative financial instrument assets 73,980 311,773 165 17,913
Non‑current Assets
Interest rate swaps – cash flow hedges 60,000 140,000 57 550
Cross currency interest rate swaps – cash flow hedges
1
246,914 — 664 —
Total non‑current derivative financial instrument assets 306,914 140,000 721 550
Total derivative financial instrument assets 886 18,463
Current Liabilities
Forward foreign currency contracts 1,800 81,838 14 366
Interest rate swaps – cash flow hedges 80,000 — 533 —
Total current derivative financial instrument liabilities 81,800 81,838 547 366
Non‑current Liabilities
Cross currency interest rate swaps – cash flow hedges
1
128,999 128,999 2,961 7,171
Interest rate swaps – cash flow hedges 180,000 20,000 2,066 7
Total non‑current derivative financial instrument liabilities 308,999 148,999 5,027 7,178
Total derivative financial instrument liabilities 5,574 7,544
Total net derivative financial instruments (4,688) 10,919
1. A component of the interest margin in US$225.0 million (2024: US$175.0 million) of these cross currency interest rate swaps (CCIRS) is treated as
a fair value hedge.
Notes to the financial statements
SKYCITY ENTERTAINMENT GROUP I FINANCIAL STATEMENTS AND NOTES
38
31 FINANCIAL RISK MANAGEMENT
The Group’s activities expose it to a variety of financial risks market risks (including currency and interest rate risk), liquidity risk,
and credit risk. The Group’s overall risk management programme recognises the nature of these risks and seeks to minimise
potential adverse effects on the Group’s financial performance. The Group uses derivative financial instruments to hedge certain
risk exposures.
Risk management is carried out under a formal Treasury Policy approved by the Board. The Treasury Policy sets out written
principles for overall risk management, as well as policies covering specific areas such as currency risk, interest rate risk, and
credit risk.
A) MARKET RISK
i) Currency Risk
The Group operates internationally and is exposed to currency risk, primarily with respect to Australian and US dollars and
the Euro. Exposure to the Australian dollar and the Euro arises f rom the Group’s investment in, and intercompany loans to, its
Australian and Online operations. Exposure to the US dollar arises f rom USPP funding denominated in that currency.
The Group utilises natural hedges wherever possible with forward foreign exchange contracts used to manage any significant
residual risk to the Income Statement.
The Group’s exposure to the US dollar (refer to the USPP notes detailed in note 12) has been fully hedged by way of CCIRS,
hedging US dollar exposure on both principal and interest. The CCIRS correspond in amount and maturity to the US dollar
borrowings with no residual US dollar exposure.
ii) Interest Rate Risk
The Group’s interest rate risk arises f rom long term borrowings.
Interest rate swaps (IRS) and CCIRS are utilised to modify the interest repricing profile of the Group’s debt to match the profile
required by the Treasury Policy. All IRS and CCIRS are in designated hedging relationships that are highly effective.
As the Group has no significant interest bearing assets, the Group’s income is substantially independent of changes in market
interest rates.
B) CREDIT RISK
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its financial
obligations. SkyCity is largely a cash based business and its material credit risks arise mainly f rom financial instruments utilised in
funding activity.
Financial instruments that potentially create a credit exposure can only be entered into with counterparties that are explicitly
approved by the Board.
The maximum credit risk of any financial instrument at any time is the fair value where that instrument is an asset. All derivatives
are carried at fair value in the Balance Sheet. Trade receivables are presented net of impairment.
C) LIQUIDITY RISK
Liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of
unutilised committed credit facilities. The Group manages liquidity risk by continuously monitoring forecast and actual cash flows and
maintaining flexibility in funding by keeping committed credit lines available with a variety of counterparties and maturities.
Notes to the financial statements
39
31 FINANCIAL RISK MANAGEMENT (CONTINUED)
MATURITIES OF COMMITTED FUNDING FACILITIES
Debt maturities are detailed in note 12.
Less Between Between
than 6 6 – 12 1 and 2 2 and 5 over 5
months months years years years Total
$’000 $’000 $’000 $’000 $’000 $’000
30 June 2025
Bank facility — — — 275,000 — 275,000
USPP notes — — — 198,230 246,283 444,513
New Zealand bonds — — 175,000 — — 175,000
Lease liabilities 3,523 3,286 7,014 24,017 99,123 136,963
Total committed debt facilities 3,523 3,286 182,014 497,247 345,406 1,031,476
Total drawn debt 3,523 3,286 182,014 272,247 345,406 806,476
Future contracted interest on drawn debt 16,916 15,968 31,622 69,817 17,961 152,284
Future interest of lease liabilities 3,822 3,634 6,999 18,603 376,501 409,559
Future contracted interest on CCIRS/IRS 1,158 930 1,262 1,500 162 5,012
Total drawn debt and derivatives 25,419 23,818 221,897 362,167 740,030 1,373,331
30 June 2024
Bank facility — 175,000 100,000 57,500 — 332,500
USPP notes — 161,116 — 71,549 124,375 357,040
New Zealand bonds — — — 175,000 — 175,000
Lease liabilities 961 2,324 4,506 14,883 98,758 121,432
Total committed debt facilities 961 338,440 104,506 318,932 223,133 985,972
Total drawn debt 961 243,440 4,506 261,432 223,133 733,472
Future contracted interest on
drawn debt (restated) 13,400 9,941 17,410 36,443 5,667 82,861
Future interest of lease liabilities (restated) 3,251 3,199 6,235 17,400 380,449 410,534
Future contracted interest on
CCIRS/IRS (restated) 2,533 1,656 1,702 7,928 1,934 15,753
Total drawn debt and derivatives (restated) 20,145 258,236 29,853 323,203 611,183 1,242,620
During the current year, the Group identified an error in the prior year’s disclosure of total drawn debt and derivatives,
as presented in note 31(C). The error related to the calculation of interest, where future interest amounts were incorrectly
accumulated across periods rather than reflecting the interest applicable to each specific period.
This misstatement affected the maturity analysis disclosure only and had no impact on the total debt outstanding, the Group’s
financial position, or profit and loss. The comparative figures in note 31(C) have been restated to correct this presentation error
and ensure accurate period‑specific disclosure.
D) FAIR VALUE ESTIMATION
Other than the New Zealand bonds, which are listed on the NZDX and therefore level 1 in the fair value hierarchy, all SkyCity
financial instruments that are carried at fair value, which includes CCIRS, IRS and forward foreign currency contracts, are valued
using level 2 in the fair value hierarchy.
The fair value of financial instruments that are not traded in an active market (for example, over the counter derivatives) is
determined by using valuation techniques. These valuation techniques maximise the use of observable market data where
it is available and rely as little as possible on entity specific estimates.
Specific valuation techniques used to value financial instruments include:
•the fair value of IRS and CCIRS is calculated as the present value of the estimated future cash flows based on observable yield
curves; and
•the fair value of forward foreign exchange contracts is determined using forward exchange rates at the reporting date,
with the resulting value discounted back to present value.
Further details on derivatives are provided in note 30.
Notes to the financial statements
SKYCITY ENTERTAINMENT GROUP I FINANCIAL STATEMENTS AND NOTES
40
31 FINANCIAL RISK MANAGEMENT (CONTINUED)
E) CAPITAL RISK MANAGEMENT
The Group’s objectives when managing capital are to safeguard its ability to continue as a going concern and to maximise
returns for shareholders and benefits for other stakeholders over the long term.
In order to optimise its capital structure, the Group manages actual and forecast operational cash flows, capital expenditure and
equity distributions.
The Group primarily manages capital on the basis of gearing measured as a ratio of net debt (debt at hedged exchange
rates less cash and cash equivalents) to underlying EBITDA and interest coverage (underlying EBITDA relative to net interest
cost). Underlying EBITDA is a non‑GAAP measure used to report to the market. It is based on EBITDA as shown in the Income
Statement with adjustments to eliminate fair value movements, impairments and impacts of unusual events.
During the current reporting period, the Group revised the methodology used to calculate the gearing ratio and interest
cover ratio to align with the definitions stipulated in its financing agreements with its principal lenders. This change ensures
consistency with the financial covenants required under the Group’s loan facilities.
The previous methodology differed f rom the covenant definitions, and the restatement provides a more accurate reflection of
the Group’s compliance with its capital management obligations.
The comparative figures for the year ended 30 June 2024 have been restated accordingly. This restatement has no impact on the
Group’s profit, net assets, or cash flows for the comparative period.
The primary ratios were as follows at 30 June:
Restated
2025 2024
Gearing ratio 3.1x 2.3x
Interest cover ratio 5.2x 7.9x
32 SHARE BASED PAYMENTS
ACCOUNTING POLICY
SkyCity operates equity settled, share based compensation plans. The fair value of the employee services received in exchange
for the grant of the share rights is recognised as an expense. The total amount to be expensed over the vesting period is
determined by reference to the fair value of the share rights granted, excluding the impact of any non‑market vesting conditions
(for example, profitability and sales growth targets). At each reporting date, the Company revises its estimates of the number of
shares expected to be distributed. It recognises the impact of the revision of original estimates, if any, in the Income Statement,
and a corresponding adjustment to equity over the remaining vesting period.
CURRENT PLANS
Executive Long Term Incentive Restricted Share Rights Plan (LTI RSR Plan)
Under the LTI RSR Plan, certain senior executives are granted restricted share rights (RSRs). The grants are subject to the rules of
the SkyCity Restricted Share Rights Long Term Incentive Plan (FY24 and FY25). Each RSR granted confers a right to receive one
ordinary share in the Company, which will only vest if the relevant employee remains continuously employed by the Company
(or a company within the Group) f rom the date of issue until the relevant vesting date and provided that certain performance
measures are met, both financial and non‑financial. The performance conditions for the FY25 allocation are measured against
Absolute Total Shareholder Return (aTSR) with a cost of equity hurdle and Long Term Strategic and Risk Objectives. If vesting
conditions are not met, the RSRs will lapse and no shares will be awarded to the participating executives. Participants in the LTI
RSR Plan do not have the right to receive any dividends in respect of RSRs. However, if any RSRs vest and Shares are issued or
transferred, then, in the Board’s sole discretion, a cash payment may be paid to a participant, equivalent to the cash dividends
declared and/or paid on Shares f rom the date of issue of RSRs to the date such Shares are issued or transferred. Any such amount
will be paid in cash on such date as the Board may determine (in its sole discretion) and will not include any imputation credits,
f ranking credits or similar benefits in respect of such dividends.
Notes to the financial statements
41
32 SHARE BASED PAYMENTS
(CONTINUED)
Long Term Incentive Retention
Restricted Share Rights
(LTI Retention RSRs)
On 30 November 2022, a one off
issue of RSRs was granted to the
Chief Operating Officer in lieu of an
entitlement to the annual allocation
of ordinary shares under the SkyCity
Executive Long Term Incentive Plan
set to occur in October 2022. The grant
is subject to the rules of the SkyCity
Restricted Share Rights Plan, as
amended by the specific terms of the
LTI Retention RSRs grant.
Each RSR confers a right to receive
one ordinary share in the Company.
There are no performance measures
associated with the vesting of the RSRs
under the LTI Retention RSRs grant
other than continued employment by
the Company at the respective vesting
dates being:
•8 September 2025 in respect of 50% of
the RSRs; and
•8 September 2026 in respect of the
remaining 50% of the RSRs.
Each vested RSR may be exercised on
or before the termination date (being 8
September 2027) by paying the exercise
price of $2.85657 per RSR, as reduced by
the aggregate cash amount per share
of any dividends paid by the Company
between 8 September 2022 and the
relevant date of exercise of the RSR. No
dividends will be paid on the RSRs.
On 23 December 2024, a one off issue
of RSRs was granted to the Chief
Executive Officer, the Chief Financial
Officer and the Chief Operating Officer.
The grant is subject to the rules of the
SkyCity Restricted Share Rights Plan, as
amended by the specific terms of the
LTI Retention RSRs grant.
Each RSR confers the right to receive
one ordinary share in the Company
upon the satisfaction of the terms of
the retention RSR plan. The conversion
of the RSRs to ordinary shares upon
satisfaction of terms of the plan during
the period of the plan the respective
vesting dates, being:
•15 January 2028 in respect of tranche 1
of the RSRs; and
•15 July 2029 in respect of tranche 2
of the RSRs.
Each vested RSR may be exercised on or
before the termination date (being
15 July 2029 for tranche 1 and 15 July 2031
for tranche 2) by paying the exercise
price of $1.37 per RSR as reduced by
the aggregate cash amount per share
of any dividends paid by the Company
between 15 July 2024 and relevant date
of exercise date of the RSR. No dividends
will be paid on the RSRs.
Performance Incentive Plan (PIP)
The PIP includes both cash (the short
term incentive scheme component
of the PIP) and deferred equity
components (the deferred short term
incentive component of the PIP). The
PIP is no longer used as an incentive
plan. The final tranche will vest to
eligible participants in September 2025.
The deferred short term incentive
scheme under the PIP offers
participants, subject to the relevant
performance conditions being met,
the opportunity to acquire RSRs of an
amount equivalent to between 10%
and 50% of their base salary. RSRs (if
any) issued to a participant on a short
term incentive cash payment date
(Declaration Date) will only vest if that
participant remains an employee up
and until:
•the first anniversary of the Declaration
Date in respect of 50% of the RSRs;
and
•the second anniversary of the
Declaration Date in respect of the
remaining 50% of the RSRs.
However, if a participant’s deferred
short term incentive entitlement in
any financial year is to RSRs having
a value of $10,000 or less (calculated
using the volume weighted average
sale price of the Company’s shares
used to determine the number of RSRs
to be issued to the participant), the
RSRs will not be split out equally into
two separate tranches, but will instead
comprise one tranche and (subject
to the vesting criteria being satisfied)
vest to the participant on the first
anniversary of the Declaration Date.
These RSRs will be issued to staff after
the finalisation of the Group’s results.
The SkyCity Short Term Incentive Plan
(STI Plan)
The STI Plan allows invited employees
to share in the success of SkyCity by
offering them the opportunity, upon
achievement of agreed financial,
non‑financial and company risk goals,
to earn a cash payment, and for certain
senior salaried employees, acquire fully
paid Shares in SkyCity under a deferred
component. The deferred component
vests to employees as fully paid Shares
in SkyCity on 1 September the year
following the allocation of RSRs.
A prior plan, the Executive Long Term
Incentive Plan (LTI Plan), was replaced
with the LTI RSR plan f rom 2023. Under
the LTI Plan, executives purchased
ordinary shares of the Company funded
by an interest‑f ree loan f rom the Group.
The shares purchased by the executives
are held by a trustee company with
executives entitled to exercise the
voting rights attached to the shares and
receive dividends, the proceeds of which
are used to repay the interest‑f ree loan.
At the end of the restricted period
(three years), the Group pays a bonus
to each executive to the extent their
performance targets have been met
which is sufficient to repay the initial
interest f ree loan associated with the
shares which vest. The shares upon
which performance targets have
been met will then fully vest to the
executives. The loan owing on shares
upon which performance targets have
not been met (the forfeited shares) will
be novated f rom the executives to the
trustee company and will be fully repaid
by the transfer of the forfeited shares.
Performance measures relate to the
total shareholder return relative to the
cost of equity for the Group and other
comparable companies.
Notes to the financial statements
SKYCITY ENTERTAINMENT GROUP I FINANCIAL STATEMENTS AND NOTES
42
32 SHARE BASED PAYMENTS (CONTINUED)
Outstanding Share Rights
Movements in the number of RSRs outstanding are as follows:
Grant DateExpiry date
Balance
at start
of the year
Number
Granted
during
the year
Number
Exercised
during
the year
Number
Expired
during
the year
Number
Balance
at end of
the year
Number
2025
LTI Plan
08/09/2108/09/24150,690—(25,116)(125,574)—
LTI RSR Plan
08/09/2208/09/25136,810——(78,448)58,362
06/09/2306/09/26385,849——(109,324)276,525
05/09/2405/09/27—1,405,829—(86,067)1,319,762
LTI Retention RSRs
08/09/2208/09/27675,676———675,676
30/10/2415/07/31—10,572,789——10,572,789
PIP
21/09/2221/09/2468,534—(68,534)——
13/09/2313/09/24389,290—(378,195)(11,095)—
13/09/2313/09/25327,485——(59,524)267,961
19/09/2319/09/2413,491—(13,491)——
19/09/2319/09/2513,491——(2,855)10,636
Total2,161,31611,978,618(485,336)(472,887)13,181,711
2024
LTI Plan
17/09/2017/09/23498,128—(83,022)(415,106)—
08/09/2108/09/24150,690———150,690
LTI RSR Plan
08/09/2208/09/25136,810———136,810
06/09/2306/09/26—385,849——385,849
CEO RSR Grant
08/09/2108/09/263,947,368——(3,947,368)—
LTI Retention RSRs
08/09/2208/09/27675,676———675,676
PIP
07/09/2107/09/22316,289—(314,482)(1,807)—
07/09/2107/09/23218,858—(218,858)——
21/09/2221/09/2387,540——(19,006)68,534
13/09/2313/09/24—410,310—(21,020)389,290
13/09/2313/09/25—379,040—(51,555)327,485
19/09/2319/09/24—55,489—(41,998)13,491
19/09/2319/09/25—51,687—(38,196)13,491
Total6,031,3591,282,375(616,362)(4,536,056)2,161,316
The weighted average remaining contractual life of rights outstanding at the end of the period was 5.0 years (2024: 1.68 years).
Notes to the financial statements
43
32 SHARE BASED PAYMENTS (CONTINUED)
FAIR VALUES
Fair Value of Share Rights Granted (LTI RSR Plan)
The assessed fair value at grant date of the rights granted on 5 September 2024 was $0.52. This was calculated using the
binomial model by Grant Samuel Corporate Advisory.
The valuation inputs for the rights granted on 5 September 2024 included:
a) rights are granted for no cash consideration;
b) exercise price: nil; and
c) share price at grant date: $1.45.
The expected price volatility is derived by analysing the historic annual volatility as its forward estimate for valuation over a
recent historical period similar to the term of the right.
Fair Value of LTI Retention Restricted Share Rights (LTI Retention RSRs)
The assessed fair value of the rights granted on the 30 October 2024 for tranche 1 RSRs was $0.37 and for tranche 2 shares was
$0.44. These were calculated using the Black Scholes model by Ernst & Young Transaction Advisory Services Limited.
The valuation inputs for the rights granted on 30 October 2024 included:
a) rights are granted for no consideration;
b) exercise price: $1.37 and is adjusted for dividends paid over the term of the options; and
c) share price at grant date: $1.37.
The expected price volatility is derived by analysing the historic volatility over a recent historical period similar to the term of
the right, the same volatility has been applied to both tranches.
Fair Value of SkyCity Deferred Share Rights (PIP Plan)
The assessed value of each 2023 right was determined by Ernst & Young Transaction Advisory Services Limited. RSRs vesting
one year after year end were valued in 2024 at $2.50 and RSRs vesting two years after year end were valued in 2024 at $2.24. No
valuation was performed in 2025 due to the current share price.
Expenses Arising from Share Based Payment Transactions
Total expenses arising f rom share based payment transactions recognised during the period as part of employee benefit
expense were as follows:
2025 2024
$’000 $’000
Rights issued under share rights plans 1,247 (620)
33 RELATED PARTY TRANSACTIONS
A) KEY MANAGEMENT PERSONNEL COMPENSATION
Key management personnel compensation is set out below.
In the current financial year, the composition of key management personnel has been updated to include the Directors, Chief
Executive Officer (CEO), Chief Financial Officer (CFO), and Chief Operating Officer (COO). This represents a change f rom the prior
financial year, where key management personnel comprised the Directors and the broader Senior Leadership Team.
This change reflects a refined definition of key management personnel, focusing on those individuals with the authority and
responsibility for planning, directing, and controlling the activities of the entity at the highest level.
Short-term Share-based
benefits payments Total
$’000 $’000 $’000
2025 4,919 976 5,895
2024 Restated 4,461 408 4,869
B) OTHER TRANSACTIONS WITH KEY MANAGEMENT PERSONNEL OR ENTITIES RELATED TO THEM
Certain directors and management have relevant interests in a number of companies with which SkyCity has transactions in the
normal course of business. A number of SkyCity directors are also non executive directors of other companies – some of which are
disclosed in a register of directors’ interests maintained by SkyCity. Any transactions undertaken with these entities have been
entered into in the normal course of business.
Certain directors and management hold shares in SkyCity and receive dividends, if payable, in the normal course of business.
From time to time, certain directors provide additional services to the Group outside of their capacity as directors. Additional fees
of $6,625 were paid in the current year to Donna Cooper for the provision of consultancy services to the Company in relation to
strategic communications and the organisational transformation programme (2024: $190,038 relating to various directors).
C) SUBSIDIARIES
Interests in subsidiaries are set out in note 34.
Notes to the financial statements
SKYCITY ENTERTAINMENT GROUP I FINANCIAL STATEMENTS AND NOTES
44
34 SUBSIDIARIES
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance
with the accounting policy described in note 3(A):
Equity Holding
Principal place Class of 2025 2024
of business shares % %
Cashel Asset Management Limited New Zealand Ordinary 100% 100%
Horizon Tourism (New Zealand) Limited
(formerly SkyCity Wellington Limited) New Zealand Ordinary 100% 100%
New Zealand International Convention
Centre Limited New Zealand Ordinary 100% 100%
Otago Casinos Limited New Zealand Ordinary 100% 100%
Sky Tower Limited New Zealand Ordinary 100% 100%
SkyCity Action Management Limited New Zealand Ordinary 100% 100%
SkyCity Auckland Holdings Limited New Zealand Ordinary 100% 100%
SkyCity Auckland Limited New Zealand Ordinary 100% 100%
SkyCity Casino Management Limited New Zealand Ordinary 100% 100%
SkyCity Hamilton Limited New Zealand Ordinary 100% 100%
SkyCity International Holdings Limited New Zealand Ordinary 100% 100%
SkyCity Investments Australia Limited New Zealand Ordinary 100% 100%
SkyCity Investments Queenstown Limited New Zealand Ordinary 100% 100%
SkyCity Management Limited New Zealand Ordinary 100% 100%
SkyCity Properties Albert St Limited New Zealand Ordinary 100% 100%
SkyCity Queenstown Limited
(formerly Queenstown Casinos Limited) New Zealand Ordinary 100% 100%
SkyCity Adelaide Pty Limited Australia Ordinary 100% 100%
SkyCity Australia Finance Pty Limited Australia Ordinary 100% 100%
SkyCity Australian Limited Partnership Australia Ordinary 100% 100%
SkyCity Australia Pty Limited Australia Ordinary 100% 100%
SkyCity Treasury Australia Pty Limited Australia Ordinary 100% 100%
Horizon Tourism Limited Hong Kong Ordinary 100% 100%
SkyCity Investment Holdings Limited Hong Kong Ordinary 100% 100%
SkyCity Malta Holdings Limited Malta Ordinary 100% 100%
SkyCity Malta Limited Malta Ordinary 100% 100%
SkyCity Management (UK) Limited United Kingdom Ordinary 100% 100%
All subsidiaries have balance dates of 30 June.
Notes to the financial statements
45
35 CONTINGENCIES
A) CONTINGENT LIABILITIES
SkyCity operates in a highly regulated
industry. During the current financial
year, there has been continued focus on
the casino industry in both New Zealand
and Australia.
SkyCity takes its regulatory obligations
seriously and continues to engage
proactively with its regulators and
respond to their inquiries.
Independent Review
As further detailed in the Group’s
financial statements for the year
ended 30 June 2024, the Honourable
Brian Martin AO KC was appointed
to undertake an independent review
of SkyCity Adelaide in accordance
with Part 3 of the Casino Act 1997
(SA) to consider, amongst other
things, whether SkyCity Adelaide
is a suitable person to continue to
hold the casino licence in South
Australia, whether the Company is
a suitable person to continue to be
a close associate of SkyCity Adelaide
amongst other matters. In addition,
Kroll Australia Pty Limited (Kroll) has
been appointed as the independent
expert by SkyCity Adelaide to review its
anti‑money laundering and counter
terrorism financing (AML/CTF) and
host responsibility enhancement
programmes, and if required make
amendments to those programmes,
and monitor their implementation
and SkyCity Adelaide’s compliance
with its AML/CTF and gambling harm
minimisation obligations.
On 12 August 2025 Mr Martin’s report
was released publicly. The report
concluded that SkyCity Adelaide was
suitable to hold the SkyCity Adelaide
casino licence, and that the Company
was a suitable person to be a close
associate of SkyCity Adelaide.
The Liquor and Gambling
Commissioner has advised that he is
considering the findings of the report
as well as ongoing work by Consumer
and Business Services to determine
what enforcement action he make
decide to take.
At this time, it is not possible to
determine what regulatory action, if any,
might be applied to SkyCity Adelaide
as a result of the independent review.
Consequently, at the reporting date
there is no present obligation, and a
provision has not been recognised in
relation to this matter.
The Company and SkyCity Adelaide
will continue to cooperate with CBS
and Kroll and any further requests for
information and/or documents.
Casino (Penalties) Amendment
Act 2024 (SA)
On 21 November 2024, the Casino
(Penalties) Amendment Act 2024 (SA)
(Penalties Act) came into operation in
South Australia.
The Penalties Act has amended the
Casino Act 1997 (SA) and Gambling
Administration Act 2019 (SA) by
introducing a range of new and
significantly increased penalties for
contraventions of those Acts in line with
the penalty regimes in other Australian
states, whether imposed for criminal
offending, as expiation fees or as a fine
imposed by taking disciplinary action.
The Penalties Act also establishes new
causes for the South Australian Liquor
and Gambling Commissioner to take
disciplinary action against the holder of
the Adelaide casino licence.
Of particular note, the Penalties Act
gives the Commissioner power to
impose a financial penalty on SkyCity
Adelaide, as a casino licensee, either in
the form of a default notice requiring
payment of up to A$1.0 million
(increased f rom A$10,000) or by taking
disciplinary action and issuing a fine not
exceeding A$75 million (increased f rom
A$100,000).
The transitional provisions contained
within the Penalties Act clarify that
the changes made to the maximum
fine that can be imposed by taking
disciplinary action, as well as the new
causes for taking disciplinary action, will
apply to conduct which has occurred
prior to commencement of the
provisions (should such circumstances
come to light), as well as to disciplinary
action which has commenced but
has not yet reached the stage of
determining the penalty.
Other Regulatory Matters
The Group receives correspondence
f rom and engages with its regulators
f rom time to time as required
regarding the Group’s business
operations, including in relation to
regulator audits/reviews, and adverse
media and/or complaints about the
Group’s operations.
In the case of any alleged wrongdoing
by the Group, the appropriate regulatory
response or action by a regulator
(where contraventions are admitted
or established) is very specific to the
facts in each case and may include no
action, a formal warning, the payment
of a penalty/fine or, where the matter
relates to the Group’s casino operations,
an application to suspend and/or cancel
the relevant casino licence under the
Gambling Act, Casino Act 1997 (SA)
and/or Gambling Administration Act
2019 (SA) as applicable. Provisions are
recognised in relation to such matters
only where an obligation exists at the
reporting date.
B) CONTINGENT ASSETS
The Group has filed legal proceedings
against Fletcher Building Limited and
The Fletcher Construction Company
Limited (together, Fletchers).
The Claim seeks damages for losses
incurred by SkyCity arising f rom ongoing
delays in the completion of the NZICC
project, including as a result of the 2019
fire. SkyCity’s claim alleges that Fletchers
breaches of contract, including those
which caused the fire, constituted gross
negligence, and/or a persistent, flagrant
or wilful neglect to carry out obligations
under the building works contract.
SkyCity claims that it is entitled under
the contract to liquidated damages of
over $330 million f rom Fletchers.
Recovery is not virtually certain
as the matter is before the courts
and therefore no income has been
recognised at this stage and hence the
claim is classified as a Contingent Asset.
It is not however practical or appropriate
at this stage to estimate a specific value
for that Contingent Asset.
In the year ended 30 June 2024 the
group identified $50.8 million of costs
incurred to date as a contingent asset. At
that time SkyCity noted that this did not
include the full extent of the costs and
losses that have been incurred or that
could be claimed f rom Fletchers relating
to the fire and construction delays.
There are no other significant contingent
assets at 30 June 2025 (30 June 2024: no
additional contingent assets).
Notes to the financial statements
SKYCITY ENTERTAINMENT GROUP I FINANCIAL STATEMENTS AND NOTES
46
36 COMMITMENTS
A) CAPITAL COMMITMENTS
Capital expenditure contracted for at the reporting date but not recognised as liabilities is as set out below.
2025 2024
$’000 $’000
Property, plant and equipment 29,859 53,866
Capital commitments largely comprise estimations for NZICC construction completion.
37 RECONCILIATION OF PROFIT AFTER INCOME TAX TO NET CASH INFLOW
FROM OPERATING ACTIVITIES
2025 2024
$’000 $’000
Profit/(Loss) for the year 29,234 (143,348)
Depreciation and amortisation 94,213 92,021
Net finance costs 53,718 15,996
Fair value losses to investment property 2,362 3,979
Current period employee share expense 1,247 (620)
Loss/(Gain) on sale of fixed assets 255 (124)
Share of losses of associates — (158)
Gain on termination of Car Park Concession Agreement — (4,837)
Gain on sale of associate — (9,633)
NZICC fire related income — (45,926)
Asset impairment — 94,326
NZICC fire related costs — 52,390
Change in operating assets and liabilities
Change in tax receivable – current 7 5
Change in inventories 264 207
Change in receivables and prepayments 65,378 (26,912)
Change in non‑current receivables and prepayments (604) —
Change in deferred tax asset 3,599 (26,886)
Change in current payables (82,972) 10,799
Change in tax payable – current (23,764) (8,142)
Change in non‑current payables (8,680) 955
Change in deferred tax liability (3,047) 154,639
Investing and financing items included in working capital movements (86,048) 44,843
Net cash inflow from operating activities 45,162 203,574
38 EVENTS OCCURRING AFTER THE REPORTING DATE
A) INDEPENDENT REVIEW
As further described in note 35 Contingent Liabilities, on 12 August 2025 the report of the Honourable Brian Martin AO KC
as whether SkyCity Adelaide is a suitable person to continue to hold the casino licence in South Australia, and whether the
Company is a suitable person to continue to be a close associate of SkyCity Adelaide, was released publicly. The report concluded
that SkyCity Adelaide was suitable to hold the SkyCity Adelaide casino licence, and that the Company was a suitable person to be
a close associate of SkyCity Adelaide.
The Liquor and Gambling Commissioner has advised that he is considering the findings of the report as well as ongoing work by
Consumer and Business Services to determine what enforcement action he make decide to take. At this time, it is not possible to
determine what regulatory action, if any, might be applied to SkyCity Adelaide as a result of the independent review.
B) EQUITY RAISE
On 21 August 2025, the Group will announce a fully underwritten accelerated non renounceable entitlement offer and
institutional placement (Offer). SkyCity is seeking to raise gross proceeds of approximately $240 million under the Offer to
provide balance sheet resilience to navigate a period of economic weakness and execute on near‑term priorities. The proceeds
are intended to be used to repay debt and provide ongoing support to ensure the Group’s forecast ability to comply with its
debt covenants. Completion of the placement and institutional component of the entitlement offer is anticipated to occur by
28 August 2025, and completion of the retail component of the entitlement offer is anticipated to occur by 11 September 2025.
Notes to the financial statements
47
---
Results Announcement
Results for Announcement to the Market
Name of issuer SkyCity Entertainment Group Limited (SkyCity)
Reporting period 12 months to 30 June 2025
Previous reporting period 12 months to 30 June 2024
Currency New Zealand dollars
Reported Amount (million) Percentage change
Reported revenue from
continuing operations
1
$825.2 -11.1%
Total reported revenue
1
$825.2
-11.1%
Reported profit from
continuing operations
$29.2 120.4%
Reported total net profit
(loss)
$29.2 120.4%
Underlying Amount (million) Percentage change
Underlying revenue $825.2 -5.2%
Underlying total net profit $71.5 -42.0%
Notes:
- ‘Reported’ information is per the financial statements;
- ‘Underlying’ results adjust for certain revenue and expense items. Reconciliation between reported and
underlying financial information is provided at the end of this announcement;
- ‘EBITDA’ means earnings before interest, tax, depreciation and amortisation;
- ‘EBIT’ means earnings before interest and tax;
- ‘NPAT’ means net profit after tax; and
- certain totals, subtotals and percentages may not agree due to rounding.
1
On the Income Statement, this is the total of revenue and other income.
Results Announcement
Final Dividend
Amount per Quoted Equity
Security
Not Applicable – no dividend payable
Imputed amount per
Quoted Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.9560 $0.9317
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
SkyCity’s FY25 performance is set out in the company’s
Investor Presentation attached to this announcement, which
provides detail and explanatory comment on:
- operating and financial performance for each business unit
and the SkyCity Group as a whole; and
- various other relevant aspects of the financial performance,
for the year ended 30 June 2025.
The Investor Presentation will be available on the company’s
website from 21 August 2025.
Authority for this announcement
Name of person authorised
to make this
announcement
Phil Leightley
Contact person for this
announcement
Phil Leightley
Contact phone number 09 971 5506
Contact email address
phil.leightley@skycity.co.nz
Date of release through
MAP
21 August 2025
Audited financial statements accompany this announcement.
NZX Appendix
Results Announcement
Reconciliation between Reported and Underlying Financial Information
The Group’s objective in preparing underlying financial information is to enable the investment community to better understand the Group’s
underlying operational performance.
The Group achieves this objective by providing information that:
- is representative of SkyCity’s underlying performance as a potential indicator of future performance; and
- enables comparison across financial periods.
Underlying results are also used for internal purposes such as budgeting and staff incentives, but not for financing decisions.
Non-GAAP information is prepared in accordance with a Board approved Non-GAAP Financial Information Policy and is reviewed by the Board at
each reporting period.
Application of the Group’s Non-GAAP Financial Information Policy is consistent with the Board-approved approach.
NZX Appendix
Results Announcement
$m
FY25 FY24
Revenue EBITDA EBIT NPAT Revenue
(Restated)
EBITDA EBIT NPAT
Reported Results 825.2 216.1 121.9 29.2 928.5 138.2 46.2 (143.3)
Remove impact of the Casino Duty dispute 27.3
Remove impact of Adelaide B3 costs 17.6 17.6 17.6
Remove NZ deferred tax treatment changes (2.6) 149.0
Remove impact of NZICC Fire Accounting (48.4) 9.2 9.2 8.4
Remove Gain on Sale of shares
(9.6) (9.6) (9.6) (9.6)
Remove Asset Impairments
94.3 94.3 73.1
Remove Regulatory Penalties 35.9 35.9 35.8
Remove Provisions in relation to prior years
9.8 9.8 9.8
Underlying Results 825.2 233.7 139.5 71.5 870.5 277.8 185.8 123.2
• FY24 underlying revenue results have been restated to remove GST revenue reclassification and gaming rebates due to a change in company policy
---
THEULTIMATEEXPERIENCEINENTERTAINMENT
EQUITY RAISING AND
BALANCE SHEET INITIATIVES
INVESTOR PRESENTATION|21 AUGUST 2025
IMPORTANT NOTICE & DISCLAIMER
This presentation has been prepared by SkyCity Entertainment Group Limited (New Zealand incorporated company number 610568) (SkyCity) in relation to an offer of new fully paid ordinary shares in SkyCity (New Shares) by
way of a placement to eligible institutional and other selected investors (Placement) and a 1-for-3.35pro rata non-renounceable accelerated entitlement offer to eligible shareholders (Entitlement Offer, together with the
Placement, the Offer).
The Offer is made to eligible shareholders and other investors in New Zealand pursuant to the exclusion in clause 19 of schedule1 of the New Zealand Financial Markets Conduct Act 2013 (the FMCA).
The Offer is made to eligible shareholders and other investors in Australia in reliance on sections 708AA and 708A of the Australian Corporations Act 2001 (Cth) (Corporations Act) as notionally modified by ASIC Corporations
(Non-Traditional Rights Issue) Instrument 2016/84 and ASIC Instrument 20-0592.
INFORMATION OF A GENERAL NATURE
This presentation contains summary information about SkyCity and its activities that is current as of the date of this presentation. The information in this presentation is of a general nature and does not purport to be
complete nor does it contain all the information which a prospective investor may require in evaluating a possible investmentinSkyCity or that would be required in a product disclosure statement for the purposes of the
FMCA or a prospectus or other disclosure document for the purposes of the Corporations Act or the laws of any other jurisdiction. SkyCity is subject to disclosure obligations that require it to notify certain material information
to NZX Limited (NZX) and ASX Limited (ASX). This presentation should be read in conjunction with SkyCity's 2025 annual report, market releases and other periodic and continuous disclosure announcements released to NZX
and ASX, which are available at www.nzx.comor www.asx.com.auunder the ticker code "SKC". No information set out in this presentation will form the basis of any contract.
NZX AND ASX
The New Shares will be quoted on the NZX Main Board following completion of each of the Placement and Entitlement Offer, and an application will be made by SkyCity for the New Shares to be quoted on the ASX. Neither
NZX nor ASX accepts any responsibility for any statement in this presentation. NZX is a licensed market operator, and the NZXMain Board is a licensed market under the FMCA.
NOT FINANCIAL PRODUCT ADVICE
This presentation does not constitute legal, financial, tax, accounting, financial product or investment advice or a recommendation by SkyCity, the arranger, the joint lead managers, the underwriters, or any of their advisers to
acquire SkyCity's securities (including the New Shares). This presentation has been prepared without taking into accountthe objectives, financial situation or needs of individuals. Before making an investment decision,
prospective investors should consider the appropriateness of the information having regard to their own objectives, financialsituation and needs and consult a financial advice provider, solicitor, accountant or other
professional adviser if necessary. SkyCity is not licensed to provide financial product advice in respect of SkyCity securities.
INVESTMENT RISK
An investment in securities in SkyCity is subject to investment and other known and unknown risks, many of which are difficult to predict and are beyond the control of SkyCity. Refer to Appendix B "Key Risks" for a non-
exhaustive summary of certain key risks associated with SkyCity and the Offer. Neither SkyCity nor any other person named in this presentation guarantees the performance of SkyCity or any return on any securities of
SkyCity.
NOT AN OFFER
This presentation is not a prospectus or product disclosure statement or other offering document under New Zealand or Australianlaw or any other law (and will not be lodged with the New Zealand Companies Office,
Disclose Register, New Zealand Registrar of Financial Service Providers, the Australian Securities and Investments Commission(ASIC) or any other regulatory body). This presentation is for information purposes only and is not
an invitation or offer of securities for subscription, purchase or sale in any jurisdiction. The release, publication or distribution of this presentation (including an electronic copy) outside of New Zealand may be restricted by law.
If you come into possession of this presentation, you should observe such restrictions. Any non-compliance with these restrictions may contravene applicable securities laws. Refer to Appendix C “International Selling
Restrictions” of this presentation for more information.
Any decision to purchase New Shares in the Entitlement Offer must be made on the basis ofall information provided in relation to the Offer, including information to be contained or referred to in the separate offerdocument
made available on NZX and ASX (Offer Document) and SkyCity's other periodic and continuous disclosure announcements released to NZX and ASX. Any eligible shareholder who wishes to participate in the Entitlement Offer
should consider the Offer Document, in addition to SkyCity’s other periodic and continuous disclosure announcements released to NZX and ASX, in deciding to apply for New Shares under the Offer. Anyone who wishes to
apply for New Shares under the Entitlement Offer will need to apply in accordance with the instructions contained in the Offer Document and the application form or as otherwise communicated to shareholders. The release,
publication or distribution of this presentation (including an electronic copy) outside New Zealand or Australia may be restricted by law. Any recipient of this presentation who is outside New Zealand or Australia must seek
advice on and observe any such restrictions. Refer to Appendix C “International Selling Restrictions” of this presentation for information on restrictions on eligibility criteria to participate in the Placement and the institutional
component of the Entitlement Offer.
IMPORTANT NOTICE AND DISCLAIMER
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
2
RESTRICTIONS ON DISTRIBUTION
This presentation is not for distribution or release in the United States. This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or any other jurisdiction in
which such an offer would be unlawful. The offer and sale of the Entitlements and the New Shares have not been, and will not be,registered under the U.S. Securities Act of 1933 (the U.S. Securities Act). Accordingly, the
Entitlements may not be taken up by, and the New Shares may not be offered or sold to, any person in the United States exceptintransactions exempt from, or not subject to, the registration requirements under the U.S.
Securities Act and any other applicable securities laws of any state or other jurisdiction of the United States.
The information in this presentation has been prepared on the basis that all offers of New Shares in Australia under the Offer will be made to Australian resident investors to whom an offer of shares for issue may lawfully be
made without disclosure under Part 6D.2 of the Corporations Act because of sections 708A or 708AA of that Corporations Act asnotionally modified by ASIC Corporations (Non-Traditional Rights Issue) Instrument 2016/84 and
ASIC Instrument 20-0592.
DISCLAIMER
To the maximum extent permitted by law, each of SkyCity, the arranger, the joint lead managers and underwriters of the Offer andtheir respective related bodies corporate and affiliates including, in each case, their
respective shareholders, directors, officers, employees, agents and advisers, as the case may be (each, a Specified Person) disclaims and excludes all liability (whether in tort (including negligence) or otherwise) for any direct or
indirect loss, expense, damage, cost or other consequence (whether foreseeable or not) suffered by any person as a result of their participation in the Offer or from the use of or reliance on the information contained in, or
omitted from, this presentation, from refraining from acting because of anything contained in or omitted from this presentation or otherwise arising in connection therewith (including for negligence, default,
misrepresentation or by omission and whether arising under statute, in contract or equity or from any other cause). To the maximum extent permitted by law, no Specified Person makes any representation or warranty, either
express or implied, as to the currency, fairness, accuracy, completeness or reliability of the information and conclusions contained in this presentation, and you agree that you will not bring any proceedings against or hold or
purport to hold any Specified Person liable in any respect for this presentation or the information in this presentation and waive any rights you may otherwise have in this respect.
None of the arranger, the joint lead managers, the underwriters, nor their respective affiliates, related bodies corporate, or any of their respective directors, officers, partners, employees, agents or advisers (Advisers) take any
responsibility for any part of this presentation or the Placement or the Entitlement Offer. None of the Advisers have independently verified or will verify any of the content of this presentation and none of them are under any
obligation to you if they become aware of any change to or inaccuracy in the information in this presentation.
No Adviser has authorised, permitted or caused the issue, submission, dispatch or provision of this presentation and none of them makes or purports to make any statement in this presentation and there is no statement in
this presentation which is based on any statement by any of them. No Adviser takes responsibility for any part of this presentation, or the Offer, and makes no recommendations as to whether you or your related parties
should participate in the Offer, nor do they make any representations or warranties to you concerning the Offer. You represent, warrant and agree that you have not relied on any statements made by any Adviser in relation to
the Offer and you further expressly disclaim that you are in a fiduciary relationship with any of them, and agree that you are responsible for making your own independent judgment in relation to any matter arising in
connection with this presentation. No Adviser accepts or shall have any liability to any person in relation to the distribution of this presentation from or in any jurisdiction.
Determination of eligibility of investors for the purposes of the institutional component of the Entitlement Offer and the retail component of the Entitlement Offer is, in each case, determined by reference to a number of
matters, including legal and regulatory requirements, logistical and registry constraints and the discretion of the joint lead managers and SkyCity. SkyCity, the joint lead managers and each other Specified Person disclaim any
duty or liability (including for negligence) in respect of the exercise of that determination and the exercise or otherwise of that discretion, to the maximum extent permitted by law.
If you do not reside in a permitted offer jurisdiction, you will not be able to participate in the Offer. SkyCity, the joint lead managers and each other Specified Person disclaim any duty or liability (including for negligence) in
respect of the determination of your allocation. This presentation contains data sourced from and the views of independent thirdparties. In such data being replicated in this presentation, no Specified Person makes any
representation, whether express or implied, as to the accuracy of such data. The replication of any views in this presentation should not be treated as an indication that SkyCity or any other Specified Person agrees with or
concurs with such views.
PAST PERFORMANCE
Past performance, including past share price performance of SkyCity and pro forma historical information provided in this presentation is given for illustrative purposes only and should not be relied upon as (and is not, nor
provides any guidance as to) a promise, representation, warranty, guarantee or indication as to the past, present or future performance of SkyCity.
IMPORTANT NOTICE AND DISCLAIMER
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
3
FORWARD-LOOKING STATEMENTS
This presentation contains certain forward-looking statements with respect to the financial condition, results of operations andbusiness of SkyCity, including the FY26 and FY27 Outlook on slides 15 and 16. Forward-looking
statements can generally be identified by use of words such as 'approximate', 'project', 'foresee', 'plan', 'target', 'seek','expect', 'aim', 'intend', 'likely', 'anticipate', 'believe', 'estimate', 'may', 'should', 'will', 'objective’, 'assume',
'guidance', 'outlook' and other similar expressions within the meaning of securities laws of applicable jurisdictions, and includes statements regarding the outcome and effects of the equity raising.
This also includes statements regarding the timetable, conduct and outcome of the Offer and the use of proceeds thereof, statements about the plans, targets, objectives and strategies of SkyCity, statements about the
industry and the markets in which SkyCity operates and statements about the future performance of, and outlook for, SkyCity'sbusiness. Any indications of, or guidance or outlook on, future earnings or financial position or
performance and future distributions are also forward-looking statements.
All such forward-looking statements are not guarantees or predictions of future performance and involve known and unknown risks,significant uncertainties, assumptions, contingencies, and other factors, many of which are
outside the control of SkyCity, are difficult to predict, and which may cause the actual results or performance of SkyCity tobematerially different from any future results or performance expressed or implied by such forward-
looking statements. These forward-looking statements are not historical facts but rather are based on SkyCity's current expectations, estimates and projections about the industries in which it operates, and beliefs and
assumptions.
Such forward-looking statements speak only as of the date of this presentation. Except as required by law or regulation (including the NZX Listing Rules and the ASX Listing Rules), SkyCity undertakes no obligation to update
these forward-looking statements for events or circumstances that occur subsequent tothe date of this presentation or to update or keep current any of the information contained herein.
Any estimates or projections as to events that may occur in the future are based upon the best judgement of SkyCity from the information available as of the date of this presentation.
A number offactors could cause actual results or performance to vary materially from the projections, including the key risks set out inthis presentation. Investors should consider the forward-looking statements in this
presentation in light ofthose risks and disclosures.
In particular, investorsshould be aware that the statements in slides 15 and 16, and other statements and information regarding outlook, growth or strategy (collectively, the "outlook information") are forward-looking
statements. The outlook information has been prepared by SkyCity based on an assessment of current economic and operating conditions and various assumptions regarding future factors, events and actions, and general
macro-economic drivers. Investors should note that given the significant uncertainties that exist in the current operating conditions, the outlook information may not be achieved. The outlook information assumes the success
of SkyCity's business strategies, the success of which may not be realised within the period for which the outlook information has been prepared, or at all. The outlook information is subject to a number ofrisks, including the
risks set out in this presentation. Investors should be aware that the timing of actual events, and the magnitude of their impact, might differ from that assumed in preparing the outlook information, which may have a
material negative effect on SkyCity's actual financial performance, financial position and cash flows. In addition, the assumptions upon which the outlook information is based are subject to significant uncertainties and
contingencies, many of which are outside SkyCity's control, are not reliably predictable, and it is not reasonably possible to itemise each item. Accordingly, neither SkyCity nor any other person can give investors assurance that
the outcomes discussed in the outlook information will be achieved. Investors are strongly cautioned not to place undue relianceon any forward lookingstatements, such as indications of, and guidance on, outlook, future
earnings and financial position and performance.
GENERAL
For the purposes of this Disclaimer and Important Notice, ‘presentation’ means these slides, any oral presentation of these slides by SkyCity, any question-and-answer session that follows that oral presentation, hard copies of
this presentation and any materials distributed at, or in connection with, that presentation. The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to
change without notice. Subject to the NZX Listing Rules and ASX Listing Rules, SkyCity reserves the right to withdraw, or vary the timetable for the Offer, without notice. When used in this report, references to ‘SkyCity’ are
references to SkyCity Entertainment Group Limited together with its subsidiaries and its interests in associates. All referencesto financial year FY25 in this report are to the financial year ended 30 June 2025.
ACCEPTANCE
By attending or reading this presentation, you agree to be bound by the foregoing limitations and restrictions and, in particular, will be deemed to have represented, warranted, undertaken and agreed that: (i) you have read
and agree to comply with the contents of this Important Notice and Disclaimer; (ii) you are permitted under applicable laws and regulations to receive the information contained in this presentation; (iii) you will base any
investment decision solely on information released by SkyCity via NZX and ASX (including, in the case of the Entitlement Offer, the Offer Document); and (iv) this presentation may not be reproduced in any form or further
distributed to any other person, passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose.
IMPORTANT NOTICE AND DISCLAIMER
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
4
FINANCIAL INFORMATION
All dollar values are in New Zealand dollars ($ or NZD) unless otherwise stated.
SkyCity's statutory financial statements have been prepared in accordance with Generally Accepted Accounting Practice in New Zealand (NZ GAAP) and comply with the New Zealand Equivalents to International Financial
Reporting Standards (NZ IFRS) and other applicable Financial Reporting Standards, as appropriate for profitoriented entities. The financial information in this presentation is given for illustrative purposes only and should not be
relied upon as (and is not) an indication of SkyCity’s views on its future financial performance or condition. Investors should note that past performance of SkyCity, including the historical trading price of the shares, cannot be
relied upon as an indicator of (and provides no guidance as to) future performance of SkyCity, including the future trading price of shares.
Certain figures, amounts, percentages, estimates, calculations of value and fractions provided in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the
figures set out in this presentation.
NON-GAAP FINANCIAL INFORMATION
This presentation includes certain financial measures that are "non-GAAP (generally accepted accounting practice) financial information" under Guidance Note 2017: 'Disclosing non-GAAP financial information' published by the
New Zealand Financial Markets Authority, "non-IFRS financial information" under ASIC Regulatory Guide 230: 'Disclosing non-IFRS financial information' and "non-GAAP financial measures" within the meaning of Regulation G
under the U.S. Exchange Act of 1934, as amended (U.S. Exchange Act). Disclosure of such non-GAAP financial measures in the manner included in this presentation would not be permissible in a registration statement under the
U.S. Exchange Act. Such financial information and financial measures (including Underlying EBITDA and Covenant EBITDA) have not been subject to audit or review, and do not have standardised meanings prescribed under NZ
IFRS, Australian Accounting Standards (AAS) or IFRS and therefore, may not be comparable to similarly titled measures presented by other entities, and should not be construed as an alternative to other financial measures
determined in accordance with NZ IFRS, AAS or IFRS. Investors are cautioned not to place undue reliance on any such non-GAAP financial measures included in this presentation. Non-GAAP financial information has not been
subject to audit or review.
PRO FORMA FINANCIAL INFORMATION
This presentation includes a pro forma balance sheet, SkyCity’s pro forma debt maturity profile and SkyCity’s pro forma liquidity and leverage, which have been adjusted to reflect the impact of the Offer, assuming it occurred as
at30 June 2025. The pro forma financial information provided in this presentation is for illustrative purposes only and is not represented as being indicative of SkyCity's future financial position and/or performance. In addition,
the pro forma financial information in this presentation does not purport to be in compliance withArticle 11 of Regulation S-X under the U.S. Securities Act and was not prepared with a view towards compliance with the rules
and regulations or guidelines of the U.S. Securities and Exchange Commission or the American Institute of Certified Public Accountants for the preparation and presentation of pro forma financial information. Pro forma
financial information has not been subject to audit or review.
BASIS OF PREPARATION
SkyCity has prepared unaudited pro forma financial information as at30 June 2025 based on audited statutory financial statements of SkyCity as at that date in order toprovide investors with the illustration of the impact of the
proposed equity raising on the net debt position of SkyCity and related credit metrics.
The financial information presented (excluding pro forma adjustments) has been prepared on a basis consistent with the recognition and measurement principles as disclosed by SkyCity in the General Information, Basis of
Preparation and Material Accounting Policies sections of the Notes to the Financial Statements contained within SkyCity’s 2025 Annual Report. The accounting policies adopted by the Directors are in accordance with Generally
Accepted Accounting Practice in New Zealand, which is the New Zealand equivalent to International Financial Reporting Standards (NZ IFRS). They are also in accordance with International Financial Reporting Standards.
KEY ASSUMPTIONS
The pro forma financial information presents the assumed impact of the proposed equity raising as if it had occurred on 30 June 2025. It has been assumed that proceeds from the equity raising of NZ$240m will be applied to
repay debt of $122.5m, cover the estimated transaction costs of the Offer of $10.0m and then to be held as cash to offset remaining debt balances thereafter.
IMPORTANT NOTICE AND DISCLAIMER
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
5
EXECUTIVE SUMMARY
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
6
Challenging trading conditions through period of elevated investment
•Operating performance impacted by:
–Delayed economic recovery in New Zealand
–Elevated costs related to upgrading regulatory systems and B3 programme
–Pre-opening costs for New Zealand International Convention Centre (NZICC)
and Online Gaming
1
•Management are focused on:
–Executing risk transformation programme (including implementation of
carded play)
–NZICC opening and driving improved visitation
–Core business optimisation –cost reduction and improving customer spend
per visit
–Preparing for regulation and launch of Online Gaming
•FY26 Underlying EBITDA expected to be $190.0 –210.0m impacted by:
–Losses associated with further pre-opening costs for NZICC / ongoing
investment in Online Gaming
–Impact of carded play (existing guidance on impact confirmed)
–Ongoing economic challenges and player churn
•FY26 Reported EBITDA expected to be $170.6 –190.6m, including B3 costs of
$19.4m
2
Equity raising and asset monetisationstargeting net debt / EBITDA
below 2.0x
3
in FY27
•In excess of$300m of increased debt as a result ofthe Auckland carpark
concession repurchase, Adelaide casino duty settlement and regulatory fines
•$240m equity raising to provide balance sheet resilience to:
–Navigate period of economic weakness
–Execute on near-term priorities
•Equity raising reduces pro forma FY25 net debt / Covenant EBITDA to 2.2x
4
, with
net debt / Covenant EBITDA expected to remain below ~3.0x
4
at relevant testing
periods in FY26 excluding asset monetisations
•Asset monetisationstargeting release of $200m over the next 12-18 months:
–Key assets identified for proposed divestment (including Auckland carpark
concession and 99 Albert Street office building)
–Focused on maximising value
•Targeting the resumption of dividend payments once trading conditions and
free cash flow improve
–No dividends expected to be paid during FY26
•Targeting net debt / EBITDA below 2.0x
3
in FY27 post execution of asset
monetisations,consistent with BBB metrics
BUSINESS UPDATEBALANCE SHEET INITIATIVES
1) Online Gaming means “Online Casino Gaming”. 2) Excludes impact of any enforcement action by CBS following Brian Martin independent review. 3) On both an Underlying and Covenant EBITDA basis. Refer to Appendix for net debt calculation and
reconciliation between Reported EBITDA, Underlying EBITDA and Covenant EBITDA. 4) Refer to Appendix for net debt calculation andreconciliation between Reported EBITDA, Underlying EBITDA and Covenant EBITDA.
BUSINESS
UPDATE
252
138
310
278
234
190
210
-
100
200
300
400
FY21FY22FY23FY24FY25FY26FY27
Underlying EBITDA (
NZ$m
)
1
40
65
90
115
140
SkyCity Underlying EBITDA (NZ$m)ANZ Roy Morgan Consumer Confidence
MARKET BACKDROP
Challenging market conditions have impacted earnings since major FY22 COVID lock downs
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
8
AU regulatory
actions
•Jul-22: Adelaide
independent review
announced
•Dec-22: AUSTRAC
proceedings
commence
•Sep-24: AUSTRAC fine
paid
•Jan-25: Adelaide casino
duties paid
NZ regulatory
actions
•Sep-23: DIA suspension
application filed
•Feb-24: DIA AML / CFT
proceedings
commence
•Sep-24: DIA civil
penalty paid
•Sep-24: DIA 5-day
closure to resolve
suspension application
•Jul-25: Carded play live
Covid impacted
NZ recessionary environment
Source: ANZ Roy Morgan Consumer Confidence Index. 1) Underlying EBITDA is a Non-GAAP financial measure. Prior to FY24, SkyCity reported NormalisedEBITDA which is also a Non-GAAP financial measure. Investors
can find the reconciliation between Underlying / NormalisedEBITDA and Reported EBITDA in SkyCity’s accounts for that relevant year.
FY27 earnings
expected to improve
as a result of:
•NZICC reaching
breakeven
•Online Gaming
targeted to deliver
to breakeven
•Potential recovery in
customer spend per
visit; and
•Full year visitation
benefits of NZICC
•Earnings base re-set
due to added
regulatory costs and
customer churn
•Near-term growth
opportunities from
NZICC / Online
Gaming
•Market dynamics
and competitive
position stronger in
NZ than counterparts
in Australia
Consumer confidence of 100 (neutral)
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
9
SKYCITY TODAY
Leading gaming, entertainment and leisure operator
+10.5m$20.6+$2.7bn2048
Visitations per annum Reported EBITDA per
visit
1
Book value of assetsAuckland gaming
licence expiry
$216.1m+3,300+1,000 ~4,500
Reported EBITDA
1
EGM licences Hotel rooms Employees
$233.7m+600~2,400BBB-
Underlying EBITDATable Game licences Online gamesCredit rating
All metrics relate to FY25 unless stated otherwise. 1) Includes B3 costs of $17.6m
BUSINESS TRANSFORMATION WELL UNDERWAY
Delivering on our priorities
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
10
OBJECTIVE
PROGRESS TO DATE
Strategic
priorities
Core business
optimisation
Make the most of our existing assets to help
grow market share and invest in our future
✓Continued focus on optimising site operating models to protect margins
✓Asset review completed; monetisation options being progressed
✓NZICC pre-opening underway
Customer focus
Engage our customers with amazing
experiences, driving preference and loyalty
✓Refreshed loyalty programme launched in NZ, SHOW by SkyCity
✓Increased local and international sales and marketing activity for NZICC
✓Design and planning for Auckland precinct enhancements commenced to leverage NZICC visitation
Online Gaming
Use our land-based presence to become the
online ‘local hero’ in NZ
✓Ongoing engagement with Government to prepare for Online Gaming regulation
✓Secured new platform partner; new mobile app and web portal on-track
✓Solution to link land and online technology for a unified view of gaming customers underway
Critical
enablers
Risk
transformation
We act with integrity in all aspects of our
business and are leaders in host responsibility
and preventing financial crime
✓Risk transformation outcomes being delivered in line with 3-year roadmap
✓Deliverables for B3 programme progressing
✓Refreshed Code of Conduct, Board Approved Risk Appetite Statement and Dashboard Metrics in place
People and
culture
We bring our best everyday, fostering an
inclusive culture and creating meaningful
experiences for our customers, our people and
our communities
✓Meaningful progress on group-wide cultural change programme –driven by leadership renewal
✓Record response to bi-annual employee engagement survey with 80% of participants recommending
SkyCity as a great place to work
Digital
transformation
Our systems and platforms support a clear view
of our customer, are seamless, fast and efficient
✓100% of NZ gaming play (online and land) now account based
✓Implementation of NZICC booking management and hotel check-in systems
✓New leadership with extensive gaming experience in place
NEAR-TERM EXECUTION PRIORITIES
Carded playNZICCRisk transformationCore business optimisation Online Gaming
12345
CARDED PLAY
Live across all sites in New Zealand
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
11
1
3 –5
minutes to
enrol on average at
kiosk
0
Rebranded host
responsibility for
players
✓Successful launch across NZ in July
✓Initial impact in-line with guidance
✓Significantly assists with host responsibility
gaming measures
✓Enhances risk management
✓Creates operational efficiency
✓Meaningful customer insights
✓Confirm previous guidance regarding
impact of carded play on previously
uncarded revenue, equivalent to $20 –30m
EBITDA in FY26
SHOW by SkyCityUpdate
•All customers playing at SkyCity’s NZ casinos
need their SHOW by SkyCity card
•Customers can continue to use cash, QUICK
Pay or TITO tickets when playing
•SHOW by SkyCity card also offers customers
the option to join SkyCity’s refreshed loyalty
programme
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
12
NZICC
Potential for additional 500k visitations to Auckland precinct annually once operating
at full capacity
2
76events in the
pipeline for FY26,
attracting up to an
aggregate of ~107k
visitor days, with 29 of
these events
confirmed
+10%expected
increase in visitation or
500kadditional
visitations annually to
Auckland precinct
once operating at full
capacity
NZICC will be New Zealand’s largest convention center, attracting major
international conferences as well as having capability for sporting events,
theatre and musical performance
✓
Further enhances NZ as a premier global destination, lifting visitation and spend
per visit to Auckland precinct
✓
✓
OPENING IN FEBRUARY 2026
~$750m invested in Auckland precinct to develop NZICC, with airbridges
connecting to hotels and casino, an adjacent laneway, ~1,115 additional car spaces
and the new 5-star hotel, Horizon by SkyCity (opened in Aug-24)
121events in the
pipeline for FY27,
attracting up to an
aggregate of ~251k
visitor days, with 40
of these events
confirmed
Solid pipeline of committed and prospective events
✓
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
13
✓
Enterprise risk management framework implementation ongoing
•Integrated Risk Management System to actively track issues and incidents now live
•Controls Centre of Excellence established and control effectiveness testing underway
•Strengthening capability across the Three Lines of Accountability progressing
✓
Strengthening trust with regulators and patrons
•Regular engagement with all financial crime and gaming regulators
•Dedicated significant resources and focus in transformation
•New leadership with extensive regulatory engagement and governance experience in place
✓
Governance, Board and management
•Significant renewal across Group (63%) and Adelaide (80%) leadership roles in past 18 months
•Strong management and Board governance oversight of risk, AML and host responsibility
✓
Culture and conduct
•Independent third-party culture audit completed in Adelaide with action plans in place
•New code of conduct rolled out to all employees
•Board approved culture change programme underway
✓
Regulatory reviews progressing
•Brian Martin independent review of SkyCity Adelaide concluded, finding that SkyCity Adelaide is suitable to hold
the casino licence. Any enforcement action by CBS in response to the report is not known at this point
•CBS and Kroll monitored ‘Programme of Work’ underway and progressing
RISK TRANSFORMATION
Learning from the past to create a better future
3
CORE BUSINESS OPTIMISATION AND ONLINE
Focus on growing visitation, EBITDA per visit and the path to Online Gaming
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
14
CORE BUSINESS OPTIMISATIONPOSITIONING FOR ONLINE REGULATION
4
5
Cost optimisation
•Continuation of FY25 cost saving initiatives, targeting minimum net cost
savings in the order of $10m in FY26
•Reducing contractors and consultants
•Centralising procurement
NZICC delegate monetisation
•Maximising visitations across precinct (Hotel, F&B, Sky Tower etc)
•Expected to drive visitation
•New F&B, entertainment options and direct access to gaming floor planned
Focus on gaming customers
•Proposed renovation of Auckland VIP platinum space and addition of smoking
balconies
•Brought forward EGM launches to be first to market; coinciding with carded
play launch
•Increased gaming promotions in NZ and Adelaide driving growth in new
players
Progress to date
✓
Established Malta office
✓
Offshore in-house team established, expanding capability
✓
Executing on front end, mobile and platform development / changes
✓
Paying NZ Online Gaming casino duty (from July 2024)
✓
Proactive engagement with NZ Government and policymakers
Priorities for F26
1
Transition to new platform partner
2
Integrate new mobile app and web portal
3
Investing in building a launch-ready operational team in Malta
4
Secure Malta Online Casino Gaming licence
5
Secure NZ Online Gaming licence
OUTLOOK
Challenging trading conditions through period of ongoing
investment in NZICC pre-opening and Online Gaming
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
15
Early FY26 trading substantially in line with expectations
•Carded play impact in-line with our guidance
•No change observed in New Zealand consumer discretionary spending
FY26 Underlying EBITDA
1
is expected to be $190.0 –210.0m, impacted by:
•Approximately $23m of ongoing investment, the majority of which will occur in 1H26, driving a material 2H26 earnings skew
–~$16m from NZICC, driven by the impact of pre-operating costs (12 months) with only ~4.5 months of revenues (vs $5m
investment in FY25)
–~$7m from investment in Online Gaming in readiness for FY27 licensing and go-live (vs $2m investment in FY25
•Confirm previous guidance regarding impact of carded play on previously uncarded revenue, equivalent to $20 –30m
EBITDA in FY26
•Continuation of FY25 cost saving initiatives, targeting minimum net cost savings in the order of $10m in FY26
•Guidance assumes ongoing economic challenges and player churn
FY26 Reported EBITDA is expected to be $170.6 –190.6m (including B3 costs of $19.4m)
2
FY26 Reported NPAT is expected to reflect:
•Interest expense of $35 –40m, driven by change to capitalisation of interest following NZICC practical completion
3,4
•D&A of $100 –110m, increasing due to practical completion of NZICC
3
•Tax of 35 –45%, impacted by accounting and tax treatment, particularly for non-deductible expenditure, adjustment for NZ
building tax depreciation and Australian group tax losses not recognised
Capex expected to be ~$116m in FY26:
•$45m of investment in NZICC
•$71m of BAU maintenance capex
No dividends expected to be paid in FY26
1) Underlying EBITDA excludes B3 costs. 2) Excludes impact of any enforcement action by CBS following Brian Martin independent review. 3) Assumes practical completion 31
October 2025. 4) Reflects impact of equity raising.
OUTLOOK (CONT.)
Anticipated FY27 recovery driven by NZICC / Online Gaming
moving from investment to operating, and increased spend as NZ
economy improves
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
16
Earnings expected to improve in FY27 with:
✓NZICC expected to be breakeven in FY27 on a stand-alone basis (prior to contribution to broader precinct revenues):
–Opening expected in February 2026
–Strong pipeline of bookings for FY27 and beyond
✓Online Gaming targeted to deliver breakeven in the first year of operation in FY27
–Upfront investment concentrated in FY26
–Regulation expected from August 2026 –operations live shortly thereafter
✓Potential recovery in spend per visit across our properties as the NZ economic backdrop improves
✓Full year visitation benefits of NZICC supporting Auckland visitation and spend
Expect BAU capex to be broadly in line with D&A going forward
B3 costs in FY27 expected to be in-line with existing guidance (~$20m)
•B3 remediation costs expected to leave the business by the end of FY27
SUSTAINABLE BUSINESS IMPROVEMENT
Our plan to return to earnings growth
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
17
NZ economic recovery
and business optimisation
Portfolio optimisationGrowth in online
Increased visitation / spend
Focus on cost optimisation
Reduction of Online Gaming /
NZICC investment and losses
Land-based growth
Select asset monetisations
Targeted investment in core business
NZICC to drive visitation uplift
Cross spend opportunities
Potential to expand network
over time
Establish offering (organic / M&A)
Secure licence and launch offering
Leverage brand to be the ‘local hero’
RISK TRANSFORMATIONCAPITAL RECYCLINGPRUDENT PRODUCT INVESTMENTDIGITAL TRANSFORMATION
BALANCE SHEET
INITIATIVES
CAPITAL INITIATIVES
Equity raising provides near-term resilience; select asset monetisationstargeting
appropriate balance sheet settings over time
EQUITY RAISING
Reducing leverage to provide near-term resilience
•$240m equity raising to provide balance sheet resilience to:
–Navigate period of continued economic weakness
–Execute on near-term priorities
2.2x
1
Pro forma FY25 net debt /
Covenant EBITDA
<3.0x
1
Net debt / Covenant
EBITDA expected to remain
below ~3.0x
1
at relevant
testing periods in FY26
(excluding asset
monetisations)
Delivering target balance sheet settings over time
•Key assets identified for proposed divestment (including Auckland carpark
concession and 99 Albert Street office building)
•$200m targeted to be released over the next 12-18 months
SELECT ASSET MONETISATIONS
<2.0x
1
Target net debt / EBITDA
(on both an Underlying and
Covenant EBITDA basis) in
FY27 post execution of
select asset monetisations
BBB
Target credit metrics
in the medium term
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
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Sources of funds (pro forma as at30 June 2025) NZ$m
Placement proceeds81.2
Entitlement Offer proceeds158.8
Total sources of funds 240.0
Uses of funds (pro forma as at30 June 2025) NZ$m
Debt repayment122.5
2
Cash held to offset remaining debt balance107.5
Transaction costs10.0
Total uses of funds 240.0
1) ) Refer to Appendix for net debt calculation and reconciliation between Reported EBITDA, Underlying EBITDA and Covenant EBITDA.2)Includes repayment of bank debt and USPP (AUD) tranche and a make-whole payment of ~$2.1m.
2.3x
1
Pro forma FY25 net debt /
Underlying EBITDA
PRO FORMA BALANCE SHEET
Net debt / Covenant EBITDA expected to remain below ~3.0x
1
at relevant testing
periods inFY26, providing resilience to navigate this challenging period
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
20
PRO FORMA BALANCE SHEET (30 JUNE 2025)
2
PRO FORMA DEBT MATURITY PROFILE
NZ$175m
NZ$129m
NZ$247m
NZ$58m
NZ$138m
NZ$80m
FY26FY27FY28FY29FY30FY31FY32
BankNZ BondUSPPUndrawn
•Cash held to substantially offset interest cost on the NZ Bond until repayment
•SkyCity seeks to maintain a sustainable and prudent capital position
–Sufficient capital to support business investment needs
–Target metrics consistent with a BBB rating in the medium-term
•Pro forma FY25 net debt / Underlying EBITDA of 2.3x
1
•Pro forma FY25 net debt / Covenant EBITDA of 2.2x
1
within banking covenants
•Net debt / Covenant EBITDA expected to remain below ~3.0x
1
at relevant testing
periods in FY26 (excluding asset monetisations)
•No dividends expected to be paid during FY26
•Targeting the resumption of dividend payments once trading conditions and free
cash flow improve
1) Refer to Appendix for net debt calculation and reconciliation between Reported EBITDA, Underlying EBITDA and Covenant EBITDA.2) Includes transaction costs of $10m and make-whole payment of ~$2.1m. 3) Excludes $10m overdraft facility.
30 June 2025
(reported)
Offer
30 June 2025
(pro forma)
USPP
$446.3m$(70.4)m$375.9m
NZ Bond
$175.0m-$175.0m
Bank facility
$50.0m$(50.0)m-
Total drawn debt
$671.3m$(120.4)m$550.9m
Lease liabilities
$137.0m-$137.0m
Total debt
$808.3m$(120.4)m$687.9m
Less: Cash
$51.5m+$107.5m$159.0m
Net debt
$756.8m$(227.9)m$528.9m
Undrawn facilities
$225.0m+$50.0m$275.0m
Available liquidity (cash and
undrawn facilities)
3
$276.5m+$157.5m$434.0m
Net debt / Underlying EBITDA
1
3.2x2.3x
Net debt / Covenant EBITDA
1
3.1x2.2x
LONGER TERM
STRATEGIC
PRIORITIES
THE FUTURE OF SKYCITY
Our plans for the future
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
22
Regional gaming leader delivering connected customer experiences across
entertainment precincts and Online Gaming, driving sustainable earnings growth
and strong shareholder returns in the future
Connected approach to gaming, leisure and entertainment
Leading destination for gaming,
leisure and entertainment
Targeting attractive
financial metrics
Targeting leadership position
in NZ Online Gaming
•Higher revenue growth
•EBITDA margin expansion
•Lower capital intensity
•Higher cash generation
•Utilise land-based brand and
presence to become the ‘local hero’
of Online Gaming
•Potential to expand into new
offshore online markets
•Land-based assets and experiences
differentiates SkyCity offering
•Quality gaming, leisure and
entertainment assets
•Customer-focused strategy driving
visitation and spend per visit
•Connecting customer data to drive
engagement
Balance sheet settings to support growth strategy and optimise returns
•~$700m
1
revenue estimated ‘grey’
market currently in NZ
•Unlicensed operators to be managed with
counter-measures
•Market expected to continue to grow
•Day 1 readiness with “best in class” offering
essential
LONG TERM OPPORTUNITY FOR ONLINE GAMING
Focus on leading ~$700m
1
revenue regulated market opportunity
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
23
MARKET OPPORTUNITY
MARKET POSITION AND RETURNS
•Markets usually consolidate (3-5 years)
–~5 key operators
–Combined share of 60-80%
•Critical drivers of market leadership:
–Brand awareness
–Quality offering and customer value
proposition
–First mover advantage
–Land-based experiences for online
players
Aiming to be the ‘local hero’
~$700m
1
revenue market
expected to grow
PROPOSED REGULATION
•Regulation expected by August 2026
•~15 licencesexpected to be offered
•Up to 3 licencesper operator
•Licencesallocated by auction process
–Up front cost
–Ongoing licencefee
•Quality operators important
–Financial capacity
–Harm minimisation
–Privacy / data
Working pro-actively with
policymakers towards regulation
First mover advantage with quality offering critical to success
in taking market share and delivering strong returns
Potential M&A opportunities to accelerate platform and capability
build to strengthen day 1 market position
1) Based on independent advice to SkyCity. Note the NZ Government's Regulatory Impact Statement references a market size of $300-$800m based on various sources.
WELL-POSITIONED TO SUCCEED IN ONLINE
Focused on leveraging existing market position to drive competitive advantage in
Online Gaming
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
24
DRIVERS OF COMPETITIVE ADVANTAGE IN ONLINE GAMING
Technology strategy: Playing to our strengths
•Mobile-optimised website and native app, both owned and operated by SkyCity –ensuring full control over
brand, CRM, and customer experience
•Strategic partnership with a world-class online casino platform for core functions (e.g. account
management), supported by a robust ecosystem with other vendors (e.g. ID verification and geofencing)
Player trust and safety: Core to our value proposition
•NZ-based call centres with multi-language support
•Trusted local brand with secure deposits and withdrawals
Regulatory and compliance capability: Leveraging existing assets
•Proactively pursuing a Malta online licence to ensure operational readiness ahead of NZ regulation
•Leveraging recent investments in host responsibility and AML from land-based operations
Long-term growth: Beyond New Zealand
•Future expansion into international markets
•Entry into new markets requires licensing and local market expertise –not new technology investment
Connected experiences: Bridging online and on-site
•Seamless integration with SkyCity precincts for a unified entertainment experience
•Cross-channel loyalty programme rewarding both digital and in-person engagement
INVESTMENT PROPOSITION
Re-set capital structure to ensure a resilient platform to deliver
shareholder returns going forward
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
25
Quality assets with strong market position
•Clear leader in land-based casino gaming in New Zealand (only licence holder in Auckland, Hamilton, Queenstown)
•Operator of the largest international quality convention and conferencing facility in Auckland
•Integrated assets capable of providing connected offering
Regulatory and risk uplift progressing
•Uplifting risk and compliance practices and strengthening risk culture
•Carded play now live in New Zealand
•B3 programme being progressed in Adelaide
•Brian Martin independent review of SkyCity Adelaide concluded, finding that SkyCity Adelaide is suitable to hold the casino
licence. Any enforcement action by CBS in response to the report is not known at this point
Costs re-based for current operating environment
•Cost increases associated with regulatory uplift largely realised
•Continued focus on cost management and operating efficiency to maintain margins
•Potential to benefit from operating leverage as NZ economic backdrop improves
Balance sheet re-set to support medium term growth outlook
•$240m equity raising and $200m targeted asset monetisationsover next 12 –18 months
•Targeting net debt / EBITDA below 2.0x
1
on both an Underlying and Covenant EBITDA basis by FY27 (post select asset
monetisations), consistent with BBB credit metrics
•Ensuring ability to invest in key growth drivers (NZICC / Online Gaming)
NZICC and NZ economic recovery to drive core business growth
•NZICC expected to meaningfully contribute to visitation
•Potential improvement in NZ economic backdrop to drive improved spend in the medium term
•Ability to deliver personalised gaming and entertainment experiences to customers
Large market opportunity in Online Gaming
•Large existing grey market expected to grow post regulation
•Competitive advantage via land-based presence
1) Refer to Appendix for net debt calculation and reconciliation between Reported
EBITDA, Underlying EBITDA and Covenant EBITDA.
EQUITY
RAISING
EQUITY RAISING DETAILS
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
27
Offer size and
structure
•SkyCity is seeking to raise $240m (Offer) via a:
–Approximately $81m placement to eligible investors (Placement); and
–1 for 3.35pro rata accelerated non-renounceable entitlement offer to raise approximately $159m (Entitlement Offer)
•Approximately 343m New Shares will be issued under the Offer, representing approximately 45% of the existing shares on issue
Use of proceeds
•All net proceeds from the Offer will be used for debt repayment, as cash held against remaining debt balance and to fund transaction costs,
reducing pro forma net debt / Covenant EBITDA to 2.2x
2
, with net debt / Covenant EBITDA expected to remain below ~3.0x
3
at relevant testing
periods in FY26 excluding asset monetisations
Offer price
•Offer price of $0.70per New Share (Offer Price), which represents a discount of:
–22.8% to the theoretical ex-rights price (TERP)
1
of $0.91
–30.0% to SkyCity’s last traded share price of $1.00on the NZX on 19 August 2025
Institutional
Entitlement Offer
•Institutional Entitlement Offer will be conducted today, 21 August 2025
•Eligible institutional shareholders will be invited to take up their entitlement in an accelerated Institutional Entitlement Offer
•The Entitlement Offer is non-renounceableand any entitlements not taken up will lapse
Retail Entitlement
Offer
•Eligible retail shareholders have a number ofoptions under the Retail Entitlement Offer, as follows:
–Elect to take up all or part of their pro rata entitlement from 9.00am (NZST) on the Retail Entitlement Offer open date of Tuesday, 26 August
2025 and by 5.00pm (NZST) on the Retail Entitlement Offer close date of Thursday, 4 September 2025
–Those who elect to take up all oftheir entitlement may also apply for additional New Shares in the Retail Entitlement Offer at the Offer Price,
up to a maximum of 60% of their entitlement
–Do nothing. The entitlements will not be quoted on NZX or ASX and there will be no shortfall bookbuild for those entitlementsnot taken up
by eligible retail shareholders or the entitlements of ineligible retail shareholders. The Entitlement Offer is non-renounceableand any
entitlements not taken up will lapse
Ranking•New Shares issued under the Offer will rank equally in all respects with SkyCity’s existing ordinary shares from their time of issue
Risks•Refer to Appendix B for a summary of the key risks associated with an investment in SkyCity and the Offer
Underwriting
•The Offer is fully underwritten by Macquarie Securities (NZ) Limited, Jarden Partners Limited and UBS New Zealand Limited
•Macquarie Capital (New Zealand) Limited is acting as Sole Arranger to the Offer
•Macquarie Capital (New Zealand) Limited, Jarden Securities Limited and UBS New Zealand Limited are acting as Joint Lead Managersto the Offer
1) TERP is calculated with reference to SkyCity’s last traded share price on the NZX of $1.00on 19 August 2025 and includes approximately 343mnew shares to be issued under the Placement and Entitlement Offer. TERP is a theoretical calculation only and
the actual price at which SkyCity shares will trade immediately after the ex-rights date for the Offer will depend on many factors and may not be equal to TERP. 2) ) Refer to Appendix for net debt calculation and reconciliation between Reported EBITDA,
Underlying EBITDA and Covenant EBITDA. 3) On both an Underlying and Covenant EBITDA basis.
EQUITY RAISING TIMETABLE
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
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Event Date
Equity raising announcement and trading halt Thursday, 21 August 2025
Placement and Institutional Entitlement Offer opensThursday, 21 August 2025
Placement and Institutional Entitlement Offer closesThursday, 21 August 2025
Trading halt lifted Friday, 22 August 2025
Record date for the Offer 7:00pm (NZST) Friday, 22 August 2025
Retail Entitlement Offer opensTuesday, 26 August 2025
ASX Settlement of New Shares under the Placement and Institutional Entitlement Offer Wednesday, 27 August 2025
ASX Allotment of New Shares under the Placement and Institutional Entitlement Offer Thursday, 28 August 2025
NZX Settlement and Allotment of New Shares under the Placement and Institutional Entitlement Offer Thursday, 28 August 2025
Commencement of trading of New Shares issued under the Placement and Institutional Entitlement Offer Thursday, 28 August 2025
Retail Entitlement Offer closes Thursday, 4 September 2025
ASX Settlement of New Shares under the Retail Entitlement Offer Wednesday, 10 September 2025
ASX Allotment of New Shares under the Retail Entitlement Offer Thursday, 11 September 2025
NZX Settlement and Allotment of New Shares under the Retail Entitlement Offer Thursday, 11 September 2025
NZX Commencement of trading of New Shares issued under the Retail Entitlement Offer Thursday, 11 September 2025
ASX Commencement of trading of New Shares issued under the Retail Entitlement Offer Friday, 12 September 2025
Dispatch of holding statements in respect of New Shares issued under the Retail Entitlement OfferMonday, 15 September 2025
APPENDIX A
Additional information
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
30
BUSINESS OVERVIEW
AUCKLAND
HAMILTON AND
QUEENSTOWN
ADELAIDEONLINE (MALTA)
Operated since19962002 & 2000 20002019
Gaming licence expiry
20482027 Hamilton2085 (exclusive to 30 June 2035)NZ market regulating in late 2026
2025 Queenstown
1
Pursuing Malta licence
Gaming licences
1,877 EGMs
2
425 EGMs
2
1,080 EGMs~2,400 Games
150 Table games
2
35 Table games
2
200 Table games
2
Live dealer, virtual tables and sports
240 Automated table games
3
Non-gaming
938 Hotel rooms (3 hotels)120 Hotel rooms (1 hotel)
17 F&B outlets 9 F&B outlets 10 F&B outlets
1 Convention / Entertainment1 Convention / Entertainment1 Convention / Entertainment
3,065 Carparking spaces
4
330 Carparking spaces750 Carparking spaces
Property owned
1 Casino1 Hamilton Casino1HotelMobile app and web portal
3 Hotels
1 Observation tower
20,000 sqm Office
32,500 sqm Convention centre
5
Property leased
1 Queenstown Casino1CasinoOffice in Malta
1Carpark (750 spaces)
Segment assets ~$2,078m~$98m~$400m~$5m
Metrics as at30 June 2025
1) Application for renewal submitted. 2) This allowance may be alternatively utilisedto enable automated table game terminals. 3) This allowance may
be alternatively utilisedto enable table games. 4) Carparking spaces owned by SkyCity. This includes an estimated 1,115 carpark spaces for the NZICC. 5)
Excludes carparks.
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
31
FACILITIES AND COVENANTS
FY25Adjustment
Reported EBITDA216.1
(+) B3 transformation
costs
17.6
Add-back of B3 transformation costs associated with
the remediation program at SkyCity Adelaide
Underlying EBITDA233.7
(+) NZICC pre-opening
costs
5.9One-off costs associated with the opening of NZICC
(+) Carded play
implementation
2.3
One-off costs associated with the implementation of
carded play and B3 costs in NZ
Covenant EBITDA241.9
EBITDA RECONCILIATION NET DEBT
Amount drawn (NZ$m)
Maturity
date
Total
amount
30 June
2025
(reported)
Offer
30 June
2025 (pro
forma)
Bank facility
Jul-27NZ$57.5m---
Bank facility
Sep-27NZ$80.0m$50.0m$(50.0)m-
Bank facility
Sep-28NZ$137.5m---
NZ Bond
May-27NZ$175.0m$175.0m-$175.0m
USPP
Mar-28A$65.4m$70.4m$(70.4)m-
USPP
Feb-30US$75.0m$129.0m-$129.0m
USPP
Sep-31US$150.0m$246.9m-$246.9m
Total drawn debt
$671.3m$(120.4)m$550.9m
Lease liabilities
$137.0m-$137.0m
Total debt
$808.3m$(120.4)m$687.9m
Less: Cash
$51.5m+$107.5m$159.0m
Net debt
$756.8m$(227.9)m$528.9m
Net debt / Underlying EBITDA3.2x2.3x
Net debt / Covenant EBITDA3.1x2.2x
APPENDIX B
KEY RISKS
KEY RISKS
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
33
This section outlines the key risks that SkyCity has identified which are relevant to investors in the equity raise. These risksmay affect the future operating and financial performance of SkyCity and the SkyCity share price. Like
any investment, there are risks associated with an investment in SkyCity’s shares. Please note that this section does not (and does not purport to) set out all ofthe risks related to an investment in SkyCity shares, the future
operating or financial performance of SkyCity, the equity raise or general market or industry risks. Some risks may be unknown and other risks, currently believed to be immaterial, could turn out to be material.
Before deciding whether to invest in SkyCity shares, investors must make an independent assessment of the risks associated with the investment and should consider whether such an investment is suitable for them, having
regard to publicly available information (including this presentation), their personal circumstances and following consultation with a financial advisor or other professional advisor.
GOVERNMENT AND REGULATORY RISKS
REGULATORY COMPLIANCE AND LICENCE RENEWAL
SkyCity operates in the casino industry, which is highly regulated. SkyCity’s customers and other stakeholders or interested persons are able tolodge complaints with the Department of Internal Affairs in New Zealand,
Consumer and Business Services in South Australia, or other regulators regarding SkyCity’s gambling operations. This is a relatively common occurrence, with various complaints to SkyCity’s knowledge under active
consideration at the time of this offer, and at most times. There may be other complaints under active consideration, pendingorthreatened which SkyCity is not aware of. The potential for such complaints gives rise to an
inherent operational risk for SkyCity. Actual or perceived failures by SkyCity to comply with regulatory requirements may give rise to significant investigations or reviews, disciplinary actions, the imposition of monetary fines or
the loss of, suspension, or additional restrictions in respect of, a licence. Given the relatively small quantum of the finesavailable under the Gambling Act 2003 in New Zealand, there is a heightened risk that an application for a
suspension may be more likely made than might otherwise be expected. The penalties available in South Australia under applicablelegislation are significant in potential quantum, of up to A$75 million for each contravention.
Complaints and non-compliance may also lead to reputational damage. Any of these consequences may have an adverse impact on SkyCity’s business, operations, financial performance or position, or reputation.
SkyCity’s casino licences are due for renewal in Queenstown and Hamilton in 2025 and 2027respectively. The renewal of the Queenstown licence is well progressed, with a Gambling Commission hearing to be held later in
2025. While SkyCity remains confident that these licences will be renewed, there remains a risk that the Gambling Commission does not renew the licence for one or more of SkyCity’s casinos. There is a risk that if the
Gambling Commission did not renew a licence for one property that it may prompt a review as to whether SkyCity remains suitable to operate its other casinos in New Zealand, which could have a material adverse impact on
SkyCity.
SkyCity has frequent and constructive engagement with regulators through regulatory investigations, reviews and compliance queries. SkyCity has and will continue to incur legal and other costs associated with, and will
need to reallocate resources, including management attention to, these regulatory investigations and reviews. If a regulator takes an adverse stance on any issue, SkyCity could suffer significant reputational damage.
Depending on the outcome of any regulatory investigation, SkyCity might face civil and criminal penalties, licence restrictions,suspensions and/or cancellations, enforceable undertakings or recommendations and directions
to enhance its control frameworks, governance and systems. These consequences could negatively affect SkyCity's operations, supplier/service provider relationships and agreements, and financial performance.
FINANCIAL CRIME
SkyCity operates in an industry with a high risk of financial crime, such as money laundering and fraud. The heightened risk of individuals or groups exploiting SkyCity’s services for financial crime presents a continuing and
significant business risk for SkyCity. SkyCity is subject to various obligations to identify, report and manage financial crime in the jurisdictions in which it operates. Failure to meet these obligations could result in significant civil
or criminal penalties and other regulatory actions against SkyCity.
In June 2024, the Federal Court of Australia ordered SkyCity Adelaide to pay an A$67 million penalty, plus A$3 million of costs,after AUSTRAC brought civil penalty proceedings against it due to a failure to meet the
requirements of the Australian Anti-Money Laundering and Counter-Terrorism Financing Act 2006. In September 2024, the High Courtof New Zealand imposed a civil penalty of NZ$4.16 million on SkyCity Casino
Management Limited for historic breaches of the New Zealand Anti-Money Laundering and Countering Financing of Terrorism Act 2009. While SkyCity has taken steps to address the issues identified by these proceedings,
and is undertaking a significant remediation programme, there remains a risk that SkyCity fails to comply in all respects with its obligations in respect of financial crime. Any changes in the obligations imposed on SkyCity
under applicable financial crime laws may also result in significant operational costs being incurred by SkyCity to ensure compliance with new obligations.
KEY RISKS
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
34
GOVERNMENT AND REGULATORY RISKS (CONTINUED)
REGULATORY CHANGE
The regulatory framework which SkyCity operates within is subject to change from time to time, which may adversely impact SkyCity’s operations, its competitiveness, and the costs of operating its business. In particular, if
SkyCity becomes subject to further adverse regulator action this is likely to attract greater attention to the gambling industryand its regulation which may increase the risk of changes to SkyCity’s regulatory framework.
Further, the public debate that may occur as a consequence of the introduction of online gaming in New Zealand is likely to promote debate about the gambling industry more broadly, including SkyCity’s existing land-based
operations. There is a risk that such increased attention could prompt a shift in general societal attitudes towards gambling, which would impact SkyCity’s social licence to continue its casino operations both in New Zealand
and overseas.
Other Government and regulatory risks that may arise for SkyCity in the future include changes to economic and taxation policy, restrictions on operating parameters at its casinos, and a possible increase in
Government/regulator conservatism in relation to the gaming industry. Any such changes may add increased complexity to the business and adversely impact SkyCity’s operations and the costs of operating its business.
ONLINE GAMING LICENSING
Online gaming is a developing market in New Zealand and overseas jurisdictions. Regulatory oversight and changes to the online gaming market in New Zealand or Australia, including the introduction of an appropriate
licensing regime for operators may be implemented. In New Zealand the Online Casino Gambling Bill (the Bill) was introduced to the House of Representatives in June 2025, and its passage is expected by February 2026. If the
Bill is passed, there are also risks associated with the introduction of licensing and regulation of that market. In particular,SkyCity’s operations would be negatively impacted if it is prevented from competing in the online
gaming market in New Zealand by way of regulation or if it were unable to purchase a licence to operate under any introduced licensing regime (purchasing of licences is the current policy direction included in the Bill),
including where other operators were willing to pay more for such licences than SkyCity. Further, the introduction of licensed online gaming in New Zealand or Australia may reduce SkyCity’s revenue from its physical venues
if customers choose to game with competitors online rather than attending SkyCity’s venues. Even if SkyCity is successful in obtaining a licence to operate in any regulated online market, the costs involved with the purchase
of a licence, and the development and operation of an online gaming platform, may be significant, with some of those costs required to be incurred before revenue.
Licensed online gaming is expected to be available to both domestic and international operators, which may result in a highlycompetitive market for online gaming, including international operators who may have
significantly greater financial resources available to them than SkyCity. There is therefore a risk that SkyCity is unable towin market share and achieve the anticipated revenue benefits from operating online gaming in a
regulated online gaming market.
REPUTATIONAL RISK AND LICENCE TO OPERATE
Regulatory and community expectations of SkyCity are high, and any actual or perceived failures in responsible gaming/gambling harm minimisation, the prevention of financial crime, or the service of alcohol can quickly
gain attention from media, political channels and advocacy groups. Such incidents can lead to reputational damage and financial penalties and may prompt further regulatory reform or intervention.
SkyCity procures financial services from a number of banks and other financial services institutions, including under contractual arrangements that may require periodic renewal or which are subject to termination without
cause. These include transactional banking services, merchant services for non-gaming transactions and corporate credit card facilities. The gambling industry has faced increased scrutiny from suppliers, including from
financial service providers, who expect the industry to uphold a social licence to operate. In the event that the gambling industry or SkyCity were to lose its social licence to operate, or these service providers faced increased
scrutiny from stakeholders interested in ESG matters, there is a risk that banks or other financial institutions may be unwilling to continue to offer SkyCity transactional banking and/or other services and SkyCity may not be
able to source replacement transactional banking and/or other services required to operate its businesses on terms that are acceptable to it, or at all. If SkyCity is unable to maintain, renew or acquire any relevant financial
services (in particular, transactional banking services), or to do so on reasonable terms, this will have an adverse impact on the operations and financial position and performance of SkyCity.
SkyCity’s business model is dependent upon customer satisfaction, behaviour and loyalty. The operational and financial challenges associated with SkyCity’s recent regulatory reviews, recent regulatory changes and SkyCity’s
response to those challenges, could impact upon customer satisfaction, behaviour and loyalty, the reputation of SkyCity and its ability to attract customers in future. A loss of customer satisfaction or loyalty, or a change in
customer behaviour, may also materialise as a result of changing community expectations or activism in relation to SkyCity’s ongoing remediation programme or the casino industry more broadly. Any diminution in customer
satisfaction and customer loyalty, a change in customer behaviour, or SkyCity’s reputation may have an adverse impact on the operating and financial performance and position of SkyCity.
KEY RISKS
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
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INDEPENDENT REVIEW INTO SKYCITY
In July 2022 South Australia’s Liquor and Gambling regulator Consumer and Business Services (CBS) commissioned an independentreview of casino operations in South Australia to ensure that the way that SkyCity Adelaide
operates demonstrates that it, and SkyCity (as its parent company), is still suitable to hold the casino licence in South Australia. The Honourable Brian Martin AO KC was appointed to conduct this investigation and has
delivered his completed report to the Liquor and Gambling Commissioner. The report was released on 12 August 2025 and concluded that SkyCity Adelaide is suitable to hold the SkyCity Adelaide casino licence and SkyCity is
suitable to be a close associate of SkyCity Adelaide. However, the report did identify shortcomings in governance, AML/CFT and host responsibility. The Liquor and Gambling Commissioner is carefully considering Mr Martin’s
report and findings before determining the next steps. There is a risk that as a result of Mr Martin’s findings, the Liquor and Gambling Commissioner seeks penalties, licence restrictions, suspensions and/or cancellations, or
gives enforceable directions, including to enhance its control frameworks, governance and systems, or that other regulators may take their own actions in response to such findings. As outlined under the risk “Regulatory
Compliance” above, the penalties available in South Australia under applicable legislation are significant in their potentialquantum, being up to A$75 million for each contravention.
RISK TRANSFORMATION PROGRAMME
SkyCity is in the process of implementing a comprehensive, multi-year risk transformation programme and associated actions (Remediation Actions) to improve SkyCity’s risk governance, accountability and capabilities,
culture and risk and compliance practices. This risk transformation programme is being implemented across the SkyCity Group in New Zealand and Australia. As part of those activities SkyCity Adelaide has a specific multi-
year programme of work specific to that business, called Building a Better Business (Adelaide B3), under the monitorship of Kroll, pursuant to an agreement with CBS.
There is no guarantee that the Remediation Actions will be successfully implemented or that if they are, that this will occurwithin the required timeframe. Matters that may affect the successful and timely implementation of
the Remediation Actions include, among other things, the satisfaction or endorsement (as relevant) by relevant regulators or theindependent monitor in respect of SkyCity Adelaide, further legislative or regulatory changes,
personnel changes (including SkyCity’s ability to attract and retain key personnel with the expertise to manage the successful implementation of the Remediation Actions), and management capacity constraints.
There is a risk that the costs of implementing the Remediation Actions are higher than the significant costs expected, and that the changes required to SkyCity’s operations as a result of the Remediation Actions, such as the
introduction of 100% carded play across SkyCity’s properties, may have an adverse impact on SkyCity’s financial performance. There can be no assurance that, even if the Remediation Actions are implemented effectively,
other significant litigation (either by regulatory bodies or private persons (including class actions or derivative actions)), claims or penalties will not arise in the future (including in respect of historical breaches or non-
compliances), which may or may not be covered by SkyCity’s relevant insurance policies (where such policies are in place).
LITIGATION AND DISPUTES
SkyCity is currently involved in ongoing litigation on two separate material matters. As notified to the market on 6 June 2025 SkyCity has filed legal proceedings against Fletcher Building Limited and The Fletcher Construction
Company Limited (together, Fletchers) seeking damages for losses incurred by SkyCity arising from ongoing delays in the completion of the New Zealand International Convention Centre project. SkyCity’s claim alleges that
Fletchers’ breaches of contract, including those which caused the fire, constituted gross negligence, and/or a persistent, flagrant or wilful neglect to carry out obligations under the building works contract. SkyCity claims that
it is entitled under the contract to liquidated damages of over NZ$330 million from Fletchers. There is no certainty that this or any other amount will ultimately be recovered , as the final determination regarding liability and
the award of damages rests with the courts.
Separately, notice of a proposed derivative action was received by SkyCity on 2 May 2025. The action is supported by litigation funder LCM Finance and is proposed to be brought against certain of the former directors and
senior managers of SkyCity Adelaide (the proposed defendants). The action for which leave to bring proceedings is being sought alleges that the proposed defendants failed to comply withtheir duties and/or obligations as a
director senior manager of SkyCity Adelaide, and that such alleged failures led to the AUSTRAC penalty. A trial date in November2025 has been set to determine the question of whether leave will be granted for the
shareholder of SkyCity to take a derivative action in the name of SkyCity Adelaide against the proposed defendants. Whilst the action is not directly against a SkyCity entity, the outcome of the litigation could have an adverse
reputational impact on SkyCity, could impact SkyCity and/or SkyCity Adelaide’s ability to attract and retain senior managers and/or directors and/or lead to further related claims against SkyCity or SkyCity Adelaide. SkyCity is
currently considering its position and has made no decisions in relation to that action.
SkyCity will continue to incur legal and other costs related to resolving or monitoring these disputes, which may also require the reallocation of resources, including management attention. Such consequences apply to both
current and any future claims, litigation, or legal proceedings which SkyCity may become involved in, whether related to the above noted claims or not.
KEY RISKS
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
36
MERGERS, ACQUISITIONS AND DIVESTMENTS
SkyCity has recently completed an asset review process, through which it identified certain non-core assets that it may considermonetising in the future. SkyCity is targeting approximately NZ$200 million in proceeds within
the next 12-18 months from potential transactions in respect of such assets. However, while SkyCity has explored the possibilityof monetising some of its non-core assets, there remains a risk that suitable buyers may not be
found, the process(es) may take longer than expected or that any transactions may not realise the anticipated proceeds. If this eventuates, subject to SkyCity’s ongoing earnings at the time, SkyCity may face a credit rating
downgrade, and an associated step-up in debt funding costs.
From time to time, SkyCity may pursue mergers, acquisitions, or divestments of its assets or third parties’ assets that alignwith its strategic goals. These activities could involve entering new markets, exiting certain
investments, or expanding SkyCity’s current investment portfolio, potentially altering SkyCity's risk profile by changing thenature or significance of its exposures. While such activities can offer benefits, they also carry
significant risks in both execution and implementation.
To finance a major merger or acquisition, SkyCity may raise additional debt or equity, which would introduce financial risks andcosts associated with increased debt or equity. If SkyCity decides to divest a business or asset,
this may involve a loss against book value. Ownership and management changes could impair relationships with the employees and customers of acquired business. Depending on the transaction type, it may take
considerable time for SkyCity to realise any financial benefits.
Acquisitions or divestments could have a material positive or negative effect on SkyCity's financial position. Positive outcomesfrom such transactions, such as effective management of integration or separation costs, timely
completion, long-term cost savings, improved performance of the combined or remaining entity, or a higher price for SkyCity's securities, cannot be guaranteed.
CYBER SECURITY AND PRIVACY RISK
As an operator of entertainment venues, SkyCity is an attractive target for cyber-attacks because of its high transaction volumes and valuable customer data, including sensitive personal information. A cyber breach (whether
by way of an external party or as a result ofemployee actions) could cause widespread operational and reputational damage, even without malicious intent (although the risk of malicious intent also remains). Recovery would
be reputationally costly for SkyCity.
The protection of customer, employee, third party and company data is critical to SkyCity’s operations. The legal and regulatoryenvironment surrounding information security and privacy is increasingly complex and
demanding, and SkyCity will continue to store increasing amounts of customer data with the introduction of carded play. Customers, employees and third parties such as suppliers also have an expectation that SkyCity will
adequately protect their personal information. A breach of customer, employee, third party or company data could attract significant media attention, damage SkyCity’s reputation and customer or supplier relationships and
ultimately result in legal or regulatory liability or litigation. This could have a material adverse effect on SkyCity’s future financial position, performance and prospects.
ECONOMIC CONDITIONS
In recent times, there have been unfavourable changes in New Zealand, Australian and international economic conditions and otherevents outside of the control of SkyCity, including pandemics, natural disasters and
outbreak of war. SkyCity’s anticipated FY27 recovery is dependent on potential recovery in spend per visit across its propertiesas the New Zealand economic backdrop improves and improving international economic
conditions drive greater tourism to New Zealand. There is a risk that New Zealand and international economic conditions worsen, or recover more slowly than anticipated, which may have an adverse impact on the operating
and financial performance and position of SkyCity, and challenge SkyCity’s ability to achieve its FY26 guidance or anticipated FY27 recovery.
COST OUT
SkyCity has implemented, and continues to consider for future implementation, a range of cost optimisation measures. While SkyCity is carefully considering its options to reduce its operating costs, there is a risk that it may
not be able to achieve the anticipated net cost savingsand this may adversely affect SkyCity’s anticipated FY27 recovery.
KEY RISKS
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
37
CARDED PLAY
SkyCity has recently introduced 100% carded play across its New Zealand properties. As outlined in SkyCity’s FY25 results announcement, the introduction of carded play is anticipated to have a material impact on SkyCity’s
FY26 EBITDA. There is a risk that the cost of implementing carded play, or reduction in customer demand as a result ofcarded play, is worse than anticipated, which may adversely affect SkyCity’s financial and operating
performance. In addition, the B3 programme currently anticipates the introduction of carded play to SkyCity’s Adelaide property.While the date of introduction remains uncertain, there is a risk that the introduction of carded
play at SkyCity Adelaide may adversely affect SkyCity’s financial and operating performance greater than factored into SkyCity’sFY27 expectations.
NZICC
SkyCity intends to open the NZICC in February 2026 once it has been delivered the completed building. However, there remains a risk that a delay to practical completion of the building by Fletcher Construction, if not able to
be mitigated, could result in the opening date being postponed. Any such delay to the NZICC’s opening would likely lead to increased costs and delay revenue for SkyCity. Further, any such delay may affect bookings that have
already been scheduled in anticipation of the February 2026 opening, resulting in contractual damages as well as having adverse reputational impact on SkyCity, and the NZICC.
The NZICC is being built under an agreement between the Group and the Crown (NZICC Project and Licensing Agreement). Under that agreement, the NZICC must be completed by a specified date, referred to as the
completion long stop date, this date is currently 15 December 2027. SkyCity expects to complete the NZICC before this date and it reflects a significant buffer between the projected completion timeline and the formal
deadline.
Once open, the NZICC is expected to drive improved visitation. There is a solid pipeline of NZICC bookings for FY27 and beyond. However, there is a risk that NZICC visitation is less than anticipated, including because of
international economic conditions or other events outside of the control of SkyCity, including pandemics, natural disasters, outbreak of war or geopolitical tension. This may adversely affect SkyCity’s anticipated FY27 recovery.
CREDIT RATING RISK
SkyCity currently holds a BBB-credit rating, which is investment grade. S&P Global Ratings monitors SkyCity’s financial performance and position for any developments that may warrant a review of its credit rating. The costs
associated with regulatory interventions, disputes, acquisitions and an eroding societal view on gambling are all factors that could prompt such a review, as well as SkyCity’s overall financial performance, leverage and cash
flows including progress of asset monetisations. Should S&P downgrade SkyCity’s credit rating, SkyCity would face a step-up in debt funding costs, which may also impact its share price, access to debt capital and ability to
invest in strategic initiatives.
HEALTH AND SAFETY
SkyCity has identified nine critical risks to health and safety that could cause serious harm or death to employees, customers, or the public. They are working at height, confined spaces, electrical, hazardous materials,
hazardous substances, violence, fire (hot works), fatigue and emergency situations. Each of these critical risks are managed andmonitored within the company health and safety management system. While the management
of, and application of controls diminishes the likelihood of occurrence, they do not eliminate the risk of a serious incidentoccurring in these categories of risk, or in other risk categories. In the event thata person is injured or
some other event or circumstance occurs giving rise to a claim, SkyCity may be liable to the extent not covered by insurance (such as public liability insurance) or the Accident Compensation Corporation scheme in New
Zealand. Any health and safety incident may have a significant adverse reputational effect on SkyCity.
CULTURE AND ETHICS
Misconduct or unethical behaviour may occur by staff or leaders for a range of reasons, including due to an inappropriate “tone from the top”, poor culture, lack of accountability or consequences, or personal motivations of
the staff member or leader concerned. Given the highly regulated nature of SkyCity’s industry, instances of this type of behaviour may erode trust with regulators.
APPENDIX C
INTERNATIONAL
SELLING RESTRICTIONS
INTERNATIONAL SELLING RESTRICTIONS
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
39
This document does not constitute an offer of New Shares of the Company in any jurisdiction in which it would be unlawful. Inparticular, this document may not be distributed to any person, and the New Shares may not be
offered or sold, in any country outside Australia and New Zealand except to the extent permitted below.
CAYMAN ISLANDS
The Company is not licensed to conduct investment business in the Cayman Islands by the Cayman Islands Monetary Authority andthis document does not constitute a public offer of the New Shares, whether by way of sale
or subscription, in the Cayman Islands. The New Shares have not been offered or sold, and will not be offered or sold, directly or indirectly, within the Cayman Islands, and may only be purchased by institutional and
professional investors in the Cayman Islands that receive communications in relation to the Offer from outside the Cayman Islands.
HONG KONG
WARNING: This document has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been authorised by the
Securities and Futures Commission in Hong Kong pursuant to the Securities and Futures Ordinance (Cap. 571) of the Laws of Hong Kong (the SFO). No action has been taken in Hong Kong to authorise or register this
document or to permit the distribution of this document or any documents issued in connection with it. Accordingly, the New Shares have not been and will not be offered or sold in Hong Kong other than to "professional
investors" (as defined in the SFO and any rules made under that ordinance).
No advertisement, invitation or document relating to the New Shares has been or will be issued, or has been or will be in thepossession of any person for the purpose of issue, in Hong Kong or elsewhere that is directed at, or
the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to New Shares that are or are intended to be
disposed of only to persons outside Hong Kong or only to professional investors.
No person allotted New Shares may sell, or offer to sell, such securities in circumstances that amount to an offer to the publicin Hong Kong within six months following the date of issue of such securities.
The contents of this document have not been reviewed by any Hong Kong regulatory authority. You are advised to exercise caution in relation to the offer. If you are in doubt about any contents of this document, you should
obtain independent professional advice.
NORWAY
This document has not been, and will not be, registered with or approved by Finanstilsynet(the Financial Supervisory Authority of Norway) and it does not constitute a prospectus under the Prospectus Regulation (Regulation
(EU) 2017/1129 (the Prospectus Regulation) or the Norwegian Securities Trading Act of 29 June 2007 no. 75. Accordingly, this document may not be made available, nor may the New Shares be offered for sale, directly or
indirectly, in Norway other than under circumstances that are exempted from the prospectus requirements under the Prospectus Regulation and the Norwegian Securities Trading Act. Any offering of New Shares in Norway is
limited to persons who are "qualified investors" as defined in the Prospectus Regulation. Only such persons may receive this document and they may not distribute it or the information contained in it to any other person.
INTERNATIONAL SELLING RESTRICTIONS
SKYCITY|INVESTORPRESENTATION|21 AUGUST 2025
40
SINGAPORE
This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this document and
any other document or materials in connection with the offer or sale, or invitation for subscription or purchase, of New Shares,may not be issued, circulated or distributed, nor may the New Shares be offered or sold, or be
made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore except pursuant to and in accordance with exemptions in Subdivision (4) of Division 1, Part 13 of the
Securities and Futures Act 2001 of Singapore (the SFA), or as otherwise pursuant to, and in accordance with the conditions ofany other applicable provisions of the SFA. This document has been given to you on the basis that
you are (i) an existing holder of securities in the Issuer, (ii) an "institutional investor" (as defined under Section 4A(1)(c) of the SFA) or (iii) an "accredited investor" (as defined in Section 4A(1)(a) of the SFA). In the event thatyou
are not an investor falling within any of the categories set out above, please return this document immediately. You may not forward or circulate this document to any other person in Singapore. Any offer is not made to you
with a view to the New Shares being subsequently offered for sale to any other party. There are on-sale restrictions in Singapore that may be applicable to investors who acquire the New Shares. As such, investors are advised
to acquaint themselves with the SFA provisions relating to resale restrictions in Singapore and comply accordingly.
UNITED KINGDOM
Neither this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the
Financial Services and Markets Act 2000, as amended (FSMA)) has been published or is intended to be published in respect of the New Shares.
This document is issued on a confidential basis to "qualified investors" (as defined in Regulation (EU) 2017/1129 as it formspart of UK law by virtue of the European Union (Withdrawal) Act (UK Prospectus Regulation)) in the
United Kingdom, and the New Shares may not be offered or sold in the United Kingdom by means of this document, any accompanying letter or any other document, except in circumstances which do not require the
publication of a prospectus pursuant to section 86(1) of the FSMA. This document should not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by recipients to any other person in
the United Kingdom.
Any invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) received in connection with the issue or sale of the New Shares has only been communicated or caused to be
communicated and will only be communicated or caused to be communicated in the United Kingdom in circumstances in which section 21(1) of the FSMA does not apply to the Company.
In particular, this document is being distributed only to, and is directed at, persons who are qualified investors (as specifiedabove) (i) who have professional experience in matters relating to investments falling within Article
19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (FPO), (ii)who fall within the categories of persons referred to in Article 49(2)(a) to (d) (high net worth
companies, unincorporated associations, etc.) of the FPO or (iii) to whom it may otherwise be lawfully communicated (togetherRelevant Persons). The investment to which this document relates is available only to Relevant
Persons. Any person who is not a Relevant Person should not act or rely on this document.
THEULTIMATEEXPERIENCEINENTERTAINMENT
THANK YOU
---
SkyCity Entertainment Group
Limited
Offer Document
1 for 3.35 Accelerated Non-Renounceable Entitlement Offer of New Shares
Thursday 21 August 2025
Not for distribution or release in the United States
This Offer Document is an important document. You should read the entire
document before deciding what action to take with respect to your
Entitlement. This Offer Document may not be distributed or released in the
United States. The distribution of this Offer Document outside of New
Zealand and Australia may be restricted by law. If you come into possession of
this Offer Document, you should observe the offering restrictions contained
in this document and should seek your own advice on those restrictions.
CONTENTS
IMPORTANT NOTICE 1
PART 1: LETTER FROM THE CHAIR 3
PART 2: OFFER AT A GLANCE 6
PART 3: IMPORTANT DATES 8
PART 4: DETAILS OF THE ENTITLEMENT OFFER 10
PART 5: GLOSSARY 22
PART 6: DIRECTORY 27
- 1 -
Important Notice
General Information
The Offer is made under the exclusion in clause 19
of Schedule 1 of the FMCA and pursuant to the
provisions of section 708AA of the Corporations
Act (as modified by ASIC Corporations (Non-
Traditional Rights Issues) Instrument 2016/84 and
ASIC Instrument 20-0592).
This Offer Document is not a product disclosure
statement or other disclosure document for the
purposes of the FMCA, the Corporations Act or
any other law, has not been lodged with the
Registrar of Financial Service Providers or ASIC,
and does not contain all of the information that
an investor would find in a product disclosure
statement or other disclosure document, or
which may be required in order to make an
informed investment decision about the Offer or
SkyCity.
Additional Information Available Under
SkyCity’s Continuous Disclosure Obligations
SkyCity is subject to continuous disclosure
obligations under the NZX Listing Rules. You can
find market releases by SkyCity at nzx.com and at
asx.com.au under the code “SKC”.
SkyCity may, during the period of the Offer, make
additional releases to the NZX and the ASX. To
the maximum extent permitted by law, no
release by SkyCity to the NZX or the ASX will
permit an applicant under the Offer to withdraw
any previously submitted application without
SkyCity’s prior consent.
Non-Standard Designation
SkyCity has been designated as ‘Non-Standard’
by the NZX due to the nature of the company’s
constitution. In particular, the constitution places
restrictions on the transfer of shares in SkyCity in
certain circumstances and provides that votes
and other rights attached to Shares may be
disregarded and Shares may be sold if these
restrictions are breached. Further details of these
restrictions are included on page 109 of SkyCity’s
annual report for the financial year ended 30 June
2024.
Offering Restrictions
This Offer Document does not constitute an offer,
advertisement or invitation in any place in which,
or to any person to whom, it would not be lawful
to make such an offer, advertisement or
invitation.
This Offer Document may not be sent or given to
any person who is not an Eligible Shareholder or
an Institutional Investor in circumstances in
which the Offer or distribution of this Offer
Document would be unlawful. The distribution of
this Offer Document (including an electronic
copy) outside New Zealand or Australia may be
restricted by law. In particular, this Offer
Document may not be distributed to any person,
and the New Shares may not be offered or sold, in
any country outside of New Zealand or Australia
except to Institutional Investors or as SkyCity may
otherwise determine in compliance with
applicable laws.
This Offer Document and any accompanying NZX
or ASX announcements do not constitute an offer
to sell, or the solicitation of an offer to buy, any
securities in the United States or in any other
jurisdiction in which, or to any person to whom,
such an offer would be illegal.
The Entitlements and the New Shares have not
been, and will not be, registered under the US
Securities Act. Accordingly, the Entitlements may
not be taken up by, and the New Shares may not
be offered or sold to, any person in the United
States except in transactions exempt from, or not
subject to, the registration requirements of the
US Securities Act and the applicable securities
laws of any state or other jurisdiction of the
United States.
Further details on the offering restrictions that
apply are set out in Part Four of this Offer
Document. If you come into possession of this
Offer Document, you should observe any such
restrictions. Any failure to comply with such
restrictions may contravene applicable securities
law. SkyCity disclaims all liability to such persons.
Future Performance
This Offer Document includes certain “forward-
looking statements” about SkyCity and the
environment in which SkyCity operates, such as
indications of, and guidance on, future earnings
and financial position and performance. Forward-
looking information is inherently uncertain and
subject to contingencies, known and unknown
risks and uncertainties and other factors, many of
which are outside of SkyCity’s control, and may
- 2 -
involve significant elements of subjective
judgement and assumptions as to future events
which may or may not be correct.
A number of important factors could cause actual
results or performance to differ materially from
forward-looking statements. No assurance can be
given that actual outcomes or performance will
not materially differ from the forward-looking
statements. The forward-looking statements are
based on information available to SkyCity as at
the date of this Offer Document. Except as
required by law or regulation (including the NZX
Listing Rules), SkyCity undertakes no obligation
to provide any additional or updated information
whether as a result of new information, future
events or results or otherwise.
SkyCity is exposed to risks that may not be
anticipated or are outside its control, its risk
management framework may not operate
effectively or there may be unforeseen challenges
in executing on SkyCity’s strategic objectives. If
any of SkyCity’s risk management processes and
procedures prove ineffective or inadequate or are
otherwise not appropriately implemented,
SkyCity could suffer unexpected losses and
reputational damage which could adversely
affect SkyCity’s business and financial
performance.
Investors are therefore strongly cautioned not to
place undue reliance on forward-looking
statements. Investors are also encouraged to
carefully consider the risk disclosures made in the
Investor Presentation.
Changes To The Offer
Subject to the NZX Listing Rules and applicable
law, SkyCity reserves the right to alter the dates
set out in this Offer Document. Additionally and
subject to applicable law, SkyCity reserves the
right to withdraw all or any part of the Offer
(either generally or in particular cases) and the
issue of New Shares at any time before the
Allotment Date at its absolute discretion.
No Guarantee
No guarantee is provided by any person in
relation to the New Shares to be issued pursuant
to the Offer. Likewise, no warranty is provided
with regard to the future performance of SkyCity
or any return on any investments made pursuant
to the Offer.
Disclaimer
The Joint Lead Managers and Underwriters have
not been responsible for the preparation of, and
to the maximum extent permitted by law accept
no liability in connection with, this Offer
Document.
Decision to Participate in the Offer
The information in this Offer Document does not
constitute a recommendation to acquire or invest
in New Shares nor does it amount to financial
product advice. This Offer Document has been
prepared without taking into account the
particular needs or circumstances of any investor,
including an investor’s investment objectives,
financial and/or tax position. You should conduct
your own independent review, investigation and
analysis of the Shares the subject of the Offer. You
should obtain any professional advice you require
to evaluate the merits and risks of an investment
in SkyCity before making any investment
decision based on your investment objectives.
Participation in the Offer is optional.
Privacy
Any personal information provided by Eligible
Shareholders via the online application will be
held by SkyCity or the Registrar at the addresses
set out in the Directory.
SkyCity and/or the Registrar may store your
personal information in electronic format,
including in online storage or on a server or
servers which may be located in New Zealand or
overseas. The information will be used for the
purposes of administering your investment in
SkyCity.
This information will only be disclosed to third
parties with your consent or if otherwise required
or permitted by law. Under the New Zealand
Privacy Act 2020 and Australian Privacy Act 1988
(Cth), you have the right to access and correct any
personal information held about you.
Enquiries
Enquiries about the Offer can be directed to an
NZX Firm, or your solicitor, accountant or other
professional adviser. If you have any questions
about the number of New Shares shown in your
Application Form, or how to apply online, please
contact the Registrar.
Defined Terms
Capitalised terms used in this Offer Document
have the specific meaning given to them in the
Glossary of this Offer Document.
- 3 -
Part 1: Letter From the Chair
Thursday, 21 August 2025
Dear SkyCity Shareholder,
Over the last twelve months, SkyCity’s operating environment has remained challenging, driven
primarily by the ongoing weakness of the New Zealand economy, which has impacted many
businesses. While we have made significant progress in many areas of our business (including most
importantly our risk transformation programme); the challenging market backdrop, which has
coincided with a period of elevated investment and regulatory costs, has significantly impacted our
financial performance.
Given those difficult market conditions are expected to continue into the financial year ending 30
June 2026 and investment in the New Zealand International Convention Centre (NZICC) and online
casino gaming (Online Gaming) will remain a focus in the near term, the SkyCity Board has deemed
it necessary to raise capital to provide SkyCity with balance sheet resilience so that we can navigate
this challenging period while continuing to invest in our key strategic priorities.
On behalf of the Board of SkyCity Entertainment Group Limited (SkyCity or the Company), I invite all
Eligible Shareholders to participate in an accelerated non-renounceable entitlement offer of new
fully paid shares in SkyCity at the Offer Price of NZ$0.70 (or the A$ Price) per New Share (the
Entitlement Offer). The Entitlement Offer is being conducted in conjunction with a placement of
New Shares to certain Institutional Investors (Placement) to raise, in aggregate, NZ$240 million
(together, the Offer).
The equity raising is intended to provide balance sheet resilience to navigate this period of continued
economic weakness and execute on near-term priorities. SkyCity is also targeting the release of a
further ~NZ$200 million of capital over the next 12 - 18 months from asset monetisations.
Despite the challenges we have faced, and the work that is still to be done, there is a great deal for
SkyCity to be excited about over the next 12 months. The NZICC is expected to open in February 2026
and will be New Zealand’s largest convention centre, which is expected to drive 500k additional
visitations to the Auckland precinct on an annual basis once operating at full capacity. We are also
excited for New Zealand Online Gaming to be regulated in 2026, as we will look to utilise our land-
based brand and presence to become the ‘local hero’ of New Zealand’s Online Gaming market.
The SkyCity Board and senior executives remain focused on returning SkyCity to earnings growth
and generating strong returns for our shareholders and believe this equity raising ensures we have a
resilient platform to do so.
Details of the Entitlement Offer
Under the Entitlement Offer, if you are an Eligible Shareholder you have the opportunity to subscribe
for 1 New Share at an Offer Price of NZ$0.70 for every 3.35 Existing Shares you hold at 7.00pm (NZST) /
5.00pm (AEST) on Friday, 22 August 2025.
- 4 -
The Offer Price of NZ$0.70 represents:
(a) a 22.8% discount to the Theoretical Ex-Rights Price
1
of NZ$0.91; and
(b) a 30.0% discount to SkyCity’s last traded share price on the NZX of NZ$1.00 on Tuesday, 19
August 2025,
and is the same price at which New Shares are to be issued to institutions under the Institutional
Entitlement Offer and the Placement.
You can choose to take up your Entitlement in full, in part or not at all. Your Entitlement cannot be
traded or sold on the NZX Main Board or ASX, nor can they be traded privately. You will receive no
value for any Entitlement that you have not taken up.
Eligible Retail Shareholders who take up their Entitlement in full may also apply for additional New
Shares (up to a maximum amount of additional New Shares equal to 60% of their Entitlement) not
taken up as part of the Retail Entitlement Offer.
The Placement and the Entitlement Offer are fully underwritten by Macquarie Securities (NZ)
Limited, Jarden Partners Limited and UBS New Zealand Limited (UBS).
Under the Entitlement Offer, there will be no trading of any Entitlement or any shortfall bookbuild of
New Shares not taken up. The Placement and the non-renounceable feature of the Entitlement Offer
structure will mean that Shareholders who do not participate in the Entitlement Offer will have their
shareholding diluted and will not receive any value for their Entitlement. If a Shareholder does not
participate in either the Placement or the Entitlement Offer, their shareholding will be diluted by
approximately 31.1%.
Any New Shares attributable to an Entitlement that is not taken up by Eligible Retail Shareholders, or
which are attributable to certain Ineligible Retail Shareholders, will be offered for sale at the Offer
Price to Eligible Retail Shareholders who take up their Entitlement in full, allowing them to subscribe
for additional New Shares up to a maximum of 60% of their Entitlement.
How to Apply
To participate in the Retail Entitlement Offer, you must apply and pay for your New Shares before
5.00pm (NZST) / 3.00pm (AEST) on Thursday, 4 September 2025. You can apply and pay via the Offer
website at www.shareoffer.co.nz/skycity. Further information about how to apply for New Shares in
the Retail Entitlement Offer is set out in Part 4 of this Offer Document. If you have a relationship with
an NZX Firm or ASX Broker, you may also have the opportunity to participate in the Placement
through that firm if it has been invited to participate in the Placement.
Purpose of this Offer Document
This Offer Document contains important information about the Entitlement Offer. We
encourage you to read it carefully and in full, and to discuss the Entitlement Offer with your
broker or your financial, investment or other professional adviser before deciding whether or
not to participate in the Entitlement Offer.
1
TERP is calculated with reference to SkyCity’s last traded share price on the NZX of NZ$1.00 on Tuesday, 19 August
2025 and includes approximately 343 million New Shares to be issued under the Placement and Entitlement Offer.
TERP is a theoretical calculation only and the actual price at which SkyCity shares will trade immediately after the
ex-rights date for the Offer will depend on many factors and may not be equal to TERP.
- 5 -
We also encourage you to read through all of SkyCity’s recent announcements, particularly the
Investor Presentation and other materials released on Thursday, 21 August 2025 at www.nzx.com and
www.asx.com.au under the ticker code "SKC". In particular, you should read and consider Appendix B
of the Investor Presentation ("Key Risks") for a non-exhaustive summary of certain key risks
associated with SkyCity and the Offer, before making an investment decision. You can also access
information, including the Investor Presentation and announcements regarding the Entitlement
Offer on the following website at www.shareoffer.co.nz/skycity.
If you have any questions about the Entitlement Offer, please email skycity@computershare.co.nz or
call the Computershare Investor Information Line on 0800 991 101 (toll free within New Zealand) or
+64 9 488 8794, otherwise for Australian shareholders 1800 501 366 (toll free within Australia) or +61 3
9415 4083 in each case from 8:30am to 5.00pm Monday to Friday (NZ time) (excluding public
holidays), or contact your broker or your financial, investment or other professional adviser.
All members of the SkyCity Board have confirmed that they intend to take up their Entitlement
in full.
On behalf of the SkyCity Board, thank you for your continued support, and we welcome your
consideration of, and participation in, the Entitlement Offer.
Yours sincerely,
Julian Cook
SkyCity Board Chair
6
Part 2: Offer at a Glance
Issuer SkyCity Entertainment Group Limited
The Offer
SkyCity is undertaking an equity raising comprising the Placement to
raise approximately NZ$81 million together with this Entitlement Offer,
which is structured as an accelerated non-renounceable entitlement offer
to raise approximately NZ$159 million.
The Entitlement Offer is a pro rata offer of 1 New Share for every 3.35
Existing Shares held by an Eligible Shareholder at 7.00pm (NZST) on the
Record Date, with fractional entitlements being rounded down to the
nearest whole share.
A shorter offer period will apply to Eligible Institutional Shareholders, with
the Institutional Entitlement Offer and the Placement conducted over one
Business Day (being the date of the announcement of the Offer).
If an Eligible Shareholder does not take up all of its Entitlement, its current
shareholding will be diluted as a result of the issue of New Shares.
Furthermore, even if an Eligible Shareholder takes up its Entitlement in
full, if it does not receive any New Shares under the Placement, its
shareholding in SkyCity will be diluted as a consequence of the
Placement.
New Shares attributable to the Institutional Entitlement Offer not taken
up by Eligible Institutional Shareholders under the Institutional
Entitlement Offer and the Entitlement of certain Ineligible Institutional
Shareholders may, subject to demand, be allocated to Institutional
Investors who participate in the Placement or as SkyCity and the
Underwriters may otherwise agree. Shares issued under the Placement
will not be eligible to participate in the Entitlement Offer.
New Shares that are attributable to Entitlements that are not taken up by
Eligible Retail Shareholders (together with those attributable to
Entitlements of Ineligible Retail Shareholders) will be offered to Eligible
Retail Shareholders who take up their Entitlement in full, allowing them to
subscribe for additional New Shares up to a maximum of 60% of their
Entitlement.
Application Price NZ$0.70 (or the A$ Price) per New Share.
Existing Shares
currently on issue
760,205,209 Existing Shares.
Maximum number
of New Shares being
offered under the
Offer
342,857,142 New Shares (subject to rounding).
Offer size The amount to be raised under the Offer is NZ$240 million.
7
New Shares The same class as, and ranking equally with, Existing Shares.
Eligible Retail
Shareholders
You are an Eligible Retail Shareholder if, as at 7.00pm (NZST) on the
Record Date, you are recorded in SkyCity’s share register as a Shareholder
and:
(a) your address is shown in SkyCity’s share register as being in New
Zealand or Australia; or
(b) SkyCity considers, in its discretion, you may be treated as an Eligible
Retail Shareholder,
and you are not in the United States or an Institutional Shareholder.
How to apply
Eligible Retail Shareholders
Applications must be made online at www.shareoffer.co.nz/skycity
Eligible Institutional Shareholders
SkyCity and the Underwriters will contact Eligible Institutional
Shareholders to advise them of the terms and conditions of participation
in the Entitlement Offer and confirm their application process.
Underwriting
The Placement and the Entitlement Offer are fully underwritten by the
Underwriters.
8
Part 3: Important Dates
Institutional Entitlement Offer
This timetable is relevant to participants in the Institutional Entitlement Offer. Eligible Retail
Shareholders should refer to the important dates for the Retail Entitlement Offer set out on the
following page.
Key Event Date
2
Trading halt commences on the NZX Main Board and the
ASX (pre-market open)
Thursday 21 August 2025
Institutional Entitlement Offer opens at 9.00am (NZST) or
7.00am (AEST)
Thursday 21 August 2025
Institutional Entitlement Offer closes Thursday 21 August 2025
Record Date 7.00pm (NZST) or 5.00pm (AEST) Friday 22 August 2025
Announce results of Institutional Entitlement Offer
Trading halt lifted on the NZX Main Board and ASX
Before market open, Friday 22
August 2025
Settlement of Institutional Entitlement Offer on ASX Wednesday 27 August 2025
Settlement of Institutional Entitlement Offer on the NZX
Main Board and commencement of trading of allotted New
Shares on the NZX Main Board and ASX
Thursday 28 August 2025
2
The dates set out in the table above (and any references to them in this Offer Document) are subject to change
and are indicative only. All times and dates refer to New Zealand standard time (unless otherwise specified).
SkyCity reserves the right to amend the timetable (including by extending the closing dates for the Offer or
accepting late applications, either generally or in particular cases) subject to the NZX Listing Rules. Any extension
of the closing dates for the Offer will have a consequential effect on the issue date of New Shares.
9
Retail Entitlement Offer
The timetable immediately below is relevant to participants in the Retail Entitlement Offer. Eligible
Institutional Shareholders should refer to the important dates for the Institutional Entitlement Offer
on the previous page.
Key Event Date
3
Record Date 7.00pm (NZST) or 5.00pm (AEST) Friday 22 August 2025
Announce A$ Price Monday 25 August 2025
Expected despatch of Entitlement letters Tuesday 26 August 2025
Retail Entitlement Offer opens Tuesday 26 August 2025
Retail Entitlement Offer closes at 5.00pm (NZST) or 3.00pm
(AEST) (last day for online applications)
Thursday 4 September 2025
Announce results for Retail Entitlement Offer
Tuesday 9 September 2025
Settlement of Retail Entitlement Offer on the ASX Wednesday 10 September 2025
Settlement of Retail Entitlement Offer on the NZX Main
Board
Thursday 11 September 2025
Allotment of Retail Entitlement Offer on the NZX Main
Board and ASX
Thursday 11 September 2025
Commencement of trading of Retail Entitlement Offer
shares on the NZX Main Board
Thursday 11 September 2025
Commencement of trading of Retail Entitlement Offer
shares on the ASX
Friday 12 September 2025
Despatch of holding statements for New Shares issued
under the Retail Entitlement Offer
Monday 15 September 2025
Applicants must apply via the online application process as soon as possible. No cooling-off rights
apply to applications submitted under the Entitlement Offer and once an application is submitted it
cannot be withdrawn without SkyCity’s prior consent.
3
The dates set out in the table above (and any references to them in this Offer Document) are subject to change
and are indicative only. All times and dates refer to New Zealand standard time (unless otherwise specified).
SkyCity reserves the right to amend the timetable (including by extending the closing dates for the Offer or
accepting late applications, either generally or in particular cases) subject to the NZX Listing Rules. Any extension
of the closing dates for the Offer will have a consequential effect on the issue date of New Shares.
10
Part 4: Details of the Entitlement Offer
The Entitlement Offer
The Entitlement Offer is an offer of New Shares to Eligible Shareholders under a pro rata accelerated
non-renounceable entitlement offer. Under the Entitlement Offer, Eligible Shareholders are entitled
to subscribe for 1 New Share for every 3.35 Existing Shares held at 7.00 pm (NZST) on the Record
Date. The New Shares will be the same class as, and will rank equally with, Existing Shares which are
quoted on the NZX Main Board and ASX. It is a term of the Entitlement Offer that SkyCity will take
any necessary steps to ensure that the New Shares are, immediately after issue, quoted on the NZX
Main Board and ASX.
If you are an Eligible Shareholder you may take up all, part or none of your Entitlement. If you are an
Eligible Shareholder and you do not take up all of your Entitlement, your percentage shareholding in
SkyCity will be reduced as a result of the issue of New Shares in the Placement and the Entitlement
Offer. Even if you are an Eligible Shareholder and take up your Entitlement in full, if you do not
receive any New Shares under the Placement, your shareholding in SkyCity will still be diluted as a
consequence of the Placement. The maximum number of New Shares being offered under the Offer
is 342,857,142 New Shares (subject to rounding). SkyCity will raise a total of approximately NZ$159
million through the Entitlement Offer, which is fully underwritten by the Underwriters.
Application Price
The Application Price is NZ$0.70 (or the A$ Price) per New Share.
The A$ Price will be set by SkyCity as the Australian dollar equivalent of NZ$0.70 based on the NZ$:A$
exchange rate published by the Reserve Bank of New Zealand on its website at 3.00pm (NZST) on
Friday 22 August 2025. The A$ Price is expected to be announced by SkyCity on Monday 25 August
2025.
The Application Price must be paid in full on application. Payment of the Application Price must be
made, for the Retail Entitlement Offer, in accordance with the online application process.
If your address is shown in SkyCity’s share register as being in New Zealand, the Application Price
must be paid in New Zealand dollars. If your address is shown in SkyCity’s share register as being in
Australia, the Application Price must be paid in Australian dollars. Any New Shares (including
additional New Shares) issued to you will be issued on the branch register on which you currently
hold the Existing Shares to which your Entitlement relates.
SkyCity may accept late applications and application monies, but it has no obligation to do so.
SkyCity may accept or reject (at its discretion) any online application which it considers is not
completed correctly and may correct any errors or omissions in the online application.
An application may not be withdrawn without SkyCity’s prior consent once submitted.
Application monies received will be held in a trust account with the Registrar until the corresponding
New Shares are allotted or the application monies are refunded. Interest earned on the application
monies will be for the benefit, and remain the property, of SkyCity and will be retained by SkyCity
whether or not the issue of New Shares takes place. Any refunds of application monies (without
interest) will be made within 10 Business Days of allotment (or the date that the decision not to
accept an application is made, as the case may be).
11
Withdrawal
Subject to SkyCity’s compliance with all applicable laws, SkyCity reserves the right to withdraw the
Entitlement Offer at any time at its absolute discretion. If the Entitlement Offer is withdrawn, all
applicable application monies will be refunded, without interest, to the relevant Shareholder.
Overview of The Entitlement Offer
SkyCity will raise a total of approximately NZ$159 million through the Entitlement Offer, which is fully
underwritten by the Underwriters. The maximum number of New Shares that are being offered
under the Entitlement Offer is 226,926,928 New Shares (subject to rounding).
The Entitlement Offer comprises the following components:
(a) the Institutional Entitlement Offer; and
(b) the Retail Entitlement Offer,
in each case, as described in further detail below.
The Entitlement Offer is an accelerated non-renounceable entitlement offer. This means that if you,
as an Eligible Shareholder, do not take up your full Entitlement under the Entitlement Offer, then
your Entitlement will lapse, and you will receive no value for your lapsed Entitlement. Further, if you
do not take up your full Entitlement, you will have your percentage shareholding in SkyCity reduced
as a result of the Placement and the Entitlement Offer by approximately 31.1%. If you do take up your
full Entitlement (but do not receive any New Shares under the Placement), your shareholding in
SkyCity will still be diluted by approximately 10.5% as a consequence of the Placement.
By participating in the Entitlement Offer, you represent and warrant that:
(a) you are an Eligible Shareholder or an Institutional Investor;
(b) you have not sent, and will not send, this Offer Document or any other offer materials outside
Australia and New Zealand or to any person in the United States, except custodians and
nominees may distribute this Offer Document to beneficial shareholders who are Institutional
Investors in the Permitted Jurisdictions excluding the United States;
(c) you understand that the offer and sale of the Entitlement and New Shares have not been, and
will not be, registered under the US Securities Act or the securities laws of any state or other
jurisdiction of the United States, and the Entitlement may not be taken up by, and the New
Shares may not be offered or sold to, any person in the United States except in transactions
exempt from, or not subject to, the registration requirements of the US Securities Act and the
applicable securities laws of any state or other jurisdiction of the United States; and
(d) you acknowledge that, if you decide to sell or otherwise transfer any New Shares, you will only
do so in standard (regular way) brokered transactions on the NZX Main Board or ASX, where
neither you nor any person acting on your behalf knows, or has reason to know, that the sale
has been pre-arranged with, or that the purchaser is, a person in the United States.
12
Purpose of the Offer
SkyCity intends that the proceeds raised from the Offer will be used to repay existing debt, as cash
held against remaining debt balance and to fund transaction costs, reducing pro forma net debt /
Covenant EBITDA to 2.2x
4
.
Offer Structure
SkyCity has chosen to utilise an Entitlement Offer and Placement structure to raise equity, with the
Entitlement Offer structured as an accelerated, non-renounceable entitlement offer (referred to as
an ANREO). After carefully considering alternative equity raising structures, taking expert investment
banking advice (see further below) and weighing the benefits of this structure against the expected
impact on non-participating Shareholders the SkyCity Board has determined that for this equity
raising, the ANREO and Placement structure will achieve the best outcome for all Shareholders and
be in the best interests of SkyCity. In determining that the Placement and Entitlement Offer is in the
best interests of SkyCity, the SkyCity Board has considered and had regard to:
Pro-Rata Participation
The pro-rata nature of an ANREO allows all Eligible Shareholders to take up at least their pro-rata
portion of the Entitlement Offer. Eligible Retail Shareholders who take up all of their Entitlement can
offset any dilution to their shareholding arising from the Placement by applying for additional New
Shares forming part of any shortfall in the Retail Entitlement Offer, up to a maximum amount of New
Shares equal to 60% of their Entitlement. Eligible Institutional Shareholders will have the opportunity
to apply for New Shares in the Placement and New Shares which form part of any shortfall in the
Institutional Entitlement Offer.
In addition, Eligible Retail Shareholders who hold their Shares through a broker relationship may be
able to participate in the Placement. An Eligible Shareholder who takes up their Entitlement in full
and is allocated additional New Shares (either in the Placement or by over-subscribing in the
Entitlement Offer) equal to at least 51.1% of their Entitlement, will not be diluted. Accordingly, while
the Placement is not pro-rata, Eligible Shareholders are expected to have the opportunity to avoid or
mitigate dilution through participation in the Placement and/or applying for Additional New Shares
in the Entitlement Offer, as applicable.
Execution Certainty
SkyCity requires certainty that sufficient funds be raised under the Offer to provide balance sheet
resilience to navigate a period of economic weakness and to execute on near term priorities. This
includes reducing debt to appropriately manage its leverage position. Accordingly, it is important to
SkyCity that the Entitlement Offer and Placement are fully underwritten, to provide the required
certainty that all necessary funds will be received.
A placement and ANREO can be more easily underwritten and better priced than alternative pro-
rata offer structures such as a renounceable entitlement offer. This is because structuring the
Entitlement Offer as an ANREO and Placement enables a greater proportion of the proceeds to be
received early in the process, minimising the market risk associated with the Offer, which in turn
supports greater participation by both sub-underwriters and Shareholders, as well as better pricing.
The absence of any additional retail shortfall bookbuild (as seen in renounceable pro-rata offer
structures) also enables greater and more certain sub-underwriting support.
SkyCity’s advisors have provided advice to SkyCity (with associated historical market comparative
evidence) that these elements enable the Offer to be fully underwritten with better pricing for
SkyCity than would otherwise have likely been available for a renounceable offer structure.
4
Refer to Appendix A of the Investor Presentation for net debt calculation and reconciliation between Reported
EBITDA, Underlying EBITDA and Covenant EBITDA.
13
Pricing
The ANREO and Placement structure allows SkyCity to price the Offer at a smaller discount than a
renounceable pro-rata offer structure or without a placement. By having a smaller discount, the
number of shares needed to be issued at the Offer price to receive the necessary Offer proceeds is
reduced, and therefore the dilutionary impact on non-participating Shareholders is minimised. This
also provides certainty to existing Shareholders as to the price they will pay to subscribe for New
Shares in excess of their pro-rata entitlement given the fixed Offer Price, which is the same price for
all investors.
Allocation Flexibility
An ANREO, together with a placement, gives SkyCity greater flexibility when selecting which
investors are allocated New Shares under the Placement or any shortfall under the Entitlement Offer,
when compared to a renounceable pro-rata offer structure, where shortfall shares are allocated to
the highest bidders that “clear the book”. An ANREO structure allows allocations of New Shares
under the Placement, and attributable to Entitlements not taken up by Eligible Shareholders or
attributable to Ineligible Shareholders, to be prioritised to investors who are supportive of SkyCity’s
strategy. Allocation to these Shareholders is expected to support SkyCity over the long term,
enhancing the prospects of stronger aftermarket performance of the Shares, providing a benefit to
all Shareholders.
Impact of Non-Participation in the Offer
The Offer structure selected means that non-participating Shareholders will have their shareholding
diluted and will not receive any value for their Entitlement. If a Shareholder does not participate in
either the Entitlement Offer or Placement, their shareholding will be diluted by approximately 31.1%.
SkyCity has obtained foreign securities law advice confirming that more than 95% of SkyCity’s
Shareholders outside New Zealand will be eligible to participate in the Entitlement Offer.
Any Ineligible Shareholders would have been unable to participate in the offer irrespective of
whether it was structured as non-renounceable or a renounceable pro-rata offer.
The level of dilution suffered by Shareholders who do not participate in the Placement or
Entitlement Offer (including Ineligible Shareholders) is expected to be less under this offer structure
due to the better pricing, when compared to a renounceable pro-rata offer structure. Unless an
Eligible Shareholder takes up their Entitlement in full and applies for, and is allocated, a number of
additional New Shares equal to at least 10.5% of their Entitlement, their shareholding in SkyCity will
be diluted as a consequence of the issue of New Shares under the Entitlement Offer and Placement.
Expert Advice Obtained
SkyCity has obtained expert investment banking advice from Macquarie, Jarden Securities Limited
(Jarden) and UBS in relation to the merits of the Offer structure, which is consistent with the
explanation above as to why a Placement and ANREO structure has been selected and is in the best
interests of SkyCity. Although Macquarie, Jarden and UBS are acting as the Joint Lead Managers
(with a related company of Macquarie, Macquarie Securities (NZ) Limited, a related company of
Jarden, Jarden Partners Limited and UBS acting as the Underwriters) to the Offer, SkyCity and the
SkyCity Board concluded that it was still appropriate that they provide this advice in these
circumstances, as the advice was given in a manner that considers the best interests of SkyCity and
the interests of all Shareholders, generally. To the maximum extent permitted by law, Macquarie,
Jarden and UBS do not accept any liability to Shareholders in relation to the contents of this Offer
Document or the choice of Offer structure by the SkyCity Board.
14
The Institutional Entitlement Offer
Overview of the Institutional Entitlement Offer
SkyCity is offering Eligible Institutional Shareholders the opportunity to subscribe for 1 New Share for
every 3.35 Existing Shares held as at 7.00 pm (NZST) on the Record Date, at an Application Price of
NZ$0.70. This ratio and the Application Price are the same as for the Retail Entitlement Offer. SkyCity
and the Joint Lead Managers will seek to approach Eligible Institutional Shareholders, who may take
up all, part or none of their Entitlement.
The Institutional Entitlement Offer opens at 9.00 am (NZST) on Thursday 21 August 2025 and closes
on Thursday 21 August 2025 (subject to SkyCity’s right to modify these dates or times).
Entitlements will not be quoted and cannot be traded on the NZX Main Board, the ASX or privately
transferred.
Eligibility under the Institutional Entitlement Offer
The Institutional Entitlement Offer is only open to Eligible Institutional Shareholders. SkyCity will
determine the Shareholders who will be treated as Eligible Institutional Shareholders for the purpose
of determining the Shareholders to whom an offer of New Shares will be made under the
Institutional Entitlement Offer. In exercising its discretion, SkyCity may have regard to a number of
matters, including legal and regulatory requirements and logistical and registry constraints. SkyCity
will determine which Shareholders will be treated as Ineligible Institutional Shareholders. To the
maximum extent permitted by law, the Joint Lead Managers, Underwriters, SkyCity and each of their
respective shareholders, directors, officers, employees, agents and advisers disclaims any duty or
liability (including for negligence) in respect of such determination or exercise of such discretion.
SkyCity reserves the right to reject any application for New Shares under the Institutional
Entitlement Offer that it considers comes from a person who is not an Eligible Institutional
Shareholder.
Acceptance of Entitlement under the Institutional Entitlement Offer
SkyCity and the Joint Lead Managers may seek to contact Eligible Institutional Shareholders to
inform them of the terms and conditions of participation in the Institutional Entitlement Offer and
seek confirmation of their Entitlement under the Offer. Applications for New Shares by Eligible
Institutional Shareholders can only be made by contact with the Joint Lead Managers.
Entitlements are not rounded up to a minimum holding. The number of New Shares to which an
Eligible Institutional Shareholder is entitled under its Entitlement will, in the case of fractions of New
Shares, be rounded down to the nearest whole number. Applications in excess of an Eligible
Institutional Shareholder’s Entitlement will not be accepted.
New Shares attributable to the Institutional Entitlement Offer not taken up by Eligible Institutional
Shareholders under the Institutional Entitlement Offer and the Entitlements of certain Ineligible
Institutional Shareholders may, subject to demand, be allocated to Institutional Investors who
participate in the Placement or as SkyCity and the Underwriters may otherwise determine. Shares
issued under the Placement will not be eligible to participate in the Entitlement Offer.
Settlement of the Institutional Entitlement Offer
Settlement of the Institutional Entitlement Offer will occur on the Institutional Settlement Date in
accordance with arrangements advised by the Joint Lead Managers. Each investor remains
responsible for ensuring its own compliance with the Takeovers Code and other applicable
legislation.
15
The Retail Entitlement Offer
Overview of the Retail Entitlement Offer
SkyCity is offering Eligible Retail Shareholders the opportunity to subscribe for 1 New Share for every
3.35 Existing Shares held as at 7.00pm (NZST) on the Record Date, at an Application Price of NZ$0.70
per New Share (or the A$ Price). This ratio and the Application Price are the same as for the
Institutional Entitlement Offer. Eligible Retail Shareholders can view the Offer Document and the
Application Form, which details their Entitlement, online and submit an application online at
www.shareoffer.co.nz/skycity. Eligible Retail Shareholders may take up all, part, or none of their
Entitlement.
The Retail Entitlement Offer opens on Tuesday 26 August 2025 and closes at 5.00 pm (NZST) on
Thursday 4 September 2025 (subject to SkyCity’s right to modify these dates or times).
Entitlements will not be quoted and cannot be traded on the NZX Main Board, the ASX or privately
transferred.
Eligibility under the Retail Entitlement Offer
The Retail Entitlement Offer is only open to Eligible Retail Shareholders.
The Retail Entitlement Offer does not constitute an offer to any person who is not an Eligible Retail
Shareholder (including any Institutional Shareholder or an Ineligible Retail Shareholder). In
particular, Shareholders who are in the United States are not eligible to participate in the Retail
Entitlement Offer.
Any person allocated New Shares under the Institutional Entitlement Offer is not able to participate
in the Retail Entitlement Offer in respect of those New Shares.
SkyCity reserves the right to reject any application for New Shares under the Retail Entitlement Offer
that it considers comes from a person who is not an Eligible Retail Shareholder.
Acceptance of Entitlement under the Retail Entitlement Offer
Applications for New Shares by Eligible Retail Shareholders can only be made via an online
application at www.shareoffer.co.nz/skycity.
Entitlements are not rounded up to a minimum holding. The number of New Shares to which an
Eligible Retail Shareholder is entitled under an Entitlement will, in the case of fractions of New
Shares, be rounded down to the nearest whole number.
Eligible Retail Shareholders are not obliged to subscribe for any or all of the New Shares to which
they are entitled under the Offer. They may take up all, part or none of their Entitlement.
Any nominee or custodian who takes up an Entitlement in the Retail Entitlement Offer (and
therefore applies for New Shares) on behalf of a person outside Australia and New Zealand will be
deemed to have represented and warranted to SkyCity that such person is an Institutional Investor in
a Permitted Jurisdiction excluding the United States or such other jurisdiction as SkyCity may
consent taking into account applicable securities laws.
New Shares attributable to the Retail Entitlement Offer not taken up by Eligible Retail Shareholders
under the Retail Entitlement Offer and the Entitlement of certain Ineligible Retail Shareholders may,
subject to demand, be allocated to Eligible Retail Shareholders who take up their Entitlement in full
(as outlined below) or as SkyCity and the Underwriters may otherwise determine.
16
Applications to take up additional New Shares
New Shares that are attributable to an Entitlement that is not taken up by Eligible Retail
Shareholders (together with those attributable to an Entitlement of Ineligible Retail Shareholders)
will be offered to Eligible Retail Shareholders who take up their Entitlement in full.
Eligible Retail Shareholders who have taken up their Entitlement in full may apply for these
additional New Shares, up to a maximum amount of New Shares equal to 60% of their Entitlement.
Eligible Retail Shareholders may apply for these additional New Shares at the Offer Price as directed
by the online application. Payment must be made for both your full Entitlement and any
additional New Shares for which you wish to apply.
Allocations and any necessary scaling of additional New Shares applied for by Eligible Retail
Shareholders who take up their Entitlement in full will be determined by SkyCity and the
Underwriters, with the objective of treating Eligible Retail Shareholders fairly and taking into account
their pro-rata allocation across the Placement and the Entitlement Offer. If applications for additional
New Shares are scaled, Eligible Retail Shareholders may not receive any or all the additional New
Shares they have applied and paid for. If such scaling occurs, any Application Price paid in excess of
the number of New Shares received will be refunded without interest (subject to a minimum refund
amount of NZ$5.00).
Nominees
If you hold Existing Shares as nominee for more than one person, then you may (depending on the
nature of each such person) be an Eligible Institutional Shareholder, Ineligible Institutional
Shareholder, Eligible Retail Shareholder or Ineligible Retail Shareholder with regard to the
Entitlement of each such person. Nominees who hold Shares on behalf of persons in the United
States are not eligible to participate on behalf of those persons.
Notice to nominees and custodians
The Retail Entitlement Offer is being made to all Eligible Retail Shareholders. Nominees and
custodians with registered addresses in eligible jurisdictions, irrespective of whether they
participated under the Institutional Entitlement Offer, may also be able to participate in the Retail
Entitlement Offer in respect of some or all of the beneficiaries on whose behalf they hold Existing
Shares, provided that the applicable beneficiary would satisfy the criteria for an Eligible Retail
Shareholder.
Nominees and custodians who hold Shares as nominees or custodians will receive a letter from
SkyCity. Nominees and custodians should consider carefully the contents of that letter and note in
particular that the Retail Entitlement Offer is not available to, and they must not purport to accept
the Retail Entitlement Offer in respect of:
(a) beneficiaries on whose behalf they hold Existing Shares who would not satisfy the criteria for
an Eligible Retail Shareholder;
(b) Eligible Institutional Shareholders who received an offer to participate in the Institutional
Entitlement Offer (whether they accepted their Entitlement or not);
(c) Ineligible Institutional Shareholders who were ineligible to participate in the Institutional
Entitlement Offer; or
(d) Shareholders who are not eligible under all applicable securities laws to receive an offer under
the Retail Entitlement Offer.
In particular, nominees and custodians who hold Shares on behalf of persons outside Australia and
New Zealand are not eligible to participate on behalf of those persons, and may not take up
17
Entitlements on behalf of, or send any documents relating to the Retail Entitlement Offer to, any
such person except for any beneficial shareholder of SkyCity outside Australia and New Zealand that
is an Institutional Investor in another Permitted Jurisdiction (excluding the United States) or as
SkyCity may otherwise consent.
Overseas Shareholders
The Entitlement Offer is only open to Eligible Shareholders and persons that SkyCity is satisfied can
otherwise participate in the Entitlement Offer in compliance with all applicable laws. SkyCity has
determined that it would be unduly onerous to extend the Retail Entitlement Offer to Ineligible
Retail Shareholders and the Institutional Entitlement Offer to Ineligible Institutional Shareholders
because of the small number of such Shareholders, the number and value of Shares that they hold
and the cost of complying with the applicable regulations in jurisdictions outside New Zealand or
Australia.
The distribution of this Offer Document (including an electronic copy) outside New Zealand or
Australia may be restricted by law. In particular, this Offer Document may not be distributed or
released in the United States. Any failure to comply with such restrictions may contravene applicable
securities law. SkyCity disclaims all liability to such persons.
International Offer Restrictions
This Offer Document does not constitute an offer of New Shares in any jurisdiction in which it would
be unlawful. In particular, this Offer Document may not be distributed to any person, and the
Entitlement and New Shares may not be offered or sold, in any country outside New Zealand and
Australia except to the extent permitted below.
Cayman Islands
SkyCity is not licensed to conduct investment business in the Cayman Islands by the Cayman Islands
Monetary Authority and this document does not constitute a public offer of the New Shares, whether
by way of sale or subscription, in the Cayman Islands. The New Shares have not been offered or sold,
and will not be offered or sold, directly or indirectly, to the public within the Cayman Islands, and may
only be purchased by institutional and professional investors in the Cayman Islands that receive
communications in relation to the Entitlement Offer from outside the Cayman Islands.
Hong Kong
WARNING: This document has not been, and will not be, registered as a prospectus under the
Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it
been authorised by the Securities and Futures Commission in Hong Kong pursuant to the Securities
and Futures Ordinance (Cap. 571) of the Laws of Hong Kong (the SFO). No action has been taken in
Hong Kong to authorise or register this document or to permit the distribution of this document or
any documents issued in connection with it. Accordingly, the New Shares have not been and will not
be offered or sold in Hong Kong other than to "professional investors" (as defined in the SFO and any
rules made under that ordinance).
No advertisement, invitation or document relating to the New Shares has been or will be issued, or
has been or will be in the possession of any person for the purpose of issue, in Hong Kong or
elsewhere that is directed at, or the contents of which are likely to be accessed or read by, the public
of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with
respect to New Shares that are or are intended to be disposed of only to persons outside Hong Kong
or only to professional investors.
No person allotted New Shares may sell, or offer to sell, such securities in circumstances that amount
to an offer to the public in Hong Kong within six months following the date of issue of such
securities.
18
The contents of this document have not been reviewed by any Hong Kong regulatory authority. You
are advised to exercise caution in relation to the offer. If you are in doubt about any contents of this
document, you should obtain independent professional advice.
Norway
This document has not been, and will not be, registered with or approved by Finanstilsynet (the
Financial Supervisory Authority of Norway) and it does not constitute a prospectus under (Regulation
(EU) 2017/1129) (the Prospectus Regulation) or the Norwegian Securities Trading Act of 29 June 2007
no. 75. Accordingly, this document may not be made available, nor may the New Shares be offered
for sale, directly or indirectly, in Norway other than under circumstances that are exempted from the
prospectus requirements under the Prospectus Regulation and the Norwegian Securities Trading
Act. Any offering of New Shares in Norway is limited to persons who are "qualified investors" as
defined in the Prospectus Regulation. Only such persons may receive this document and they may
not distribute it or the information contained in it to any other person.
Singapore
This document and any other materials relating to the New Shares have not been, and will not be,
lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore.
Accordingly, this document and any other document or materials in connection with the offer or
sale, or invitation for subscription or purchase, of New Shares, may not be issued, circulated or
distributed, nor may the New Shares be offered or sold, or be made the subject of an invitation for
subscription or purchase, whether directly or indirectly, to persons in Singapore except pursuant to
and in accordance with exemptions in Subdivision (4) of Division 1, Part 13 of the Securities and
Futures Act 2001 of Singapore (the SFA), or as otherwise pursuant to, and in accordance with the
conditions of any other applicable provisions of the SFA.
This document has been given to you on the basis that you are (i) an existing holder of securities in
the Issuer, (ii) an "institutional investor" (as defined under Section 4A(1)(c) of the SFA) or (iii) an
"accredited investor" (as defined in Section 4A(1)(a) of the SFA). In the event that you are not an
investor falling within any of the categories set out above, please return this document immediately.
You may not forward or circulate this document to any other person in Singapore.
Any offer is not made to you with a view to the New Shares being subsequently offered for sale to any
other party. There are on-sale restrictions in Singapore that may be applicable to investors who
acquire the New Shares. As such, investors are advised to acquaint themselves with the SFA
provisions relating to resale restrictions in Singapore and comply accordingly.
United Kingdom
Neither this document nor any other document relating to the offer has been delivered for approval
to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of
section 85 of the Financial Services and Markets Act 2000, as amended (FSMA)) has been published
or is intended to be published in respect of the New Shares.
This document is issued on a confidential basis to "qualified investors" (as defined in Regulation (EU)
2017/1129 as it forms part of UK law by virtue of the European Union (Withdrawal) Act (UK Prospectus
Regulation)) in the United Kingdom, and the New Shares may not be offered or sold in the United
Kingdom by means of this document, any accompanying letter or any other document, except in
circumstances which do not require the publication of a prospectus pursuant to section 86(1) of the
FSMA. This document should not be distributed, published or reproduced, in whole or in part, nor
may its contents be disclosed by recipients to any other person in the United Kingdom.
Any invitation or inducement to engage in investment activity (within the meaning of section 21 of
the FSMA) received in connection with the issue or sale of the New Shares has only been
communicated or caused to be communicated and will only be communicated or caused to be
19
communicated in the United Kingdom in circumstances in which section 21(1) of the FSMA does not
apply to SkyCity.
In particular, this document is being distributed only to, and is directed at, persons who are qualified
investors (as specified above) (i) who have professional experience in matters relating to investments
falling within Article 19(5) (investment professionals) of the Financial Services and Markets Act 2000
(Financial Promotions) Order 2005 (FPO), (ii) who fall within the categories of persons referred to in
Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the FPO or (iii)
to whom it may otherwise be lawfully communicated (together Relevant Persons). The investment
to which this document relates is available only to Relevant Persons. Any person who is not a
Relevant Person should not act or rely on this document.
United States
This document may not be distributed or released in the United States. This document does not
constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States.
The offer and sale of an Entitlement and the New Shares have not been, and will not be, registered
under the US Securities Act. An Entitlement may not be taken up by, and the New Shares may not be
offered or sold to, any person in the United States except in transactions exempt from, or not subject
to, the registration requirements of the US Securities Act and the applicable securities laws of any
state or other jurisdiction of the United States. Accordingly, an Entitlement may only be taken up by,
and the New Shares may only be offered and sold to, (i) in the United States, Eligible US Fund
Managers and (ii) outside the United States, eligible investors, in each case, in “offshore transactions”
in reliance on Regulation S. There will be no public offering of the Entitlement and New Shares in the
United States.
Underwriting Agreement
SkyCity has requested the Underwriters to underwrite the Offer and the Underwriters have agreed to
do so on the terms set out in the Underwriting Agreement. This means that the Underwriters will
subscribe at the Application Price for any New Shares that are not subscribed for under the
Placement or by Eligible Shareholders under the Offer in accordance with the terms of the
Underwriting Agreement. A summary of the principal terms of the Underwriting Agreement is set
out immediately below:
• The Underwriters have the power to appoint sub-underwriters.
• The Underwriters will be paid an agreed fee for their services in connection with the Offer.
• The Underwriting Agreement contains termination events, representations, warranties and
indemnities that are customary for an offer of this nature.
• The Underwriters may terminate their obligations under the Underwriting Agreement in
certain circumstances, including where on or before the Allotment Date for the Retail
Entitlement Offer:
o SkyCity is prevented from allotting Shares pursuant to the Placement or the
Entitlement Offer by any applicable laws or as a result of an order or judgment of a
Court or regulatory authority;
o a statement in this Offer Document, the Investor Presentation or otherwise published in
connection with the Entitlement Offer is or becomes false, misleading or deceptive or
likely to mislead or deceive (including by omission) in any material adverse respect, or
such materials otherwise fail to comply with laws applicable to the Entitlement Offer in
any material respect;
20
o the S&P/NZX 50 Index or ASX 200 Index declines by a specified percentage over a
prescribed time period;
o an insolvency event occurs in relation to SkyCity or any of its subsidiaries;
o a material adverse event, or any event or development which is likely to give rise to a
material adverse event, occurs in relation to the Entitlement Offer, or other certain
specified matters;
o a representation or warranty contained in the Underwriting Agreement on the part of
SkyCity is not, or has ceased to be, true or correct (and this is not remedied without
adverse impact within three business days after notice of the breach is given to the
Underwriters by SkyCity) or there is a breach of the Underwriting Agreement by SkyCity
that has, or is likely to have, a material adverse effect on the Entitlement Offer,
Placement or other certain specified matters; or
o an external event, such as a material or fundamental change in financial, economic and
political conditions in certain countries or financial markets, occurs which is likely to
have a material adverse effect on the Entitlement Offer, Placement or other certain
specified matters.
• SkyCity has indemnified the Underwriters and their directors, officers, employees, agents and
consultants against certain losses sustained, suffered or incurred, arising out of or in
connection with the Offer, the allotment of the New Shares or the Underwriting Agreement.
• For a period commencing on the date of the Underwriting Agreement and ending 90 days
after the Allotment Date for the Retail Entitlement Offer, SkyCity must not, and must not
permit any subsidiary to:
o issue, sell, transfer or allot any Shares or other equity securities of SkyCity (whether
preferential, redeemable, convertible or otherwise);
o issue or grant any right or option that entitles the holder to call for the issue of Shares or
other equity securities in SkyCity or that is otherwise convertible into, exchangeable for
or redeemable by the issue of, Shares or other equity securities by SkyCity;
o create any debt instrument or other obligation which may be convertible into,
exchangeable for or redeemable by, the issue of Shares or other equity securities by
SkyCity;
o otherwise enter into any agreement whereby any person may be entitled to the
allotment and issue of any Shares or other equity securities by SkyCity; or
o make any announcement of an intention to do any of the above, or take any action
having a similar effect to any of the above,
other than pursuant to the Placement or the Entitlement Offer, with the prior written consent
of the Underwriters or under SkyCity’s existing restricted share rights plan.
• For a period commencing on the date of the Underwriting Agreement and ending six months
after the Allotment Date for the Retail Entitlement Offer, SkyCity and its subsidiaries must
carry on their business in the ordinary course.
21
• For a period commencing on the date of the Underwriting Agreement and ending 90 days
after the Allotment Date for the Retail Entitlement Offer, SkyCity and its subsidiaries must not
dispose of or charge, or agree to dispose of or charge, the whole or any substantial part of its
business or property, or enter into any commitment or arrangement which is or may be
material in the context of the Placement or Entitlement Offer, the underwriting of the shortfall
shares or quotation, without the prior written consent of the Underwriters except as publicly
disclosed.
Terms and Ranking of New Shares
New Shares will rank equally with, and have the same voting rights, dividend rights and other
entitlements as, Existing Shares in SkyCity quoted on the NZX Main Board and ASX. Entitlements will
not be quoted and cannot be traded on the NZX Main Board, ASX or privately transferred. It is a term
of the Offer that SkyCity will take any necessary steps to ensure that the New Shares are,
immediately after issue, quoted on the NZX Main Board and ASX.
Dividend Policy
SkyCity suspended dividends in June 2024 and its dividend policy remains under review. SkyCity is
targeting to resume dividend payments once trading conditions and free cash flow have improved
and will announce its dividend policy at that time.
SkyCity does not expect to pay dividends during the financial year ending 30 June 2026.
NZX
The New Shares have been accepted for quotation by NZX and will be quoted on the NZX Main
Board upon completion of allotment procedures. The NZX Main Board is a licensed market under
the FMCA. However, NZX accepts no responsibility for any statement in this Offer Document. It is
expected that trading on the NZX Main Board of the New Shares issued under:
• the Institutional Entitlement Offer will commence on Thursday 28 August 2025; and
• the Retail Entitlement Offer will commence on Thursday 11 September 2025.
ASX
An application has or will be made to ASX for quotation of the New Shares issued under the Offer
and SkyCity expects that the New Shares will be quoted upon completion of allotment procedures.
It is expected that trading on ASX of the New Shares issued under:
• the Institutional Entitlement Offer will commence on Thursday 28 August 2025; and
• the Retail Entitlement Offer will commence on Friday 12 September 2025.
ASX accepts no responsibility for any statement in this Offer Document. The fact that ASX may
approve the New Shares for quotation is not to be taken in any way as an indication of the merits of
SkyCity. Holding statements for New Shares allotted under the Offer will be issued and mailed as
soon as practicable after allotment. Applicants under the Offer should ascertain their allocation
before trading in the New Shares. Applicants can do so by contacting the Registrar, whose contact
details are set out in the Directory.
Applicants selling New Shares prior to receiving a holding statement do so at their own risk. Neither
SkyCity nor any other person accepts any liability or responsibility should any person attempt to sell
or otherwise deal with New Shares before the holding statement showing the number of New
Shares allotted to an applicant is received by the applicant for those New Shares.
22
Part 5: Glossary
Term Definition
A$ Price
The Australian dollar equivalent of NZ$0.70 based on the NZ$:A$ exchange
rate published by the Reserve Bank of New Zealand on its website at 3.00pm
(NZST) on Friday 22 August 2025, which is expected to be announced by
SkyCity on Monday 25 August 2025.
Allotment Date In respect of the:
(a) Institutional Entitlement Offer, Thursday 28 August 2025; and
(b) Retail Entitlement Offer, Thursday 11 September 2025.
ANREO A pro-rata accelerated non-renounceable entitlement offer.
Application
Form
The online application form available at www.shareoffer.co.nz/skycity that
details an Eligible Shareholder’s Entitlement.
Application
Price
NZ$0.70 (or the A$ Price) per New Share.
ASIC
The Australian Securities and Investments Commission.
ASX ASX Limited or the market it operates (as the context requires).
ASX Broker Any ASX participating organisation.
Business Day Has the meaning given to that term in the NZX Listing Rules.
Corporations Act The Australian Corporations Act 2001 (Cth).
Eligible
Institutional
Shareholder
A person who, as at 5.00 pm (NZST) on the Record Date, was recorded in
SkyCity’s share register as being a Shareholder and:
(a) is an Institutional Investor in a Permitted Jurisdiction; or
(b) is a person in another jurisdiction who SkyCity is satisfied the
Institutional Entitlement Offer may be made to under all applicable
laws without the need for any registration, lodgement or other formality
(other than a formality with which SkyCity is willing to comply),
and is invited to participate in the Institutional Entitlement Offer.
Eligible Retail
Shareholder
A person who, as at 7.00 pm (NZST) on the Record Date, was recorded in
SkyCity’s share register as being a Shareholder and:
(a) whose address is shown in SkyCity’s share register as being in New
Zealand or Australia; or
23
(b) who SkyCity considers, in its discretion, may be treated as an Eligible
Retail Shareholder under all applicable securities laws to receive an offer
of New Shares under the Entitlement Offer,
and who is not in the United States or an Institutional Shareholder.
Eligible
Shareholder
An Eligible Retail Shareholder or an Eligible Institutional Shareholder.
Eligible US Fund
Manager
A dealer or other professional fiduciary organised or incorporated in the United
States that is acting for a discretionary or similar account (other than an estate
or trust) held for the benefit or account of persons that are not US Persons for
which it has and is exercising investment discretion, within the meaning of
Rule 902(k)(2)(i) of Regulation S under the US Securities Act.
Entitlement
A right to subscribe for 1 New Share for every 3.35 Existing Shares held at 7.00
pm (NZST) on the Record Date at the Application Price, issued pursuant to the
Offer.
Entitlement
Offer
The accelerated pro rata non-renounceable entitlement offer of New Shares
detailed in this Offer Document, comprising the Institutional Entitlement Offer
and the Retail Entitlement Offer.
Existing Share A Share on issue on the Record Date.
FMCA The Financial Markets Conduct Act 2013.
Ineligible
Institutional
Shareholder
A person who, as at 7.00 pm (NZST) on the Record Date, was recorded in
SkyCity’s share register as being a Shareholder who is not an Institutional
Investor but, if the Shareholder’s address was shown in SkyCity’s share register
as being in New Zealand, Australia, the Cayman Islands, Hong Kong, Norway,
Singapore, the United Kingdom or Norway, would in the opinion of SkyCity be
an Institutional Investor (but for clarity, excluding any person that is treated as
an Institutional Investor).
Ineligible Retail
Shareholder
A Shareholder who is not an Institutional Shareholder or an Eligible Retail
Shareholder.
Ineligible
Shareholder
A Shareholder other than an Eligible Shareholder.
Institutional
Entitlement
Offer
The offer of New Shares to Eligible Institutional Shareholders under the
Entitlement Offer.
Institutional
Investor
A person with an address:
(a) in New Zealand, in relation to the Institutional Entitlement Offer, who is
a wholesale investor as defined in the FMCA;
24
(b) in Australia, who SkyCity reasonably believes to be a person who is an
“exempt investor” as defined in ASIC Corporations (Non-Traditional
Rights Issues) Instrument 2016/84;
(c) in the Cayman Islands, who SkyCity reasonably believes is not a
member of the public and is otherwise entitled to participate in the
Offer;
(d) in Hong Kong, who SkyCity considers is a “professional investor” as
defined in the Securities and Futures Ordinance of Hong Kong, Chapter
571 of the Laws of Hong Kong;
(e) in Norway, who SkyCity considers is a “professional client”, as that term
is defined in Norwegian Securities Trading Act of 29 June 2007 no. 75
(Section 10-6);
(f) in Singapore, who SkyCity considers is an “institutional investor” or an
“accredited investor” (as such terms are defined in the Securities and
Futures Act 2001, Chapter 289 of Singapore);
(g) in the United Kingdom, who SkyCity considers is a “qualified investor”
within the meaning of section 86(7) of the United Kingdom Financial
Services and Markets Act 2000; and within the categories of persons
referred to in Article 19(5) (investment professionals) or Article 49(2)(a) to
(d) (high net worth companies, unincorporated associations, etc.) of the
United Kingdom Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended;
(h) in the United States, that is an Eligible US Fund Manager; or
(i) in another jurisdiction who SkyCity is satisfied the Offer may be made to
under all applicable laws without the need for any registration,
lodgement or other formality (other than a formality with which SkyCity
is willing to comply) and is invited to participate in the Offer.
Institutional
Settlement Date
The date of settlement of New Shares under the Institutional Entitlement
Offer, expected to be Thursday 28 August 2025 on NZX and Wednesday 27
August 2025 on ASX.
Institutional
Shareholder
Eligible Institutional Shareholders and Ineligible Institutional Shareholders.
Investor
Presentation
The presentation dated 21 August 2025 in relation to SkyCity and the Offer
titled “Equity Raising and Balance Sheet Initiatives”.
Joint Lead
Managers
Each of Macquarie Capital (New Zealand) Limited (company number 1952567),
Jarden Securities Limited (company number 646979) and UBS New Zealand
Limited (company number 302856)
New Share
A Share in SkyCity offered under the Offer of the same class as, and ranking
equally in all respects with, SkyCity’s quoted Shares at the Allotment Date.
NZX NZX Limited.
25
NZX Firm An entity designated as an NZX Firm under the Participant Rules of NZX.
NZX Listing
Rules
The listing rules of NZX in relation to the NZX Main Board in force from time to
time, read subject to any applicable rulings or waivers.
NZX Main Board The main board equity security market operated by NZX.
Offer The Placement and the Entitlement Offer.
Offer Document This document.
Permitted
Jurisdictions
Australia, New Zealand, the Cayman Islands, Hong Kong, Norway, Singapore,
United Kingdom and the United States.
Placement
The approximately NZ$81 million fully underwritten placement to certain
Institutional Investors invited to participate in that placement by the Joint
Lead Managers.
Record Date Friday 22 August 2025.
Registrar Computershare Investor Services Limited.
Retail
Entitlement
Offer
The offer of New Shares to Eligible Retail Shareholders.
Share A fully paid ordinary share in SkyCity.
Shareholder A registered holder of Shares.
SkyCity SkyCity Entertainment Group Limited (company number 610568).
SkyCity Board The board of directors of SkyCity.
Takeovers Code
The Takeovers Code set out in the schedule to the Takeovers Regulations
2000.
Theoretical Ex-
Rights Price
Theoretical Ex-Rights Price (TERP) is the theoretical price at which SkyCity
ordinary shares would trade immediately after the ex-rights date for the
Entitlement Offer. TERP is calculated with reference to SkyCity's last traded
share price on the NZX of NZ$1.00 on Tuesday, 19 August 2025 and includes
342,857,142 New Shares to be issued under the Placement and Entitlement
Offer. TERP is a theoretical calculation only and the actual price at which
SkyCity’s ordinary shares will trade immediately after the ex-rights date for the
Offer will depend on many factors and may not be equal to TERP.
Underwriters
Each of Macquarie Securities (NZ) Limited (company number 1748511), Jarden
Partners Limited (company number 1797701) and UBS New Zealand Limited
(company number 302856).
26
Underwriting
Agreement
The agreement entered into between SkyCity, the Joint Lead Managers and
the Underwriters, a summary of the principal terms of which is set out in Part
4: Terms of the Offer under the heading “Underwriting Agreement”.
US Securities
Act
The U.S. Securities Act of 1933.
NOTE:
• All references to times are to New Zealand standard time unless stated or defined otherwise.
• All references to currency are to New Zealand dollars unless stated or defined otherwise.
• All references to legislation are references to New Zealand legislation unless stated or defined
otherwise.
• This Offer Document, the Offer and any contract resulting from it are governed by the laws of
New Zealand, and each applicant submits to the exclusive jurisdiction of the courts of New
Zealand.
27
Part 6: Directory
ISSUER
SkyCity Entertainment Group Limited
Level 13, 99 Albert Street
Auckland 1010
New Zealand
For investor relations queries contact:
sceginfo@skycity.co.nz
LEGAL ADVISERS
Chapman Tripp
Level 34, PwC Tower
15 Customs Street West
Auckland 1010
New Zealand
JOINT LEAD MANAGERS AND
UNDERWRITERS
Macquarie Capital (New
Zealand) Limited (as Joint Lead
Manager) and Macquarie
Securities (NZ) Limited (as
Underwriter)
Level 13, PwC Tower
15 Customs Street West
Auckland 1010
New Zealand
Jarden Securities Limited (as
Joint Lead Manager) and
Jarden Partners Limited (as
Underwriter)
Level 32, PwC Tower
15 Customs Street West
Auckland 1010
New Zealand
UBS New Zealand Limited
Level 27, 188 Quay Street
Auckland 1010
New Zealand
If you have any queries about your Entitlement shown on the Application Form available
at www.shareoffer.co.nz/skycity , or how to apply online, please contact the Registrar at:
SHARE REGISTRAR
Computershare Investor Services Limited
New Zealand Shareholders
Level 2, 159 Hurstmere Road
Takapuna
Auckland 0622
New Zealand
Telephone: +64 9 488 8794
Freephone: 0800 991 101
Application website: www.shareoffer.co.nz/skycity
Email: skycity@computershare.co.nz
Australian Shareholders
Yarra Falls, 452 Johnston Street
Abbotsford, VIC 3067
Australia
Telephone: +61 3 9415 4083
Freephone: 1800 501 366
---
Corporate Action Notice
(Other than for a Distribution)
Updated January 2024
Page 1 of 7
Section 1: Issuer information (mandatory)
Name of issuer SkyCity Entertainment Group Limited
Class of Financial Product Ordinary Shares
NZX ticker code SKC
ISIN (If unknown, check on NZX
website)
NZSKCE0001S2
Name of Registry Computershare Investor Services Limited
Type of corporate action
(Please mark with an X in the relevant
box/es)
Share Purchase
Plan/retail offer
Renounceable
Rights issue or
Accelerated
Offer
Capital
reconstruction
Non-
Renounceable
Rights issue or
Accelerated
Offer
X
Call Bonus issue
Placement X
Record date 22/08/2025
Ex Date (one business day before the
Record Date)
21/08/2025
Currency NZD/AUD
External approvals required before offer
can proceed on an unconditional basis?
N
Details of approvals required N/A
Section 2: Rights issue or Accelerated Offer
(delete full section if not applicable, or mark rows as N/A if not applicable)*
If Accelerated Offer, structure Accelerated Non-renounceable Entitlement Offer
(ANREO), comprising:
(a) a pro-rata non-renounceable accelerated
institutional entitlement offer of new ordinary
shares to Eligible Institutional Shareholders (as
defined in the offer document for the ANREO
dated 21 August 2025 (Offer Document))
(Institutional Entitlement Offer); and
(b) a pro-rata non-renounceable retail entitlement
offer of new ordinary shares to Eligible Retail
Shareholders (as defined in the Offer Document)
(Retail Entitlement Offer).
2 of 7
Number of Rights to be issued or
entitlements available for security
holders in the Accelerated Offer
226,926,928
Maximum number of Equity Securities
to be issued if offer is fully subscribed
226,926,928
ISIN of Rights (if applicable) N/A
Oversubscription facility Y
Details of scaling arrangements for
oversubscriptions
Eligible Retail Shareholders who have taken up their
Entitlement in full may apply for additional New
Shares, up to a maximum amount of New Shares
equal to 60% of their Entitlement. Allocations and any
necessary scaling of additional New Shares applied
for by Eligible Retail Shareholders who take up their
Entitlement in full will be determined by SkyCity and
the Underwriters, with the objective of treating
Eligible Retail Shareholders fairly and taking into
account their pro-rata allocation across the
Placement and the Entitlement Offer (together the
Offer).
Entitlement ratio (for example 1 for 3)
Please contact NZX ahead of announcing the offer if
each Right will be exercisable for more or less than
one Equity Security (i.e unless prior arrangement is
made, Rights will be exercisable on a one for one
basis)
New 1 Existing 3.35
Treatment of fractions** Entitlements are not rounded up to a minimum
holding. The number of New Shares to which an
Eligible Shareholder is entitled will, in the case of
fractions of New Shares, be rounded down to the
nearest whole number.
Subscription price
(per Equity Security)
NZ$0.70 (or the A$ price)
Letters of entitlement mailed 26/08/2025 (Retail Entitlement Offer)
Offer open 21/08/2025 (Institutional Entitlement Offer)
26/08/2025 (Retail Entitlement Offer)
Offer close 21/08/2025 (Institutional Entitlement Offer)
04/09/2025 (Retail Entitlement Offer)
Quotation date (if Rights will be quoted) N/A
Allotment date Market open on:
28/08/2025 (Institutional Entitlement Offer)
11/09/2025 (Retail Entitlement Offer)
Section 7: Placement
(delete full section if not applicable, or mark rows as N/A if not applicable)*
Number of Equity Securities to be
issued
115,930,214
Issue price per Equity Security NZ$0.70
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Maximum dollar amount of Equity
Securities to be issued
NZ$81,151,149.80
Proposed issue date 28/08/2025
Existing holders eligible to participate Y
Related Parties eligible to participate Y
Basis upon which participation by
existing Equity Security holders will be
determined
Institutional Investors (as defined in the Offer
Document) will be invited to participate in the
Placement component of the Offer. Under the Retail
Entitlement Offer, existing Eligible Retail
Shareholders may oversubscribe up to 60% of their
Entitlements which (if fully allocated) would prevent
dilution by the Placement component of the Offer.
Purpose(s) for which the Issuer is
issuing the Equity Securities
Proceeds from the Offer will be used to repay existing
debt, as cash held against remaining debt balance
and to fund transaction costs.
Reason for placement rather than a
pro-rata rights issue or an offer under a
Share Purchase Plan in which the
Issuer’s existing Equity Security holders
would have been eligible to participate
SkyCity has chosen to utilise an Entitlement Offer and
Placement structure to raise equity, with the
Entitlement Offer structured as an ANREO. After
carefully considering alternative equity raising
structures, taking expert investment banking advice
and weighing the benefits of this structure against the
expected impact on non-participating Shareholders
the SkyCity Board has determined that for this equity
raising, the ANREO and Placement structure will
achieve the best outcome for all Shareholders and be
in the best interests of SkyCity. In determining that
the Placement and Entitlement Offer is in the best
interests of SkyCity, the SkyCity Board has
considered and had regard to:
Pro - Rata Participation
The pro-rata nature of an ANREO allows all Eligible
Shareholders to take up at least their pro-rata portion
of the Entitlement Offer. Eligible Retail Shareholders
who take up all of their Entitlement can seek to offset
any dilution to their shareholding arising from the
Placement by applying for additional New Shares
forming part of any shortfall in the Retail Entitlement
Offer, up to a maximum amount of New Shares equal
to 60% of their Entitlement. Eligible Institutional
Shareholders will have the opportunity to apply for
New Shares in the Placement and New Shares which
form part of any shortfall in the Institutional
Entitlement Offer.
In addition, Eligible Retail Shareholders who hold
their Shares through a broker relationship may be
able to participate in the Placement. An Eligible
Shareholder who takes up their Entitlement in full and
is allocated additional New Shares (either in the
Placement or by over-subscribing in the Entitlement
Offer) equal to at least 51.1% of their Entitlement, will
not be diluted. Accordingly, while the Placement is
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not pro-rata, Eligible Shareholders are expected to
have the opportunity to avoid or mitigate dilution
through participation in the Placement and/or
applying for Additional New Shares in the Entitlement
Offer, as applicable.
Execution Certainty
SkyCity requires certainty that sufficient funds be
raised under the Offer to provide balance sheet
resilience to navigate a period of economic weakness
and to execute on near term priorities. This includes
reducing reduce debt, to appropriately manage its
leverage position. Accordingly, it is important to
SkyCity that the Offer is fully underwritten, to provide
the required certainty that all necessary funds will be
received.
A placement and ANREO can be more easily
underwritten and better priced than alternative pro-
rata offer structures such as a renounceable
entitlement offer. This is because structuring the
Entitlement Offer as an ANREO and Placement
enables a greater proportion of the proceeds to be
received early in the process, minimising the market
risk associated with the Offer, which in turn supports
greater participation by both sub-underwriters and
Shareholders, as well as better pricing. The absence
of any additional retail shortfall bookbuild (as seen in
renounceable pro-rata offer structures) also enables
greater and more certain sub-underwriting support.
SkyCity’s advisors have provided advice to SkyCity
(with associated historical market comparative
evidence) that these elements enable the Offer to be
fully underwritten with better pricing for SkyCity than
would otherwise have likely been available for a
renounceable offer structure.
Pricing
The ANREO and Placement structure allows SkyCity
to price the Offer at a smaller discount than a
renounceable pro-rata offer structure or without a
placement. By having a smaller discount, the number
of shares needed to be issued at the Offer price to
receive the necessary Offer proceeds is reduced, and
therefore the dilutionary impact on non-participating
Shareholders is minimised. This also provides
certainty to existing Shareholders as to the price they
will pay to subscribe for New Shares in excess of
their pro-rata entitlement given the fixed Offer Price,
which is the same price for all investors.
Allocation Flexibility
An ANREO, together with a placement, gives SkyCity
greater flexibility when selecting which investors are
allocated New Shares under the Placement or any
shortfall under the Entitlement Offer, when compared
to a renounceable pro-rata offer structure, where
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shortfall shares are allocated to the highest bidders
that “clear the book”. An ANREO structure allows
allocations of New Shares under the Placement, and
attributable to Entitlements not taken up by Eligible
Shareholders or attributable to Ineligible
Shareholders, to be prioritised to investors who are
supportive of SkyCity’s strategy. Allocation to these
Shareholders is expected to support SkyCity over the
long term, enhancing the prospects of stronger
aftermarket performance of the Shares, providing a
benefit to all Shareholders.
Impact of Non-Participation in the Offer
The Offer structure selected means that non-
participating Shareholders will have their
shareholding diluted and will not receive any value for
their Entitlement. If a Shareholder does not
participate in either the Entitlement Offer or
Placement, their shareholding will be diluted by
approximately 31.1%. SkyCity has obtained foreign
securities law advice confirming more than 95% of
SkyCity’s Shareholders outside New Zealand will be
eligible to participate in the Entitlement Offer.
Any Ineligible Shareholders would have been unable
to participate in the offer irrespective of whether it
was structured as non-renounceable or a
renounceable pro-rata offer.
The level of dilution suffered by Shareholders who do
not participate in the Placement or Entitlement Offer
(including Ineligible Shareholders) is expected to be
less under this offer structure due to the better
pricing, when compared to a renounceable pro-rata
offer structure. Unless an Eligible Shareholder takes
up their Entitlement in full and applies for, and is
allocated, a number of additional New Shares equal
to at least 60% of their Entitlement, their shareholding
in SkyCity will be diluted as a consequence of the
issue of New Shares under the Entitlement Offer and
Placement.
Expert Advice Obtained
SkyCity has obtained expert investment banking
advice from Macquarie Capital (New Zealand) Limited
(Macquarie), Jarden Securities Limited (Jarden) and
UBS New Zealand Limited (UBS) in relation to the
merits of the Offer structure, which is consistent with
the explanation above as to why a Placement and
ANREO structure has been selected and is in the
best interests of SkyCity. Although Macquarie,
Jarden, and UBS are acting as the Joint Lead
Managers (with a related company of Macquarie,
Macquarie Securities (NZ) Limited, a related
company of Jarden, Jarden Partners Limited and
UBS acting as the Underwriters) to the Offer, SkyCity
and the SkyCity Board concluded that it was still
appropriate that they provide this advice in these
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circumstances, as the advice was given in a manner
that considers the best interests of SkyCity and the
interests of all Shareholders, generally. To the
maximum extent permitted by law, Macquarie, Jarden
and UBS do not accept any liability to Shareholders in
relation to the contents of the Offer Document or the
choice of Offer structure by the SkyCity Board.
Equity Securities to be issued subject to
voluntary escrow
N
Number and class of Equity Securities
to be issued that will be subject to
voluntary escrow and the date from
which they will cease to be escrowed
N/A
Section 8: Lead Manager and Underwriter (mandatory)
Lead Manager(s) appointed Y
Name of Lead Manager(s) Macquarie Capital (New Zealand) Limited, Jarden
Securities Limited and UBS New Zealand Limited
(together, the Lead Managers)
Fees, commission or other
consideration payable to Lead
Manager(s) for acting as lead
manager(s)
SkyCity agrees to pay the Lead Managers a
combined lead management fee of 0.3% of the total
gross proceeds raised under the Placement and
ANREO.
SkyCity agrees to pay Macquarie Capital (New
Zealand) Limited an arranger fee of 1.0% of the total
gross proceeds raised under the Placement and
ANREO.
Underwritten Y
Name of Underwriter(s) Macquarie Securities (NZ) Limited, Jarden Partners
Limited and UBS New Zealand Limited (together, the
Underwriters)
Extent of underwriting (i.e. amount or
proportion of the offer that is
underwritten)
The Placement and ANREO are fully underwritten by
the Underwriters.
Fees, commission or other
consideration payable to Underwriter(s)
for acting as underwriter(s)
SkyCity agrees to pay the Underwriters a combined
underwriting fee of 1.2% of the total gross proceeds
raised under the Placement and ANREO.
Summary of significant events that
could lead to the underwriting being
terminated
A summary of the significant events that could lead to
the underwriting being terminated are set out under
the heading “Underwriting Agreement” in the Offer
Document.
Section 9: Authority for this announcement (mandatory)
Name of person authorised to make this
announcement
Phil Leightley
General Counsel & Company Secretary
Contact person for this announcement Phil Leightley
Contact phone number (09) 971 5506
Contact email address phil.leightley@skycity.co.nz
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Date of release through MAP 21/08/2024
---
SkyCity Entertainment Group Limited
(SKC.NZX/SKC.ASX)
21 August 2025
NZ RegCo
Level 1, NZX Centre
11 Cable Street
Wellington 6011
New Zealand
ASX Limited
20 Bridge Street
Sydney NSW 2000
Australia
Notice Pursuant to Clause 20(1)(A) of Schedule 8 to the Financial Markets
Conduct Regulations 2014
SkyCity Entertainment Group Limited (SkyCity) has today announced that it will undertake a
placement (the Placement) and accelerated non-renounceable entitlement offer (the
ANREO) of new fully paid ordinary shares of the same class as already quoted on the NZX and
the ASX (together, the Offer).
Pursuant to clause 19 of Schedule 1 of the Financial Markets Conduct Act 2013 (FMCA), clause
20 of Schedule 8 of the Financial Markets Conduct Regulations 2014 (FMC Regulations) and
the Australian Corporations Act 2001 (Cth) (Corporations Act), SkyCity states that:
1 SkyCity is making the Offer in reliance upon the exclusion in clause 19 of Schedule 1 of
the FMCA and is giving this notice under clause 20(1)(a) of Schedule 8 of the FMC
Regulations.
2 SkyCity will offer the ordinary shares for issue and issue the ordinary shares without
disclosure under Part 6D.2 of the Corporations Act.
3 SkyCity is giving this notice under section 708A(12J) of the Corporations Act (as
notionally inserted by ASIC Instrument 20-0592) and 708AA(2)(f) of the Corporations
Act (as modified by the ASIC Corporations (Non-Traditional Rights Issues) Instrument
2016/84 and ASIC Instrument 20-0592).
4 As at the date of this notice, SkyCity is in compliance:
4.1 with the continuous disclosure obligations that apply to it in relation to SkyCity’s
quoted ordinary shares and its obligations under rule 1.15.2 of the ASX Listing
Rules; and
4.2 with its “financial reporting obligations” within the meaning set out in clause
20(5) of Schedule 8 of the FMC Regulations.
5 As at the date of this notice, there is no information that is “excluded information” as
defined in clause 20(5) of Schedule 8 to the FMC Regulations in respect of SkyCity.
The Offer is not expected to have any effect on the control of SkyCity within the meaning set
out in clause 48 of Schedule 1 of the FMCA.
This notice has been authorised for release to NZX and ASX by:
Phil Leightley, General Counsel & Company Secretary
SkyCity Entertainment Group Limited
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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