SKYCITY Entertainment Group Limited

Adelaide Redevelopment Update

15 May 2014

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A New World Class Integrated Entertainment and Tourism Complex for Adelaide

3 key phases:

Interim Redevelopment ($45m – tracking on time, on budget)

Staged re-configuration and redevelopment of existing facilities within the current Adelaide Casino

Modernisation, new gaming products and technologies, segmented customer offerings

Commencement of TITO, Cashless Gaming and other new regulatory and taxation reforms

Expansion ($300m)

Construction of a new contemporary iconic building housing new and additional facilities

6* Hotel, additional gaming capacity, Horizon Gaming suites and villas , signature restaurants and bars and entertainment venues

Joined to existing casino, creating Integrated Tourism & Entertainment complex

Car Park and Plaza

In February 2014, the State Government announced the development of a 1,400 space car park and civic plaza redevelopment on the adjacent Adelaide Festival Plaza site (to be undertaken by a 3rd party)

SKYCITY will lease 1,000 parks for its exclusive use, on similar terms to those of the State Government

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Key Timelines Feb 2010 – Dec 2012 - Negotiation of in-principle Regulatory / Taxation agreement with SA Government

8 August 2013 - New enabling legislation was passed by SA Parliament and received Royal Assent

11 October 2103 - Final agreements detailing the revised regulatory and taxation environment for the Adelaide Casino were executed with the SA Government

November 2013 –Interim Redevelopment and construction works within existing Casino commenced

14 February 2014:

All product / systems development, testing and regulatory approvals for Premium Gaming complete - new Approved Licensing Agreement (ALA) and Casino Duty Agreement (CDA) came into effect

SKC paid $20m to SA Government for extension of exclusivity and commencement of new regulatory and taxation arrangements

Premium Gaming commences:

First new Premium Gaming areas open – newly constructed Platinum Room (150 Premium EGMs) and the enhanced Grange Room (12 Premium Table Games)

new Premium Gaming tax rates commence

Premium EGMs operating with TITO, unlimited max bets, prizes, new electronic kiosks

Introduction of new and exclusive EGM product not previously available in SA

new ATG product deployed with new ATG tax rate (effectively new product for SA)

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Key Timelines (cont) 1 May 2014 - Regulatory approval received to commence operating Account Based Cashless Gaming (ABCG)

ABCG will be available on all EGMs and ATGs – rollout expected to be complete by end of CY 2014

13 May 2014 - Opening of the new Barossa Premium Room (formerly referred to as Pearl Room)

Initial configuration feat. 164 EGMs – featuring TITO and Account Based Cashless Gaming

20 ATG terminals and 6 regular table games

Dedicated bar, cafe and new Premium Gaming entry / arrival experience

30 June 2014 – expected Capex to date for Interim Redevelopment works est. at circa $30m (out of ~$45m)

End 2014 – Balance of redevelopment works within existing casino expected to be complete

Sean’s Kitchen – by Sean Connelly (The Grill, Gusto at the Grand) – late September

The Black Room – VIP EGM gaming room and VIP Salons – Oct / Nov

New Colonial Asian Fusion bar – by Nic Watt (MASU) – Nov / Dec

mid 2017 – Completion of new World Class Integrated Entertainment and Tourism Complex, featuring:

New 6 star boutique Hotel

New additional signature restaurants, bars and entertainment facilities

Expanded gaming capacity / facilities (allowing for up to 1,500 EGMs, 300 ATGs and 185 Tables)

At least 1,000 car parks immediately adjacent to the new development

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Adelaide Casino - Historical Challenges Heritage building:

inefficient operating layouts / lack of available space

ageing infrastructure and customer facilities

Most restrictive regulatory and taxation environment

Coin only, no notes, no cashless, limited range of product, max bets ($10) and limited jackpots

Highest taxation rates in the region

Historic focus on local market only as property and product not attractive to visitors

SA arguably a net exporter of VIPs to other states

Lack of differentiation vs hotels / clubs competitors – both gaming and non gaming product

Adelaide Casino has only ~7.0% of the total SA EGMs market of ~$850m per annum - ~$600m of which is within 35 kms. WPU of ~$165 same as Hotels / Clubs

Hotels / Clubs offer quality facilities, parking, suburban convenience, promos, same EGMs

Lack of critical mass of entertainment / hospitality amenities – restaurants, bars and other entertainment

No car parking - significant convenience disadvantage vs. competitor hotels and clubs

No reason to visit Riverbank precinct

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New Opportunities New Regulatory and Tax arrangements which have commenced as of February 14th 2014, address many of the

significant disadvantages

Creates level playing field with competitor Casino peers

Allows for modern, contemporary gaming product and systems

New competitive taxation regime

Relative competitive position vs local Hotels and Clubs should significantly improve

Only venue in SA with TITO, ATGs, EGM bets above $10 ($5 from 1 Jan 2017), no jackpot limits

Larger range of new gaming product

First venue in SA to offer Account Based Cashless Gaming – first deployment of 164 EGMs has been activated in the new Barossa Room with rollout to rest of gaming floor by end of CY2014

Exclusivity extended for further 20 years

These regulatory and taxation changes now justify SKYCITY significantly investing in Adelaide for the first time

Create new visitation drivers, upgrade and modernise facilities

Significant investment which will drive strong ROIC

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Interim Redevelopment Works

Interim Redevelopment Works – Ground Floor

Completed works (Nov 2013 – May 2014) – To be completed (May 2014 – end 2014) – Premium Area –

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Interim Redevelopment Works

Interim Redevelopment Works – Level 1

Completed works (Nov 2013 – Feb 2014) – To be completed (May 2014 – end 2014) – Premium Area –

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Interim Redevelopment Works – Stage One Fully Complete

December 2013 – mid February 2014

These works impacted around 50% - 60% of the gaming floor

Scope of works included:

New Baccarat Precinct: An exciting new table games area focussing on Baccarat and featuring an iconic Asian style Pavilion as its centrepiece. This area opened on 31 January, in time for Chinese New Year

New Platinum Room: Adelaide Casino’s first new Premium EGM gaming room, featuring 150 Premium EGMs (TITO, no max bets or jackpot limits) for Premium gaming machine customers, created on level one, adjacent to the Grange (table games) room

Minor refurbishment of the Grange Room for Interstate and International premium tables customers, following a major refurbishment 2 ½ years ago

Refurbishment of the Chandelier Bar within Marble Hall

Refurbishment of Cafe Junction restaurant on level 1

Refreshment and gaming product reconfiguration in all non-Premium / MGF areas

Various smaller enabling works – new cashier, loyalty desks, upgrades to gaming floor bars and cafes

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Interim Redevelopment Works - Stage One Complete

Baccarat Table Games area – Baccarat Pavilion

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Interim Redevelopment Works - Stage One Complete

Baccarat Table Games area – Baccarat Pavilion

Opened on 31 January 2014, in time for Chinese New Year

Baccarat now #1 table game product by volume and continuing to grow

Non-Premium table games area featuring:

6 midi Baccarat tables,

4 BJ tables, and

40 ATG terminals (Rapid Roulette and Baccarat)

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Interim Redevelopment Works - Stage One Complete

Grange Room – Premium Table Games Minor refresh of existing room to integrate with other Premium Gaming facilities

Commenced trial of 24/7 operation from end January 2014

12 tables plus 2x salons featuring up to 6 tables for Local, Interstate and International Premium customers

Chandelier Bar Upgrade of Main Gaming Floor bar directly adjacent to Marble Hall (fixtures, increased capacity)

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Interim Redevelopment Works - Stage One Complete

Platinum Room (EGMs)

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Interim Redevelopment Works - Stage One Complete

Platinum Room first truly VIP EGM Room in South Australia

Opened Friday, 14th February 2014 in conjunction with commencement of Premium Gaming

Featuring 150 EGMs (many new games) with TITO, unlimited max bet and jackpots

New electronic kiosks for TITO and future cashless gaming

New levels of luxurious fit -out and customer service, hosting

Initially for both Platinum and Pearl EGM tiers, International and Interstate VIP / gaming programme customers (until opening of Barossa Room)

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Interim Redevelopment Works – Stage Two

February 2014 – May 2014

Works affecting an additional approx 25% of the gaming floor

Scope of works includes:

New Barossa Room on Ground Floor (formerly referred to as ‘Pearl Room’) completed and opened May 13th 2014

New Premium gaming room serving the Premium Mass market – including entry level local Premium members, and non-programme interstate and international customers (i.e. Casual tourist visitors). Situated on the main floor, the Barossa room will deliver the following:

~164 Premium EGMs, 6 traditional table games and 20 ATG terminals (initial configuration)

all 164 EGMs feature Account Based Cashless Gaming

a new cafe style restaurant and bar for Barossa Room members and guests

a new Premium Gaming entry experience that consolidates access to the Barossa, Platinum and Grange Rooms to one central point

New member loyalty desk and cashier facilities and access to a dedicated smoking terrace

VIP Balcony Bar – currently under construction

VIP lounge / bar / snack area to complement the adjacent Grange and Platinum gaming rooms

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Interim Redevelopment Works - Stage Two Complete

Barossa Room – Premium Gaming Construction commenced February 2014 and the new room has opened on 13th May 2014

164 EGMs featuring TITO and Account Based Cashless Gaming

6 x live Table Games and 20 Rapid Roulette terminals

dedicated F&B offerings and smoking balcony

For mid-tier Premium customers, including Interstate and International non-programme / casual gaming

Allows the Platinum Room to be made available solely to Platinum members

until now, the Platinum Gaming customers have been sharing this space with lower mid-tier Premium members

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Interim Redevelopment Works - Stage Two Complete

Barossa Room – Premium Gaming

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Interim Redevelopment Works - Stage Two - under construction

VIP Bar – Premium customer Bar/ Lounge Construction commenced May 2014 - to open early July 2014

VIP Bar, Lounge and Snack area – catering to Grange and Platinum Rooms (and supporting future Black Room)

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Interim Redevelopment Works - Stage Three – Commencing soon...

Further redevelopment will be completed throughout the balance of calendar year 2014 including:

Sean’s Kitchen – a new and fully renovated restaurant, bar and function concept in previous North Restaurant. To be operated by celebrity chef Sean Connelly (The Grill, Gusto at the Grand - Auckland and The Morrison – Sydney). Opening late September 2014

A new contemporary Gastro Bar offering is proposed to replace Loco Bar on North Terrace and will feature a modern Asian inspired bar, food and beverage menu by Nic Watt – award winning chef at MASU in Auckland. To open November / December 2014

The Black Room - a new Premium Gaming area for top-tier Black level VIP EGM customer offering an even more exclusive gaming experience, and featuring private EGM gaming salons

Specifically positioned for interstate and international top level EGM players. To open October / November 2014

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Interim Redevelopment Works - Stage Three

Sean’s Kitchen

New restaurant / bar / function space, replacing current ‘North’ restaurant

Showcasing award-winning celebrity chef Sean Connelly – The Grill, Gusto at The Grand (SKYCITY Auckland), The Morrison (Sydney)

Will set a new standard for food and beverage in Adelaide

Expected opening late September 2014

Artist impression

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Interim Redevelopment Works - Stage Three

The Black Room – VIP EGM Gaming Room

Expected opening November / December 2014

Premium gaming area for highest level VIP EGM customers (local, interstate and international)

Featuring Private EGM Salons

Following successful launch of similar offering in Auckland

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Interim Redevelopment Works - Stage Three

New Colonial Asian Fusion bar – North Terrace Entry

Loco bar will be refurbished into a new Gastro-bar featuring a food and beverage menu produced by award winning Masu Auckland chef Nic Watt (last month awarded Supreme Winner 2014 Metro Restaurant of the Year awards)

Will provide an upgraded street front presence. These works will be completed in conjunction with the upgrade of the main North Terrace Casino entrance

Expected opening November / December 2014

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Premium Gaming Introductory Phase

Premium Gaming commenced on Friday 14th February (i.e. just under 12 weeks ago), following the development, testing and regulatory approval of new gaming systems and technologies for introduction into SA for the first time

The Adelaide Casino is the first and only venue to offer Premium Gaming in the State of SA. This includes:

New gaming products and technologies

new EGM and ATG games offered in SA for first time,

introduction of Ticket-in Ticket-out (TITO) as an alternative to coin-only,

new electronic kiosks,

higher max bets, prizes

Account based cashless gaming to be rolled out through balance of CY2014

New levels of customer service, rewards and new standards of product amenity

New Gaming Tax rates

Customers are excited by the new offering and are transitioning to these new environments

Pleasingly, the vast majority of eligible Premium EGM member play has occurred within Premium rooms, qualifying for the lower 20% EGM tax rate

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Premium Gaming

Gaming Tax Rates New Premium Gaming tax rates provide incentive to grow visitation from outside SA and to capture high end local

players, many of whom who have historically played interstate due to lack of a suitable offering

Who is a Premium Gaming Customer? Any non South Australian resident showing proof of ID (i.e. includes casual tourist visitors / program players)

Local SA residents meeting required expenditure thresholds determined by the regulator , or demonstrating membership of approved reciprocal interstate programs - and screened for potential risks around problem gambling / behavioural issues

Gaming Tax (inc GST) Old rates New rates

MGF EGMs 43.5% Max 50%

VIP EGMs 43.5% 20.0%

Automated Tables n/a 20.0%

MGF Tables 10.0% 12.5%

VIP Tables 10.0% 10.0%

Rates above include GST of 9.091%

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Interim Redevelopment –Gaming Product Mix

Area Before Premium Gaming

Stage 1 Works – Feb 2014

(Commence Premium Gaming)

Stage 2 Works –

May 2014

Stage 3 Works –

Nov / Dec 2014

Premium EGMs 0 1481 3122 3603

MGF EGMs 974 562 562 590

Total EGMs 974 710 874 950

Premium ATG terminals

0 0 20 20

Non Premium ATG terminals

20 70 70 100

Total ATG Terminals4 20 70 90 120

Premium Tables 0 185 24 24

MGF Tables 90 51 51 51

Total Tables 90 69 75 75

1 Platinum Room 148 EGMs 2 Barossa Room 164 EGMs 3 Black Room 48 EGMs

4 20 ATG terminals = 1 Table Game unit 5 Inc.6 x Tables for IB / Interstate

Total no. of playing spaces * Before Premium Gaming : 1,444 Upon Completion of Stage Three : 1,445

* For illustrative purposes,

assumes 1 table = 5

positions

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Key Performance Indicators - Premium Gaming (last 12 weeks)

The 148 EGMs in the new Platinum Room have achieved a win per unit per day in excess of $350 since the opening of the new Platinum EGM room on 14th February . This represents over 200% of the average non Premium EGM WPUPD performance over the same period

Over 80% of eligible Premium EGM member play has occurred within the Platinum Premium Room, qualifying for the lower 20% EGM tax rate

As a consequence of the introduction of new Gaming Tax rates and the change in the mix of EGMs, the average EGM Gaming Tax rate has fallen from 43.5% in FY2013 to approx ~38% (including GST) for the 12 weeks

We have 70 ATG terminals in operation. This is essentially a new product for SA, and the early performance of these devices is encouraging with utilisation and win per unit continuing to build, currently tracking at circa $240 WPUPD

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Other Observations Due to ongoing redevelopment and construction works, there has been a significant change to the availability

and mix of gaming products and facilities, and the total number of gaming devices in operation has reduced

– The opening of the Barossa Room in May saw the re-introduction of much needed gaming product to meet demand

The significant construction works have negatively impacted upon total EGM and F&B revenues in 2H14

Changes to the regulatory and taxation arrangements and the introduction of Premium Gaming, has resulted in an increase in operating costs, some of which are temporary and some which will be ongoing. This includes:

– Additional staff recruitment and training costs;

– higher staff operating costs associated with providing increased levels of service, hosting, and managing registration and compliance obligations; and

– additional marketing costs associated with promoting the introduction of Premium Gaming and new facilities in the SA market and interstate

General Economic conditions in South Australia continue to remain challenging

The Southern train lines (which were closed for electrification since Jan 2013) came back into operation in mid-February – although intermittent disruptive works continue through weekends and off peak times.

– We estimate that this impacted over 5000 members

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Human Resources - Operations

Aaron Morrison – Group GM Business Development and Investor Relations (Aus), relocated from the Auckland head office to Adelaide at the beginning of 2013 to oversee the strategic planning, development and management of the Adelaide Casino Redevelopment

Kierren Gersbach - formerly GM SKYCITY Auckland EGMs, relocated to Adelaide in February 2014 to take up the role of General Manager of Gaming Machines. Kierren brings significant experience, both within SKYCITY and through prior roles with Tabcorp / Echo and NSW Clubs

Scott Young has been appointed as VIP Marketing Manager - EGMs. Scott has also joined from the Auckland EGM business where he held a similar role

SKYCITY has also expanded its Marketing and Sales team resources to penetrate these markets with growth strategies focused on attracting new customers and building loyalty and repeat visitation. This team is being managed by Matt Ballesty – Group GM Gaming Strategy

A dedicated Premium Gaming operations team has been assembled to deliver the highest level of service to SKYCITY’s Premium guests and to continually focus on business improvement

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Management Focus

Operations Management is focused on optimising the performance of the new and changing business. This includes:

Optimising the gaming product mix within both Premium and MGF areas, with a focus on maximising post tax contribution / yield from limited available floor space;

Carefully managing the operating costs associated with Premium Gaming; and

Managing and mitigating the significant disruption being experienced during the continuing building works period, which is expected to continue to the end of this year

SKYCITY is continuing to develop its detailed concept plans for the ~ $300 million+ expansion of the Adelaide Casino (following an est. ~$45m being spent on the interim redevelopment)

The Expansion programme reflects more a immediate focus on the Interim Redevelopment works and commencement under new regulatory and taxation framework as a priority

The Expansion is expected to be complete during CY2017

SKYCITY is in the process of expanding its project management team who will focus on delivering this critical development on time and to the highest quality

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Redevelopment Project Team

SKYCITY has assembled a world class, experienced project team who are currently delivering the Interim Redevelopment works and who will oversee the Expansion project

Project led by Aaron Morrison – Group GM Business Development, supported by an experienced Project Control Group with a background in international Casino and major projects :

Trevor Lambert – Assistant Project Director – 40 yrs major projects experience, incl. SA Techport facility, KBR

Gaynor Fox – Project Design Manager – 15 yrs Casino design / development experience – Crown-Melb, Macau

Bob Boorman – Development Manager – 40 yrs SA Construction and Development experience incl State Manager SA Baulderstone (Lend Lease) , DPTI, Director of Renewal SA

Jinton Pty Ltd (Project and Construction Manager) – 20 yrs Casinos – Crown Melbourne, Perth

Buchan Group (Architecture and Interior Design) – SKC Darwin, The Star, Jupiters

Bates Smart (Architecture and Interior Design) – 20 years with Crown Limited Aus, Macau, USA, UK, and LVS / Sands (USA, Singapore)

Rider Levitt Bucknall – Quantity Surveyor – various International Casino Projects

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South Australia Update The South Australian Labor Party was returned to Government after successfully forming a minority

Government with the support of Independent MP Geoff Brock after the recent State election (15th March 2014)

– Has now commenced its fourth term (2002,2006,2010,2014)

– Hon Jay Weatherill MP was returned as the Premier of South Australia and has committed to driving important Strategic Projects for the State

The upgrades to Adelaide Oval and the Riverbank Precinct were an important part of the electoral campaign, and remain an important part of the Weatherill Government’s strategy to grow the state’s economy through large infrastructure projects and promotion of the Riverbank as the vibrant heart of the city

– The proposed Adelaide Casino expansion and re-development is integral to this outcome and the proposed $350 million investment represents an important private sector commitment to the process

The developments in the Riverbank have become symbolic of the transformation of Adelaide

– Adelaide Oval and the connecting pedestrian footbridge have opened successfully and to great acclaim

– Other major projects such as SAHMRI, the new Hospital and expanded Convention Centre are providing positive sentiment and opportunities for economic growth

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Adelaide Riverbank Precinct

Adelaide Casino is at the heart of the Riverbank Precinct

-~$4+bn being invested within 1.5km -Investment will drive significant visitation

SKYCITY – A$350m investment

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AFL at Adelaide Oval Adelaide Oval began hosting AFL matches in March 2014. The

transition to the Adelaide Oval has significantly increased crowd sizes and visitation to and around the Riverbank precinct

Significant effort has been made to migrate these crowds into the venue

Even despite significant construction disruption, visitation to the Casino has increased on average by around 20% on game days

Generally, these events have been positive for Table Gaming and Bars revenue and less positive for EGMs as regular customers have been avoiding the precinct crowds on game days

The opening of the new Premium Barossa Room will provide greater opportunity to accommodate more Interstate and local premium customers, as well as freeing up more gaming floor space across the casino - which is needed post game

The maximum potential from game day events will not be realised until the opening of the fully expanded facility, featuring the new hotel, restaurants and bars, additional gaming capacity and car parking

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Disclaimer

All information included in this presentation is provided as at 15 May 2014.

The presentation includes 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 from those predicted. Variations could either be materially positive or materially negative.

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.