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Annual Report Year Ended 30 June 2017

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Annual Report Year Ended 30 June 2017 ANNUAL REPORT YEAR ENDED 30 JUNE 2017 CORPORATE GOVERNANCE STATEMENT GENERAL AND OTHER DISCLOSURES Chairman's Review 4 Corporate Governance Statement 71 Chief Executive Officer’s Review 8 Shareholder Information 84 Our Business 12 Bondholder Information 86 Our Projects 16 Director and Employee Remuneration 87 Our Board 18 Directors’ Disclosures 89 Our Management 21 Company Disclosures 91 Corporate Social Responsibility 23 Other Information 92 Our Workplace 29 Directory 94 FINANCIAL STATEMENTS ANNUAL MEETING Independent Auditor's Report 34 The 2017 annual meeting of SKYCITY Entertainment Group Limited will be held on Friday 20 October 2017 Income Statement 38 in the SKYCITY Theatre, Level 3, SKYCITY Auckland, Corner of Wellesley and Hobson Streets, Auckland, Statement of Comprehensive Income 39 commencing at 10.00am (New Zealand time). Balance Sheet 40 This annual report is dated 9 August 2017 and is signed Statement of Changes in Equity 41 on behalf of the board of directors of SKYCITY Entertainment Group Limited by: Statement of Cash Flows 42 Notes to the Financial Statements 43 Chris Moller Bruce Carter Chairman Deputy Chairman Reconciliation of Normalised Results to Reported Results 69 Unless otherwise stated, all dollar amounts in this annual report are expressed in New Zealand dollars. An electronic copy of this annual report is available in the Investor Centre section of the company’s website at www.skycityentertainmentgroup.com. 3 INTRODUCTION Sun International, a gaming and hospitality group operating in six countries and In my final annual report as Chairman employing more than 13,000 people. Like of SKYCITY it is appropriate to use the SKYCITY, its core business is integrated opportunity to reflect on some of the entertainment complexes with casinos company’s accomplishments in recent times generating the bulk of the revenue from long- and acknowledge the role played by the term licences. directors in delivering those achievements. Graeme has 25 years of experience in the CHIEF EXECUTIVE OFFICER gaming and hotel industries. He is a Chartered During the year, the directors were delighted Accountant by training and has been involved to secure the services of Graeme Stephens in investment banking in London and as Chief Executive Officer. Graeme was Johannesburg. Educated in South Africa, previously Chief Executive Officer of publicly Graeme was born in Zimbabwe. listed South African based company CHRIS MOLLER CHAIRMAN 4 ANNUAL REPORT | YEAR ENDED 30 JUNE 2017 CHAIRMAN’S REVIEW The appointment of a Chief Executive Officer with the South Australian Government. is the single most important decision made by The SKYCITY board believes this is an any board. Graeme has already impressed the exciting and truly transformational project for SKYCITY directors with the contribution he the company as it is positioned in the middle is making to the company and the board is of the Riverbank Precinct in the heart of very confident that he will prove to Adelaide, alongside the new Adelaide shareholders he is the right person to lead Convention Centre and the Festival Hall. SKYCITY into the future. It is also across the Torrens River from the magnificent Adelaide Oval, with its walking Given the importance of the Chief Executive bridge landing virtually on our doorstep. The Officer appointment, I want to acknowledge directors are confident the precinct will in due the significant contribution made by course become Adelaide’s entertainment hub. Brent Harman, Chairman of our Remuneration and Human Resources Committee, in leading Adelaide-based Deputy Chairman Bruce Carter the global search which culminated in this was instrumental over several years in bringing appointment. Through his intellect and this project to fruition and I am very grateful to dedication to the cause, Brent makes a highly him and our board committee, which includes valuable contribution to SKYCITY and as the Richard Didsbury, Jennifer Owen and company pilots its strategic way forward, his Murray Jordan. deep knowledge and institutional knowledge of the company will provide a critical balance to STRATEGIC REFRESH the decision-making process. The SKYCITY board has tasked Graeme with Further I thank and acknowledge the top priority of reviewing SKYCITY’s John Mortensen for his efforts as Interim strategic direction to sustain a superior Chief Executive Officer ahead of Graeme performance in these fast-changing times. taking up his position in April 2017. The directors are conscious of trends and the future impact of millennial expectations such TRANSFORMATIONAL PROJECTS as the increased digitisation of online gaming AND LICENCE EXCLUSIVITY and the advent of e-sports and skills-based gaming machines. During the year, the board The New Zealand International Convention visited Silicon Valley with management, Centre (NZICC), when completed, will including Graeme, to acquaint itself first-hand further enhance the transformation of the with the potential changes likely to impact the SKYCITY entertainment precinct in gaming and entertainment sectors in the Auckland. This follows the already-significant coming years. changes to Federal Street since 2011 to create a key entertainment hub and tourism destination Much of the drive for these initiatives is for the city. Importantly, the extension of the championed by director Sue Suckling and Auckland casino licence to 2048 as part of the stems from her exposure to digital disruption NZICC transaction provides the company and resultant opportunities as the Chair of with certainty of tenure in respect of our key Callaghan Innovation. Sue’s knowledge in gaming asset. enabling New Zealand businesses to succeed through technology is invaluable to SKYCITY Despite recent challenges faced by the builder, in general and to the SKYCITY board and SKYCITY is confident of its contractual management in particular. position and the progress of this vital project is closely monitored by a committee of the CORPORATE SOCIAL SKYCITY board, which actively draws on the RESPONSIBILITY extensive property and development capability of directors Richard Didsbury and Being a socially responsible business is at the Murray Jordan. heart of everything we do at SKYCITY. We fully recognise that we must earn our The approval of the long-awaited Adelaide social licence to operate from the communities Casino and hotel development was announced in which we conduct our business. A core on 26 July 2017 following completion of component of social responsibility is the negotiations regarding gaming concessions acknowledgement that not everyone is able SKYCITY ENTERTAINMENT GROUP LIMITED | SKYCITYENTERTAINMENTGROUP.COM 5 CHAIRMAN’S REVIEW to game or consume alcohol safely; we are Rainbow Tick, Champions for Change and therefore committed to striking the right TupuToa - Ma¯ori and Pasifika Corporate balance between excitement, reward and Pathways programmes. These matters are responsibility. overseen by the board’s Remuneration and Human Resources Committee. The directors are acutely aware that board decisions can have a profound effect on our GOVERNANCE local communities. This is particularly true when there is potential for harm to either The first and second pillars of ESG people or the environment. Our challenge as a (environmental, social and governance) have board has, and continues to be, to ensure our been covered in the previous section of this strategic decisions strengthen the communities review. The third, and arguably most within which we operate. The directors are important, pillar of ESG is governance. therefore proud that SKYCITY is a leader in An important priority for the SKYCITY board social responsibility. is planned renewal and, after an external search, Host responsibility is a vitally important part of the board has secured an experienced our business and the board is pleased that our Auckland-based chairman to succeed me. New Zealand casinos were recently recognised The directors are pleased that Rob Campbell has by the sector’s regulator, the Department of agreed to join the board and has subsequently Internal Affairs, as the best in the gaming been elected Chairman effective 1 January 2018. industry. In its public report, the Department Rob is the current Chairman of two well- praised SKYCITY for cultivating “a culture of regarded listed companies, namely Summerset care within their casinos” and maintaining a Group Holdings Limited and Tourism Holdings very high standard of host responsibility in our Limited. He was also a director of many gaming activities. organisations, including (currently) Precinct Properties New Zealand Limited and This is the highest praise we have ever received (previously) Bank of New Zealand, New from any regulator and is testimony to our Zealand Post, Ports of Auckland, Accident world-class Host Responsibility Programme Compensation Corporation and Freightways. and to all staff, who ensure it is carried out to An economist by training, Rob’s career includes exemplary standards. Their work enables us academic, trade unionist and consulting roles. to claim, with complete justification, that He currently advises a number of private equity SKYCITY is the safest place in which to game and hedge funds globally. Rob also brings in New Zealand. Further, we use very similar considerable diversity to the SKYCITY board programmes in Adelaide and Darwin. in terms of his background and thinking. The board’s Corporate Social Responsibility Jennifer Owen was appointed to the SKYCITY Committee oversees SKYCITY’s board in December
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