Overview Key strengths Key risks Long-dated exclusive casino licenses in New Zealand and Australia. Regulatory risks, including AUSTRAC civil proceedings against SkyCity Adelaide. Stable mass-market gaming cash flow from the group's established casino assets. Softer consumer spending due to cost-of-living pressures. Supportive financial policies. Execution risks associated with rebuilding Horizon Hotel (HH) and New Zealand International Convention Centre (NZICC). The company's Adelaide casino is facing AUSTRAC civil proceedings over alleged breaches of anti-money laundering and counter-terrorism financing laws. The process is ongoing and SkyCity has commenced the process of determining a provision for a potential financial penalty. We note Crown Resorts (a gaming operator in Melbourne, Perth, and Sydney) agreed to pay AUSTRAC a proposed A$450 million fine for its
