Overview Key strengths Key risks Long-dated exclusive casino licenses in New Zealand and Australia. Heightened scrutiny by government regulators, particularly for SkyCity Adelaide. Stable mass-market gaming cash flow from the group's established casino assets Weak economic conditions in New Zealand that is weighing on gaming and non-gaming revenues. Supportive financial policies and creditor-friendly capital initiatives. Execution risks associated with the completion of Horizon Hotel and New Zealand International Convention Centre. . Economic conditions in New Zealand remain subdued and have progressively weakened throughout fiscal 2024. Cost-of-living pressures are taking a toll on gaming and non-gaming revenues across SkyCity's properties. We have therefore revised downward our forecast earnings for SkyCity. Lower expected earnings also reflect the following: Delays in the opening
