This report does not constitute a rating action. Overview Key strengths Key risks Long-dated exclusive casino licenses in New Zealand and Australia. Prolonged economic weakness in New Zealand that continues to constrain gaming and non-gaming revenues. Traditionally stable cash flow from mass-market gaming from the group's established casino assets. Heightened scrutiny by government regulators, particularly for SkyCity Adelaide. Supportive financial policies and creditor-friendly capital initiatives. Earnings concentration risk from SkyCity's key Auckland casino. Execution risks for implementation of carded play and completion of New Zealand International Convention Centre (NZICC). This pressure stems from cyclically weak gaming revenues, regulatory fines and costs, and other regulatory effects such as a recent introduction of carded play at its New Zealand casinos. SkyCity's debt
