Exclusive casino licenses in New Zealand and Australia Earnings concentration in the Auckland casino, offset by relatively stable mass-market gaming Some execution risk associated with its Adelaide and Auckland developments Financial policies supportive of the 'BBB-' rating Significant capital-expenditure program for major growth projects Our expectation of debt-to-EBITDA peaking in fiscal 2019 at the height of developments, but remain below 3x The stable outlook assumes that SKYCITY Entertainment Group Ltd. (Skycity) will effectively manage its major developments in Auckland and Adelaide within ratings tolerances over the next few years. S&P Global Ratings forecasts the group's debt-to-EBITDA will increase to the high 2x level during the peak of the development phase in the year ending June 30, 2019. However, in the
