Ann: GENERAL: SKC: New Zealand Parliament passes

• Release Date: 12/11/13 19:04
• Summary: GENERAL: SKC: New Zealand Parliament passes NZICC legislation
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					SKC
12/11/2013 17:04
GENERAL

REL: 1704 HRS SKYCITY Entertainment Group Limited (NS)

GENERAL: SKC: New Zealand Parliament passes NZICC legislation

Auckland: SKYCITY Entertainment Group Limited (NZX/ASX: SKC) welcomes the
passing of the New Zealand International Convention Centre (NZICC)
legislation in the New Zealand Parliament today.

This legislation gives effect to the Project and Licensing Agreement signed
by SKYCITY and the New Zealand Government on 5 July 2013 that will see
SKYCITY invest $402 million to design, build, own and operate the New Zealand
International Convention Centre.

"Today's announcement represents an important milestone in the transformation
of SKYCITY. After many years of negotiation with the New Zealand Government,
we are delighted to now be able to move ahead with this very exciting
development," SKYCITY chief executive Nigel Morrison says.

In return for this NZ$402 million investment, the legislation extends
SKYCITY's Auckland Casino Licence to 2048 and provides for an increase in
gaming product and other gaming concessions; 230 gaming machines, 40 gaming
tables, a further 12 gaming tables that can each be substituted for 20
automated table game terminals, the introduction of cashless card-based
gaming, the extension of Ticket In Ticket Out (TITO) technology and at least
780 new car parks. The agreement also includes SKYCITY introducing further
and additional host responsibility measures.

"These concessions will become fully operative once SKYCITY enters into a
binding building works contract for the NZICC which is expected to be in the
second half of calendar year 2014," Mr Morrison says.

"The passage of the legislation through Parliament allows us to proceed with
developing a world-class convention centre in Auckland. This will be a vital
piece of national tourism infrastructure that will reinforce Auckland as a
leading international city by attracting high value events and visitors to
Auckland and New Zealand. It will enable New Zealand to finally compete for
major conventions in this part of the world."

"The NZICC will drive economic growth, jobs, high value international tourism
and will become a catalyst for further tourism and entertainment development
in the 'Victoria' precinct and the Auckland CBD. SKYCITY is fully funding the
project, meaning that the NZICC will be delivered without requiring funding
from taxpayers or Auckland ratepayers.

"The estimated three-year construction period will require 1,000 construction
jobs and will result in SKYCITY employing an additional 800 New Zealanders
when the NZICC is fully operational, over and above the more than 3,500
people we currently employ in Auckland today," Mr Morrison says.

SKYCITY expects to shortly announce the appointments of the Project Director
and the key consultant team, which will work on the project. This team will
include the Architects/Designers, Engineers, Project Managers and Urban and
Town planners for the development. This high-powered team will be made up of
the best of New Zealand's leading construction industry professionals
partnered where appropriate with world leading convention centre design
experts.

Based on current anticipated timelines and an approximate three-year
construction period, the target date for completion of the NZICC is 30
September 2017.
End CA:00243698 For:SKC    Type:GENERAL    Time:2013-11-12 17:04:24