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Proposed Adelaide Casino Investment and Regulatory Changes

MEDIA STATEMENT
AUGUST 2011

Proposed Adelaide Casino Investment and Regulatory Changes

SKYCITY Entertainment Group Chief Executive Nigel Morrison says the company remains committed to working with the South Australian Government on its proposed Adelaide Casino redevelopment. Mr Morrison has outlined the company’s position, following media speculation and comments made by new South Australian Treasurer Jack Snelling regarding SKYCITY’s proposed investment in the Adelaide Casino and proposed changes to regulatory arrangements governing the casino.

"As we have previously stated, the operating and regulatory arrangements governing the Adelaide Casino are being reviewed by a South Australian Government Casino Task Force. The Task Force was established under the former Treasurer Kevin Foley and is responsible for providing advice to the Government on the appropriate operating and regulatory environment for the Adelaide Casino. We will continue to work together with the Government to finalise the future operating and regulatory arrangements once the Task Force has concluded its review.

“The Government has made it clear that it wishes to deal with the regulatory arrangements as a separate matter to SKYCITY’s proposed investment in its Adelaide Casino as part of the Riverbank Precinct development. We are entirely comfortable with that and respect that view.

"Once the future operating and regulatory arrangements are agreed, we will then be in a position to finalise our view as to the reinvestment in the Adelaide Casino. While we remain excited about the prospect of a significant investment in the Adelaide Casino, from SKYCITY’s perspective no investment can be committed to, until we have certainty regarding the future regulatory arrangements and can be confident of delivering our shareholders an appropriate return on this investment.

"Our view has always been that should the Adelaide Casino be given a ‘level playing field’ with other Australian casinos regarding regulation, we can justify a significant investment in the Adelaide Casino and reposition it as a true entertainment and tourism destination in the Riverbank Precinct. We would then be able to offer interstate and international guests, as well as South Australians, the experience they would expect from a world-class entertainment complex featuring an expanded range of facilities, including great bars and ‘signature’ restaurants, private gaming rooms and significant car parking,” said Mr Morrison.

No further comment will be made by SKYCITY or Adelaide Casino at this time.

ENDS

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