SkyCity response to media speculation

MARKET RELEASE SkyCity Entertainment Group Limited (SKC.NZX/SKC.ASX) 25 August 2026 SkyCity response to media speculation SkyCity Entertainment Group Limited (SkyCity) notes recent media speculation that it is in discussions with Oaktree Capital in relation to a potential takeover of the company. SkyCity advises that in May 2026, it received a confidential, unsolicited, conditional, non-binding indicative proposal from (i) a special situations fund managed by Oaktree Capital Management, L.P, to acquire all of the issued shares in SkyCity at an indicative price of NZ$0.70 cash per SkyCity share, and (ii) another party at an implied indicative price of NZ$0.75 cash per SkyCity share.(1) Both indicative proposals were subject to numerous conditions, including a period of at least 8 weeks due diligence and arranging debt financing. The proposals were also conditional on agreement on transaction structure, negotiation of binding documentation, unanimous SkyCity board support, SkyCity shareholder approval, regulatory approvals, and acquirer internal approvals, amongst other matters. SkyCity was also requested by one or both parties to: (i) not enter into any binding agreement to acquire or dispose of any assets (including under the asset monetisation programme); (ii) provide exclusivity; and (iii) retain its existing debt facilities. The SkyCity Board carefully considered these indicative proposals, with input from management and advisers. The Board unanimously determined that these proposals did not adequately reflect the underlying value of the company, and that the conditions were problematic. Accordingly, the parties were advised that SkyCity was not prepared to proceed on the terms proposed. SkyCity did indicate to each party that it was prepared to consider engaging further, including providing due diligence information, if they provided a revised proposal which addressed these issues. Neither party submitted a revised, improved proposal. SkyCity continues to focus on executing on its strategic priorities as set out in its FY26 results announcement on 20 August. This includes the: i. asset monetisation programme expected to deliver gross proceeds of $275-300m across the unconditional sale of the 99 Albert Street and Victoria Street investment properties for $74.5m; and the non-binding heads of agreement for a sale of the Grand Hotel; ii. group-wide reset of its operating model, targeting realised benefits of $30m in FY27 and growing to total benefits of $70m in FY28; and iii. strategic review of SkyCity Adelaide, following the non-binding agreement reached with the South Australian regulator, CBS. (1) Based on 1,103,055,047 SkyCity ordinary shares outstanding. Ends For more information, please contact: Investors and Analysts: Craig Brown Head of Investor Relations & Corporate Development Mobile: +64 27 470 6802 E-mail: craig.brown@skycity.co.nz Media: Steve Pettigrew General Manager Corporate Affairs Mobile: +64 27 258 6257 E-mail: steve.pettigrew@skycity.co.nz This announcement has been authorised for release by: Phil Leightley, General Counsel & Company Secretary