TERMINATION OF AUCKLAND CAR PARK CONCESSION AGREEMENT

SkyCity Entertainment Group Limited has received a termination notice from MPF Parking NZ Limited in relation to the long-term concession over the SkyCity Auckland car park.

The termination is due to SkyCity's inability to hand over the car parks on the New Zealand International Convention Centre construction site, due to damage from a fire in 2019.

SkyCity will now take back the operation of all the car parks, with the consideration payable to MPF to be determined by a market price.

SkyCity is well progressed on options for financing the buy-back, which is expected to yield $15-20 million EBITDA per annum.