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Galaxy Entertainment Group Q2 and Interim Results 2024

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Galaxy Entertainment Group Q2 and Interim Results 2024

Announced Capella at Galaxy Macau to Open in Mid-2025

HONG KONG, Aug. 15, 2024 (GLOBE NEWSWIRE) — Galaxy Entertainment Group (“GEG”, “Company” or the “Group”) (HKEx stock code: 27) today reported results for the three-month and six-month periods
ended 30 June 2024. (All amounts are expressed in Hong Kong dollars unless otherwise stated).

Dr. Lui Che Woo, Chairman of GEG said:

“I would like to provide you with a broad market overview and review of GEG’s financial performance for the second quarter and first half of 2024. For the first half of 2024,
Group Net Revenue up 37% year-on-year to $21.5 billion and Adjusted EBITDA up 37% year-on-year to $6.0 billion. In Q2 2024, Group Adjusted EBITDA of $3.2 billion, up 28% year-on-year and up 12%
quarter-on-quarter. We continued to drive every segment of our business and further improve our resorts. We are very pleased to report that for both Q2 and the first half 2024, our resort hotels
reported virtually 100% occupancy.

“Our balance sheet continued to be healthy and liquid with total cash and liquid investments of $29.0 billion and the net position was $25.2 billion after debt of $3.8 billion. Our strong
balance sheet allows us to return capital to shareholders through dividends and to fund our longer-term development plans and international ambitions. Subsequently the Group announced an interim
dividend of $0.50 per share to be paid on or about 25 October 2024. These dividends demonstrate our confidence in the positive long-term outlook for Macau and for the
Company.

“During the quarter, the Central Government continued to show support for Macau by expanding the Individual Visit Scheme (IVS) to 59 eligible cities with a total combined population of
approximately 500 million people. Additionally, the Government relaxed visa requirements to allow multiple entries into Macau for group tour visitors from Hengqin and for people from various
sectors.

“We are well advanced with the implementation of smart tables. Recently we completed the backend systems integration and customer database transfer. We also successfully completed live
back-of-house pilot testing of smart tables. And in early July, we commenced the rollout of smart tables across Galaxy Macau’s main gaming floor. We anticipate to complete the full rollout
by year end.

“On the development front, we continue to move forward with the fitting out of the Capella at Galaxy Macau and Phase 4, which has a strong focus on non-gaming, primarily targeting
entertainment, family facilities and also includes gaming.

“We are very pleased to welcome the 75th anniversary of the founding of the People’s Republic of China and the 25th anniversary of
Macau’s return to the Motherland this year. We hope that the industry will continue to receive the full support of the Central Government and the Macau SAR Government. As always GEG will support
these important milestones with a range of supportive promotional activities and events.

“Last but not least, I would like to thank all of our team members who deliver ‘World Class, Asian Heart’ service each and every day and contribute to the success of the Group.”

Q2 & INTERIM 2024 RESULTS HIGHLIGHTS

GEG: Well Positioned for Future Growth

  • 1H Group Net Revenue of $21.5 billion, up 37% year-on-year
  • 1H Group Adjusted EBITDA of $6.0 billion, up 37% year-on-year
  • 1H Net Profit Attributable to Shareholders (“NPAS”) of $4.4 billion, up 52% year-on-year
  • Q2 Group Net Revenue of $10.9 billion, up 26% year-on-year and up 3% quarter-on-quarter
  • Q2 Group Adjusted EBITDA of $3.2 billion, up 28% year-on-year and up 12% quarter-on-quarter
  • Normalized Q2 Adjusted EBITDA was $3.2 billion after adjusting for bad luck of $20 million
  • Latest twelve months Adjusted EBITDA of $11.6 billion, up 219% year-on-year and up 6% quarter-on-quarter

Galaxy Macau: Well Positioned for Future Growth

  • 1H Net Revenue of $17.0 billion, up 43% year-on-year
  • 1H Adjusted EBITDA of $5.4 billion, up 34% year-on-year
  • Q2 Net Revenue of $8.6 billion, up 32% year-on-year and up 4% quarter-on-quarter
  • Q2 Adjusted EBITDA of $2.8 billion, up 28% year-on-year and up 6% quarter-on-quarter
  • Normalized Q2 Adjusted EBITDA was $2.8 billion after adjusting for bad luck of $53 million
  • Hotel occupancy for Q2 across the seven hotels was 98%

StarWorld Macau: Well Positioned for Future Growth

  • 1H Net Revenue of $2.7 billion, up 25% year-on-year
  • 1H Adjusted EBITDA of $825 million, up 43% year-on-year
  • Q2 Net Revenue of $1.3 billion, up 8% year-on-year and down 3% quarter-on-quarter
  • Q2 Adjusted EBITDA of $390 million, up 8% year-on-year and down 10% quarter-on-quarter
  • Normalized Q2 Adjusted EBITDA was $357 million after adjusting for good luck of $33 million
  • Hotel occupancy for Q2 was 100%

Broadway Macau, City Clubs and Construction Materials Division (“CMD”)

  • Broadway Macau: Q2 Adjusted EBITDA was $8 million, versus $(10) million in Q2 2023 and $4 million in Q1 2024
  • City Clubs: Q2 Adjusted EBITDA was $5 million, up 25% year-on-year and up 25% quarter-on-quarter
  • CMD: Q2 Adjusted EBITDA was $256 million, up 12% year-on-year and up 133% quarter-on-quarter

Balance Sheet: Healthy and Liquid Balance Sheet

  • As at 30 June 2024, cash and liquid investments were $29.0 billion and the net position was $25.2 billion after debt of $3.8 billion
  • Announced an interim dividend of $0.50 per share payable on or about 25 October 2024

Development Update: Opening Capella at Galaxy Macau in mid-2025; Ramping up GICC, Galaxy Arena, Raffles at Galaxy Macau and Andaz Macau;
Progressing with Phase 4

  • Announced the opening of Capella at Galaxy Macau in mid-2025
  • Cotai Phase 3 – Ramping up GICC, Galaxy Arena, Raffles at Galaxy Macau and Andaz Macau
  • Cotai Phase 4 – Our efforts are firmly focused on the development of Phase 4. Phase 4 has a strong focus on non-gaming, primarily targeting entertainment, family facilities and also
    includes gaming
 

Macau Market Overview

Based on DICJ reporting, Macau’s Gross Gaming Revenue (“GGR”) for the first half of 2024 was up 42% year-on-year to $110.4 billion. Q2 2024 GGR was up 24% year-on-year and down 2%
quarter-on-quarter to $54.8 billion.

In the first half of 2024, visitor arrivals to Macau were 16.7 million, up 44% year-on-year, in which overnight visitors grew at 29% year-on-year and same-day visitors grew by 59% year-on-year.
Mainland visitor arrivals to Macau were 11.5 million, up 53% year-on-year. Visitors from overseas were a combined 1.2 million, up 146% year-on-year. In Q2 2024, visitor arrivals to Macau were 7.8
million, up 17% year-on-year and recovering to 79% of Q2 2019. Mainland visitor arrivals were 5.2 million, up 22% year-on-year.

Group Financial Results

1H 2024

In 1H 2024, Net Revenue was $21.5 billion, up 37% year-on-year. Adjusted EBITDA was $6.0 billion, up 37% year-on-year. NPAS was $4.4 billion, up 52% year-on-year. Galaxy Macau’s Adjusted EBITDA was
$5.4 billion, up 34% year-on-year. StarWorld Macau’s Adjusted EBITDA was $825 million, up 43% year-on-year. Broadway Macau’s Adjusted EBITDA was $12 million, versus $(20) million in 1H 2023.

In 1H 2024, GEG experienced good luck in its gaming operation, which increased its Adjusted EBITDA by approximately $43 million. Normalized 1H 2024 Adjusted EBITDA was $6.0 billion, up 38%
year-on-year.

1H24 EBITDA (Eng)

The Group’s total GGR in 1H 2024 was $20.0 billion, up 45% year-on-year. Mass GGR was $16.0 billion, up 43% year-on-year. Rolling chip GGR was $2.7 billion, up 56% year-on-year. Electronic GGR was
$1.3 billion, up 61% year-on-year.

Group Key Financial Data

   
     
(HK$’m) 1H 2023 1H 2024
Revenues:    
Net Gaming 11,912 16,776
Non-gaming 2,296 3,089
Construction Materials 1,507 1,605
Total Net Revenue 15,715 21,470

Adjusted EBITDA

4,380 6,011
     
Gaming Statistics1    
(HK$’m) 1H 2023 1H 2024
Rolling Chip Volume2 50,602 84,612
Win Rate % 3.4% 3.2%
Win 1,725 2,690
     
Mass Table Drop3 46,929 63,841
Win Rate % 23.9% 25.1%
Win 11,219 16,019
     
Electronic Gaming Volume 20,203 41,413
Win Rate % 3.9% 3.0%
Win 780 1,258
     
Total GGR Win4 13,724 19,967
     

Q2 2024

In Q2 2024, Group Net Revenue was $10.9 billion, up 26% year-on-year and up 3% quarter-on-quarter. Adjusted EBITDA was $3.2 billion, up 28% year-on-year and up 12% quarter-on-quarter. Galaxy
Macau’s Adjusted EBITDA was $2.8 billion, up 28% year-on-year and up 6% quarter-on-quarter. StarWorld Macau’s Adjusted EBITDA was $390 million, up 8% year-on-year and down 10% quarter-on-quarter.
Broadway Macau’s Adjusted EBITDA was $8 million versus $(10) million in Q2 2023 and $4 million in Q1 2024.

Latest twelve months Group Adjusted EBITDA was $11.6 billion, up 219% year-on-year and up 6% quarter-on-quarter.

In Q2 2024, GEG experienced bad luck in its gaming operations which decreased Adjusted EBITDA by approximately $20 million. Normalized Q2 2024 Adjusted EBITDA was $3.2 billion, up 29% year-on-year
and up 15% quarter-on-quarter.

Summary Table of GEG Q2 & 1H 2024 Adjusted EBITDA and Adjustments:

in HK$’m Q2
2023 		Q1
2024 		Q2
2024 		YoY
QoQ 		  1H
2023 		1H
2024
Adjusted EBITDA 2,473 2,835 3,176 28% 12%   4,380 6,011
Luck5 4 63 (20) – –   63 43
Normalized Adjusted EBITDA 2,469 2,772 3,196 29% 15%   4,317 5,968
                 

2Q24 EBITDA (Eng)

The Group’s total GGR in Q2 2024 was $10.3 billion, up 35% year-on-year and up 7% quarter-on-quarter. Mass GGR was $8.3 billion, up 32% year-on-year and up 7% quarter-on-quarter. Rolling chip GGR
was $1.4 billion, up 49% year-on-year and up 7% quarter-on-quarter. Electronic GGR was $657 million, up 48% year-on-year and up 10% quarter-on-quarter.

Group Key Financial Data          
(HK$’m)          
  Q2 2023 Q1 2024 Q2 2024 1H 2023 1H 2024
Revenues:          
Net Gaming 6,589 8,181 8,595 11,912 16,776
Non-gaming 1,263 1,606 1,483 2,296 3,089
Construction Materials 809 765 840 1,507 1,605
Total Net Revenue 8,661 10,552 10,918 15,715 21,470
           
Adjusted EBITDA 2,473 2,835 3,176 4,380 6,011
           
Gaming Statistics6          
(HK$’m)            
  Q2 2023 Q1 2024 Q2 2024 1H 2023 1H 2024
Rolling Chip Volume7 29,054 38,457 46,155 50,602 84,612
Win Rate % 3.2% 3.4% 3.0% 3.4% 3.2%
Win 931 1,299 1,391 1,725 2,690
           
Mass Table Drop8 26,254 31,471 32,370 46,929 63,841
Win Rate % 23.9% 24.6% 25.6% 23.9% 25.1%
Win 6,285 7,728 8,291 11,219 16,019
           
Electronic Gaming Volume 11,627 19,043 22,370 20,203 41,413
Win Rate % 3.8% 3.1% 2.9% 3.9% 3.0%
Win 443 600 658 780 1,258
           
Total GGR Win9 7,659 9,627 10,340 13,724 19,967
           

Balance Sheet and Dividend

The Group’s balance sheet remains healthy and liquid. As of 30 June 2024, cash and liquid investments were $29.0 billion and the net position was $25.2 billion after debt of $3.8 billion. Our
strong balance sheet combined with substantial cash flow provides us with valuable flexibility in managing our ongoing operations and allows us to continue investing in our longer-term development
plans and fund our international development ambitions. Subsequently the Group announced an interim dividend of $0.50 per share to be paid on or about 25 October 2024.

Galaxy Macau

Galaxy Macau is the primary contributor to the Group’s revenue and earnings. Net Revenue in 1H 2024 was $17.0 billion, up 43% year-on-year. Adjusted EBITDA was $5.4 billion, up 34% year-on-year. In
1H 2024, Galaxy Macau experienced bad luck in its gaming operations which decreased its Adjusted EBITDA by approximately $5 million. Normalized 1H 2024 Adjusted EBITDA was $5.4 billion, up 37%
year-on-year.

In Q2 2024, Galaxy Macau’s Adjusted EBITDA was $2.8 billion, up 28% year-on-year and up 6% quarter-on-quarter. In Q2 2024, Galaxy Macau experienced bad luck in its gaming operations which decreased
its Adjusted EBITDA by approximately $53 million. Normalized Q2 2024 Adjusted EBITDA was $2.8 billion, up 31% year-on-year and up 11% quarter-on-quarter.

The combined seven hotels occupancy was 97% for 1H 2024 and 98% for Q2 2024.

Galaxy Macau Key Financial Data
(HK$’m) Q2 2023 Q1 2024 Q2 2024 1H 2023 1H 2024
Revenues:          
Net Gaming 5,430 6,887 7,347 9,872 14,234
Hotel / F&B / Others 726 1,056 971 1,196 2,027
Mall 394 371 326 830 697
Total Net Revenue 6,550 8,314 8,644 11,898 16,958
Adjusted EBITDA 2,172 2,613 2,782 4,018 5,395
Adjusted EBITDA Margin 33% 31% 32% 34% 32%
           
Gaming Statistics10          
(HK$’m) Q2 2023 Q1 2024 Q2 2024 1H 2023 1H 2024
Rolling Chip Volume11 29,054 37,433 44,577 50,602 82,010
Win Rate % 3.2% 3.3% 2.9% 3.4% 3.1%
Win 931 1,243 1,287 1,725 2,530
           
Mass Table Drop12 19,146 24,472 24,647 34,270 49,119
Win Rate % 26.3% 26.2% 28.6% 26.3% 27.4%
Win 5,038 6,406 7,047 9,008 13,453
           
Electronic Gaming Volume 8,414 12,779 14,772 14,704 27,551
Win Rate % 4.5% 3.8% 3.5% 4.6% 3.7%
Win 379 487 524 670 1,011
           
Total GGR Win 6,348 8,136 8,858 11,403 16,994
           


StarWorld Macau

StarWorld Macau’s Net Revenue was $2.7 billion in 1H 2024, up 25% year-on-year. Adjusted EBITDA was $825 million, up 43% year-on-year. In 1H 2024, StarWorld Macau experienced good luck in its
gaming operations which increased its Adjusted EBITDA by approximately $48 million. Normalized 1H 2024 Adjusted EBITDA was $777 million, up 34% year-on-year.

In Q2 2024, StarWorld Macau’s Adjusted EBITDA was $390 million, up 8% year-on-year and down 10% quarter-on-quarter. In Q2 2024, StarWorld Macau experienced good luck in its gaming operations which
increased its Adjusted EBITDA by approximately $33 million. Normalized Q2 2024 Adjusted EBITDA was $357 million, down 1% year-on-year and down 15% quarter-on-quarter.

Hotel occupancy was 100% for 1H 2024 and 100% for Q2 2024.

StarWorld Macau Key Financial Data
 
(HK$’m) Q2 2023 Q1 2024 Q2 2024 1H 2023 1H 2024
Revenues:          
Net Gaming 1,103 1,235 1,190 1,931 2,425
Hotel / F&B / Others 115 128 128 220 256
Mall 5 6 5 10 11
Total Net Revenue 1,223 1,369 1,323 2,161 2,692
Adjusted EBITDA 362 435 390 578 825
Adjusted EBITDA Margin 30% 32% 29% 27% 31%
           
Gaming Statistics13          
(HK$’m) Q2 2023 Q1 2024 Q2 2024 1H 2023 1H 2024
Rolling Chip Volume14 NIL 1,024 1,578 NIL 2,602
Win Rate % NIL 5.5% 6.5% NIL 6.1%
Win NIL 56 104 NIL 160
           
Mass Table Drop15 6,842 6,756 7,467 12,131 14,223
Win Rate % 17.6% 19.0% 16.2% 17.6% 17.5%
Win 1,206 1,283 1,207 2,132 2,490
           
Electronic Gaming Volume 2,250 5,045 6,325 3,656 11,370
Win Rate % 2.1% 1.8% 1.8% 2.2% 1.8%
Win 48 93 113 80 206
           
Total GGR Win 1,254 1,432 1,424 2,212 2,856
           

Broadway Macau

Broadway Macau is a unique family friendly, street entertainment and food resort supported by Macau SMEs. Broadway Macau’s Net Revenue was $100 million for 1H 2024, up 144% year-on-year. Adjusted
EBITDA was $12 million for 1H 2024 versus $(20) million in 1H 2023. In Q2 2024, Broadway Macau’s Adjusted EBITDA was $8 million, versus $(10) million in Q2 2023 and $4 million in Q1 2024.

City Clubs

City Clubs contributed $9 million of Adjusted EBITDA to the Group’s earnings for 1H 2024, up 29% year-on-year. Q2 2024 Adjusted EBITDA was $5 million, up 25% year-on-year and up 25%
quarter-on-quarter.

Construction Materials Division (“CMD”)

CMD contributed Adjusted EBITDA of $366 million in 1H 2024, up 11% year-on-year. The results were predominantly driven by the strength in demand for construction materials in Hong Kong and Macau.
In Q2 2024, CMD’s Adjusted EBITDA was $256 million, up 12% year-on-year and up 133% quarter-on-quarter.

The demand for ready-mixed concrete in Hong Kong and Macau was strong due to the accelerating demand to catch up on the completion timeline of the Hong Kong International Airport’s three runway
project and the development works in Macau’s Zone A reclamation area. Demand for construction materials in Mainland China remained weak due to the soft property market and slow infrastructure
investment. Oversupply in cement resulted in high levels of inventory which depressed prices. It is anticipated that CMD’s businesses in Mainland China will remain challenging in 2H 2024.

Development Update

Galaxy Macau and StarWorld Macau

We continue to make ongoing progressive enhancements to our resorts to ensure that they remain competitive and appealing to our guests with a particular focus on adding new and innovative F&B
and retail offerings. At StarWorld Macau we are evaluating a range of major upgrades, that includes the main gaming floor, the lobby arrival experience and increasing the F&B options.

Cotai – The Next Chapter

The targeted opening of Capella at Galaxy Macau is in mid-2025. The 17-storey property offers approximately 100 ultra-luxury sky villas and suites. Each Sky Villa features a light-filled balcony
with a transparent infinity-edge pool, outdoor lounge, sunroom and hidden winter garden, among others. Capella at Galaxy Macau promises to bring a new level of elegance and luxury to Macau.

We are ramping up GICC, Galaxy Arena, Raffles at Galaxy Macau and Andaz Macau. We are now firmly focused on the development of Phase 4, which is already well under way. Phase 4 will include
multiple high-end hotel brands new to Macau, together with an up to 5000-seat theater, extensive F&B, retail, non-gaming amenities, landscaping, a water resort deck and a casino. Phase 4 is
approximately 600,000 square meters of development and is scheduled to complete in 2027. We remain highly confident about the future of Macau where Phases 3 & 4 will support Macau’s vision of
becoming a World Centre of Tourism and Leisure.

Selected Major Awards in 1H 2024

AWARD PRESENTER
GEG  
Sustainability Award International Gaming Awards 2024
Casino Operator of the Year Global Gaming Awards Asia-Pacific 2024
2024 Macao International Environmental Co-operation Forum & Exhibition – Green Booth Award Macau Fair & Trade Association

 

GALAXY MACAU
MICHELIN One-Star Restaurant

  • 8½ Otto e Mezzo BOMBANA
  • Lai Heen                                                 
                                      

Selected Restaurants

  • Terrazza Italian Restaurant
  • The Ritz-Carlton Cafe
  • Saffron
The MICHELIN Guide Hong Kong Macau 2024
Five Star Hotel

  • Galaxy
    HotelTM                                           
  • Hotel Okura Macau         
  • Banyan Tree Macau         
  • The Ritz-Carlton Macau

Five-Star Restaurant

  • 8½ Otto e Mezzo BOMBANA         
  • Lai Heen         

Five-Star Spa

  • The Ritz-Carlton Spa, Macau         
  • Banyan Tree Spa Macau         
2024 Forbes Travel Guide
Black Pearl Restaurant Guide 2024 – One Diamond – 8½ Otto e Mezzo BOMBANA Mei Tuan
Macau Energy Saving Activity 2023 – Energy Saving Concept Award – Galaxy Macau CEM – Companhia de Electricidade de Macau
EarthCheck Gold Certification
EarthCheck Silver Certification

  • Galaxy Hotel
  • Hotel Okura Macau
EarthCheck
Tatler Dining Awards 2024 – Tatler Dining 20 Macau Awards

  • 8½ Otto e Mezzo BOMBANA
  • Lai Heen
  • Saffron
Tatler Dining
Macao Green Hotel Awards – Gold Award – Galaxy Hotel Environmental Protection Bureau of the Macau SAR Government
Wine Spectator’s 2024 Restaurant Best of Award of Excellence (Two Glasses)

  • Terrazza Italian Restaurant
  • Urban Kitchen
Wine Spectator’s Restaurant Awards

 

STARWORLD MACAU
MICHELIN Two-Star Restaurant – Feng Wei Ju The MICHELIN Guide Hong Kong Macau 2024
Black Pearl Restaurant Guide 2024 – One Diamond – Feng Wei Ju         Mei Tuan
SCMP 100 Top Tables 2024 – Feng Wei Ju South China Morning Post
Tatler Dining Awards 2024 – Tatler Dining 20 Macau Awards – Feng Wei Ju Tatler Dining

 

Broadway Macau
Macau Energy Saving Activity 2023 – Energy Saving Award (Hotel Group B) – 1st Runner Up – Broadway Macau CEM – Companhia de Electricidade de Macau

 

Construction Materials Division
Caring Company Scheme – 20 Years Plus Caring Company Logo The Hong Kong Council of Social Service


Outlook

Macau continues to collect accolades as a destination of choice which will continue to drive tourism demand. Since the border reopened in 2023, the Macau Government Tourism Office (MGTO) and the
six concessionaries have jointly promoted Macau’s diverse “tourism +” offerings and status as a UNESCO Creative city of Gastronomy across Mainland China and Asia. This collaborative effort has
resulted in Macau being voted the number one destination of choice for Mainland Chinese travelers in the Chinese Tourism Academy’s latest satisfaction survey.

GEG continues to collaborate closely with MGTO to actively promote Macau and further develop international tourism to support this initiative we have opened overseas business development offices in
Tokyo, Seoul and Bangkok. This demonstrates our commitment to the Macau Government’s initiative to increase the number and flow of high value international visitors.

The Macau Government continues to work hard to diversify Macau’s economy. To attract a more diverse tourism base they are planning to develop a 50,000 seat, open air venue that can host a range of
large-scale entertainment and sporting events. It is anticipated that the arena will be opened in the first quarter of 2025.

We remain confident in the outlook for Macau. The reasons for this confidence include the ongoing improvement in transportation infrastructure making it easier to travel to and from Macau, as well
as within it. The Central Government recently transferred a land site from Zhuhai to Macau to enable construction of transportation infrastructure adjacent to the Gongbei checkpoint that will
facilitate a connection to the Macau’s light rail network. Furthermore, the newly opened Jinhai Bridge directly connects Zhuhai Airport to Hengqin and Macau by both car and rail. The train journey
takes approximately 15 minutes and the Zhuhai airport will have capacity of 27.5 million passengers per annum by the end of 2024. Lastly, the fourth Macau-Taipa bridge is expected to open later
this year, further improving travel within Macau.

GEG continues to expand its capacity in Macau to match the widening tourist demand from both Greater China and Asia. We are currently fitting-out Capella at Galaxy Macau. The property will offer
approximately 100 ultra-luxury sky villas and suites and is targeted to open in mid-2025. We are also firmly focused on the development of Phase 4 which is well under way. Phase 4 will include
multiple high-end hotel brands new to Macau, together with an up to 5000-seat theater, extensive F&B, retail, non-gaming amenities, landscaping, a water resort deck and a casino. Phase 4 is
approximately 600,000 square meters of development and is scheduled to complete in 2027.

Under the new concession, GEG has committed non-gaming investment of over MOP$33 billion to further diversify Macau’s tourism attraction. In the meanwhile, we will continue to seek opportunities in
the Greater Bay Area and explore attractive overseas development opportunities, and we will evaluate international opportunities on a case by case basis. GEG is committed to supporting the Macau
Government’s vision to develop Macau into the World Centre of Tourism and Leisure.

About Galaxy Entertainment Group (HKEx stock code: 27)

Galaxy Entertainment Group Limited (“GEG” or the “Company”) and its subsidiaries (“GEG” or the “Group”) is one of the world’s leading resorts, hospitality and gaming companies. The Group primarily
develops and operates a large portfolio of integrated resort, retail, dining, hotel and gaming facilities in Macau. GEG is listed on the Hong Kong Stock Exchange and is a constituent stock of the
Hang Seng Index.

GEG through its subsidiary, Galaxy Casino S.A., is one of the three original concessionaires in Macau when the gaming industry was liberalized in 2002. In 2022, GEG was awarded a new gaming
concession valid from January 1, 2023, to December 31, 2032. GEG has a successful track record of delivering innovative, spectacular and award-winning properties, products and services, underpinned
by a “World Class, Asian Heart” service philosophy, that has enabled it to consistently outperform the market in Macau.

The Group operates three flagship destinations in Macau: on Cotai, Galaxy Macau, one of the world’s largest integrated destination resorts, and the adjoining Broadway Macau, a unique landmark
entertainment and food street destination; and on the Peninsula, StarWorld Macau, an award-winning premium property.

The Group has the largest development pipeline of any concessionaire in Macau. When The Next Chapter of its Cotai development is completed, GEG’s resorts footprint on Cotai will be more than 2
million square meters, making the resorts, entertainment and MICE precinct one of the largest and most diverse integrated destinations in the world. GEG also considers opportunities in the Greater
Bay Area and internationally. These projects will help GEG develop and support Macau in its vision of becoming a World Centre of Tourism and Leisure.

In July 2015, GEG made a strategic investment in Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco (“Monte-Carlo SBM”), a world renowned owner and operator of iconic luxury
hotels and resorts in the Principality of Monaco. GEG continues to explore a range of international development opportunities with Monte-Carlo SBM.
        
GEG is committed to delivering world class unique experiences to its guests and building a sustainable future for the communities in which it operates.

For more information about the Group, please visit www.galaxyentertainment.com

__________________________________

1 Gaming statistics are presented before deducting commission and incentives.
2 Represents sum of promotor and inhouse premium direct.
3 Mass table drop includes the amount of table drop plus cash chips purchased at the cage.
4 Total GGR win includes gaming win from City Clubs.
5 Reflects luck adjustments associated with our rolling chip program.
6 Gaming statistics are presented before deducting commission and incentives.
7 Represents sum of promotor and inhouse premium direct.
8 Mass table drop includes the amount of table drop plus cash chips purchased at the cage.
9 Total GGR win includes gaming win from City Clubs.
10 Gaming statistics are presented before deducting commission and incentives.
11 Represents sum of promotor and inhouse premium direct.
12 Mass table drop includes the amount of table drop plus cash chips purchased at the cage.    
13 Gaming statistics are presented before deducting commission and incentives.
14 Represents sum of promotor and inhouse premium direct.
15 Mass table drop includes the amount of table drop plus cash chips purchased at the cage.

A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6b87deaa-64cc-46e4 …
https://www.globenewswire.com/NewsRoom/AttachmentNg/16f95e83-f692-4f94 … 

CONTACT: For Media Enquiries:

Galaxy Entertainment Group - Investor Relations
Mr. Peter J. Caveny / Ms. Yoko Ku / Ms. Joyce Fung
Tel: +852 3150 1111 / Email: [email protected]

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