Hong Kong - Galaxy Entertainment Group ('GEG', 'Company' or the 'Group')

(HKEx stock code: 27) today reported results for the three-month period ended 31 March 2023. (All amounts are expressed in Hong Kong dollars unless otherwise stated)

LETTER FROM THE CHAIRMAN OF GALAXY ENTERTAINMENT GROUP

Thank you for the opportunity to provide you with a broad market overview and a review of the financial performance of GEG in Q1 2023. But firstly, I would like to take a few moments to put the business performance of Q1 2023 into perspective. On 8 January 2023 the Macau Government announced the official end of COVID-19 restrictions. It has been very pleasing

to see solid pent-up customer demand following the relaxation of travel restrictions. Visitors arrivals, hotel occupancy, gaming revenue and retail sales have all seen good growth. Looking forward into Q2 2023, we would expect further improvements as more existing facilities come online following additional staff recruitment, expanded flight and ferry capacity, and the opening of new amenities such as Galaxy International Convention Center ('GICC'), Raffles at Galaxy Macau and Andaz Macau. The re-opening after COVID-19 and Phase 3 expansion, will generate 900 new jobs for locals.

Moving onto our financial performance, the Group Net Revenue in Q1 2023 was $7.05 billion, up 72% year-on-year and up 142% quarter-on-quarter; Adjusted EBITDA was $1.91 billion, versus $0.6 billion in Q1 2022 and $(0.2) billion in Q4 2022. We were particularly encouraged by the performance over the Chinese New Year Golden Week which demonstrated solid demand.

Our balance sheet remained healthy and liquid. As of Q1 2023, cash and liquid investments were $28.7 billion and net cash was $21.3 billion. Debt of $7.4 billion primarily reflects our ongoing treasury yield management initiatives.

See full release at: https://www.galaxyentertainment.com/uploads/news/0f8a5d4ebe41605b4a3f36fbf672af746b9fbebc.pdf

For Media Enquiries:

Galaxy Entertainment Group - Investor Relations

Mr. Peter J. Caveny / Ms. Yoko Ku / Ms. Joyce Fung

Tel: +852 3150 1111

Email: ir@galaxyentertainment.com

(C) 2023 Electronic News Publishing, source ENP Newswire