Q2 2024 Group Adjusted EBITDA of $3.2 Billion, Up 28% Year-on-Year & Up 12% Quarter-on-Quarter Announced Interim Dividend of $0.50 Per Share Payable in October 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 HIGHLIGHTSGEG: 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. 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 Q22023 Q12024 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                   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