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China – Galaxy returns to profit as Macau rebound takes hold

By - 22 May 2023

With revenue up 72 per cent year-on-year and 142 per cent quarter-to-quarter to HK$7.05bn, Macau operator Galaxy Entertainment was able to return to profit in the first quarter of 2023.

Mass GGR was HK$4.93 billion, up 86 per cent year-on-year and up 214 per cent quarter-on-quarter. Electronic GGR was HK$337m, up 108 per cent year-on-year and up 227 per cent quarter-on-quarter.

Dr. Lui Che Woo, Chairman of Galaxy Entertainment, said: “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, Raffles at Galaxy Macau and Andaz Macau. The reopening after COVID-19 and Phase 3 expansion, will generate 900 new jobs for locals.

“We were particularly encouraged by the performance over the Chinese New Year Golden Week which demonstrated solid demand,” he added.

Galaxy Macau is the primary contributor to Group revenue and earnings. In Q1 2023, Galaxy Macau’s Net Revenue was HK$5.35bn, up 74 per cent year-on-year and up 192 per cent quarter-on-quarter. In Q1 due to staffing constraints just over 60 per cent of hotel rooms were available for guests. Of those available rooms, hotel occupancy was 100 per cent. Currently we are effectively fully staffed for our existing resorts and all rooms are available except for Broadway Hotel.

In Q1 2023, StarWorld Macau’s Net Revenue was HK$938m, up 121 per cent year-on-year and up
281 per cent quarter-on-quarter.

Th operator added: We are now firmly focused on the development of Phase 4, which is already well under way. We see the premium market evolving with this segment preferring higher quality and more spacious rooms. We continue to proceed with the construction of Cotai Phase 4, our next generation integrated resort, which will complete our ecosystem in Cotai. Phase 4 will include entertainment, retail, F&B, gaming and multiple hotels. On completion our total Macau hotel capacity will be around 7,500
rooms and suites. As you can see, we remain highly confident about the future of Macau where Cotai
Phases 3 & 4 will support Macau’s vision of becoming a World Centre of Tourism and Leisure.”

Effective from June 2022, Galaxy ceased operations at Rio Casino and President Casino with the aim to
optimize the company’s operational scale. All related gaming tables were effectively reallocated for
better use in its Mass and Premium Mass business, including the reallocation of some former VIP

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