Galaxy Entertainment Group Reports Q4 & Annual 2021 Results

Continue Working Closely With Macau Community To Control COVID-19

Full Year Group Adjusted EBITDA of $3.5 Billion Improves versus $(1.0) Billion in 2020

Full Year Group NPAS of $1.3 Billion Improves versus $(4.0) Billion in 2020

Q4 2021 Group Adjusted EBITDA of $1.0 Billion, up 107% QoQ Included a One-off Benefit of $0.2 Billion

Continue Investing In Macau�s Future with Cotai Phases 3 & 4

Announced a Special Dividend of $0.30 per Share

HONG KONG–(BUSINESS WIRE)–Galaxy Entertainment Group (“GEG”, “Company” or the “Group”) (HKEx stock code: 27) today reported results for the three month and twelve month periods ended 31 December 2021. (All amounts are expressed in HKD unless otherwise stated)

LETTER FROM THE CHAIRMAN OF GALAXY ENTERTAINMENT GROUP

I would like to take this opportunity to provide you with a broad market overview and to review the financial performance of GEG in 2021. Macau like the rest of the world continued to experience the impact of COVID-19 throughout 2021, with sporadic outbreaks in Mainland China and the subsequent travel and quarantine restrictions impacting visitor arrivals.

I would like to acknowledge the Macau Government for acting decisively and effectively controlling the pandemic. As a socially responsible corporation, GEG continues to support the Macau Government’s epidemic preventive work. GEG’s team members overall COVID-19 vaccination rate has reached 94%.

Moving onto our full year performance, the Group’s Net Revenue, Adjusted EBITDA and NPAS all improved in 2021 relative to 2020. Our balance sheet also remained healthy and we are well positioned to navigate through the pandemic. Further, we announced a special dividend of $0.30 per share to be paid on or about 29 April 2022. This attests to our confidence in Macau, our financial strength and our future earnings potential.

We were encouraged by the performance over the recent Chinese New Year holiday. Even though visitor arrivals were less than anticipated due to travel restrictions, gaming revenue was solid, driven by premium mass, hotel occupancy was higher and retails sales were strong. This is evidence of strong pent up demand for tourism and leisure in Macau.

During this economically challenging period, GEG continued to invest in the advancement of Macau’s economy with our Cotai Phases 3 and 4 developments and renovating and upgrading our existing resort facilities where we intend to align the openings with the prevailing market conditions. We continue to pursue our project in Hengqin and are expanding our focus beyond Hengqin and Macau to potentially include opportunities within greater China including the rapidly developing Greater Bay Area.

In January 2022, the Macau Legislative Assembly passed its first reading of the “Legal Framework for the Exploitation of Games of Chance in Casino” and the Legislative Assembly Standing Committee is now going through a committee discussion. GEG fully supports the proposed legislation including that national and Macau security should be put as the top priority and the economic diversification and sustainable development should be a primary consideration.

Finally, I would again like to acknowledge and thank the health and emergency personnel who have worked so hard to ensure the safety of Macau. I would also like to thank our staff, management team and Board of Directors who voluntarily contributed to the various cost savings programs and for being so supportive of our Company during this period of time. Thank you.

Dr. Lui Che Woo

GBM, MBE, JP, LLD, DSSc, DBA

Chairman

Q4 & FULL YEAR 2021 RESULTS HIGHLIGHTS   GEG: Continues to be Impacted by COVID-19 and Travel Restrictions Full Year Group Net Revenue of $19.7 billion, up 53% year-on-year Full Year Group Adjusted EBITDA of $3.5 billion versus $(1.0) billion in 2020 Full Year Group net profit attributable to shareholders (“NPAS”) of $1.3 billion versus $(4.0) billion in 2020 including $283 million of non-recurring and other charges in 2021 Full year Adjusted NPAS of $1.6 billion after adjusting for non-recurring and other charges Q4 Group Net Revenue of $4.8 billion, down 7% year-on-year and up 11% quarter-on-quarter Q4 Group Adjusted EBITDA of $1.0 billion, up 3% year-on-year and up 107% quarter-on-quarter Q4 Group Adjusted EBITDA included a one-off expense reversal benefit of $0.2 billion and played lucky which increased Adjusted EBITDA by approximately $57 million, normalized Q4 Adjusted EBITDA of $818 million, down 16% year-on-year and up 49% quarter-on-quarter   Galaxy MacauTM: Continues to be Impacted by COVID-19 and Travel Restrictions Full Year Net Revenue of $13.3 billion, up 71% year-on-year Full Year Adjusted EBITDA of $2.9 billion versus $(0.9) billion in 2020 Q4 Net Revenue of $3.2 billion, down 3% year-on-year and up 13% quarter-on-quarter Q4 Adjusted EBITDA of $763 million, up 4% year-on-year and up 68% quarter-on-quarter Played lucky in Q4 which increased Adjusted EBITDA by approximately $25 million, normalized Q4 Adjusted EBITDA of $738 million, up 5% year-on-year and up 52% quarter-on-quarter Hotel occupancy for Q4 across the five hotels was 39%   StarWorld Macau: Continues to be Impacted by COVID-19 and Travel Restrictions Full Year Net Revenue of $3.3 billion, up 47% year-on-year Full Year Adjusted EBITDA of $0.4 billion versus $(0.3) billion in 2020 Q4 Net Revenue of $669 million, down 30% year-on-year and up 1% quarter-on-quarter Q4 Adjusted EBITDA of $44 million, down 71% year-on-year and up 76% quarter-on-quarter Played lucky in Q4 which increased Adjusted EBITDA by approximately $32 million, normalized Q4 Adjusted EBITDA of $12 million, down 92% year-on-year and down 71% quarter-on-quarter Hotel occupancy for Q4 was 55%   Broadway Macau™: A Unique Family Friendly Resort, Strongly Supported by Macau SMEs Full Year Net Revenue of $57 million, down 39% year-on-year Full Year Adjusted EBITDA of $(84) million, versus $(162) million in 2020 Q4 Net Revenue of $14 million, down 13% year-on-year, flat quarter-on-quarter Q4 Adjusted EBITDA of $(22) million, versus $(19) million in Q3 2021 and $(28) million in Q4 2020 There was no luck impact on Q4 Adjusted EBITDA Hotel occupancy for Q4 was 3%   Balance Sheet: Healthy and Liquid Balance Sheet As at 31 December 2021, cash and liquid investments were $33.4 billion and net cash was $27.0 billion As at 31 December 2021, debt of $6.4 billion primarily reflects ongoing treasury yield management initiatives with minimal core debt Announced a special dividend of $0.30 per share payable on or about 29 April 2022   Development Update: Continue Making Progress on Cotai Phases 3 & 4 Continue to make ongoing progressive enhancements to our resorts to ensure that they remain competitive and appealing to our guests Cotai Phases 3 & 4 – Phase 3 is effectively completed and our efforts are firmly focused on the development of Phase 4. Phases 3 & 4 have a strong focus on non-gaming, primarily targeting MICE, entertainment, family facilities and also include gaming Will align the opening of Raffles at Galaxy Macau with prevailing market conditions, followed by the opening of Galaxy International Convention Center and Andaz Macau, and proceeding with the construction of remaining phases Future development opportunities – Continue to pursue our Hengqin project as well as expanding our focus into Mainland China with a particular emphasis on the Greater Bay Area International – Continuously exploring opportunities in overseas markets

Macau Market Overview

Basically for the whole of 2020 and 2021 Macau was impacted by COVID-19 and the associated travel restrictions. Based on DICJ reporting, Macau’s Gross Gaming Revenue (“GGR”) for the full year 2021 was $84.3 billion, up 44% year-on-year. GGR in Q4 2021 was $18.5 billion, down 13% year-on-year and up 2% quarter-on-quarter.

During Q4 2021, in tune with the broad range of changes in the regulatory environment we suspended VIP gaming operations, we will continue to monitor the situation.

In reviewing visitor arrivals, Macau arrivals have increased during 2021, admittedly off a low base. In January 2021, visitor arrivals were approximately 18,000 per day. In December 2021, this had increased to approximately 26,000 per day. Throughout the year arrival numbers varied to reflect sporadic outbreaks in COVID-19 and the subsequent travel and quarantine restrictions. But importantly we are moving in the right direction. Whilst we are encouraged by the increase in visitor arrivals we do acknowledge they still remain well below pre-pandemic levels. We look forward to further improvement in 2022 with possibly the progressive reinstatement of E-Visas and the opening of the Hong Kong border.

In 2021, visitor arrivals to Macau were 7.7 million, up 31% year-on-year, although the figure was 80% lower than 2019. Overnight visitors and same-day visitors increased 31% and 30% year-on-year respectively. The average length of stay for overnight visitors increased by 0.2 day to 1.6 days. Mainland visitor arrivals to Macau were 7.0 million, up 48% year-on-year. For Q4 2021, visitor arrivals to Macau were 2.0 million, up 4% year-on-year and up 7% quarter-on-quarter. Mainland visitor arrivals to Macau were 1.8 million, up 4% year-on-year and up 8% quarter-on-quarter.

Group Financial Results

Full Year 2021

The Group posted Net Revenue of $19.7 billion, up 53% year-on-year. Adjusted EBITDA was $3.5 billion versus $(1.0) billion in 2020, which included a one-off expense reversal benefit of $0.2 billion in Q4 2021. Net profit attributable to shareholders was $1.3 billion versus $(4.0) billion in 2020. Galaxy Macau™’s Adjusted EBITDA was $2.9 billion versus $(0.9) billion in 2020. StarWorld Macau’s Adjusted EBITDA was $374 million versus $(275) million in 2020. Broadway Macau™’s Adjusted EBITDA was $(84) million versus $(162) million in 2020.

GEG played lucky in its gaming operation during 2021, which increased its Adjusted EBITDA by approximately $253 million. In addition, the Group experienced a one-off expense reversal benefit of $0.2 billion, normalized Adjusted EBITDA was $3.1 billion versus $(1.1) billion in 2020.

The Group’s total GGR on a management basis¹ in 2021 was $17.3 billion, up 51% year-on-year. Mass GGR was $11.2 billion, up 83% year-on-year. VIP GGR was $5.5 billion, up 11% year-on-year. Electronic GGR was $642 million, up 35% year-on-year.

Summary Table of GEG Q4 and Full Year 2021 Adjusted EBITDA and Adjustments
in HK$’m	Q4 2020	Q3 2021	Q4 2021	YoY	QoQ		FY 2020	FY 2021
Adjusted EBITDA	1,010	503	1,043	3%	107%		(1,020)	3,537
Luck	(59)	(47)	57				25	253
COVID insurance claim	100	–	–				100	–
Expense reversal benefit	–	–	168				–	168
Normalized Adjusted EBITDA	969	550	818	-16%	49%		(1,145)	3,116

Group Key Financial Data
(HK$’m)	2020	2021
Revenues:
Net Gaming	8,566	14,010
Non-gaming	1,571	2,663
Construction Materials	2,739	3,022
Total Net Revenue	12,876	19,695
Adjusted EBITDA	(1,020)	3,537
Gaming Statistics2
(HK$’m)	2020	2021
Rolling Chip Volume3	130,584	129,088
Win Rate %	3.8%	4.2%
Win	4,910	5,453
Mass Table Drop4	25,662	46,013
Win Rate %	23.9%	24.4%
Win	6,129	11,238
Electronic Gaming Volume	14,131	17,627
Win Rate %	3.4%	3.6%
Win	477	642
Total GGR Win5	11,516	17,333

Balance Sheet and Dividend

The Group’s balance sheet remains liquid and healthy. As of 31 December 2021, cash and liquid investments were $33.4 billion and net cash was $27.0 billion. Total debt was $6.4 billion which primarily reflects our ongoing treasury yield management initiatives where interest income on cash holdings exceeds corresponding borrowing costs. Core debt remained minimal. This provides us with valuable flexibility in managing our ongoing operations and allows us to continue investing in our longer term development plans. We announced a special dividend of $0.30 per share to be paid on or about 29 April 2022. This attests to our confidence in Macau, our financial strength and our future earnings potential.

Q4 2021

During Q4 2021, the Group’s Net Revenue decreased 7% year-on-year and increased 11% quarter-on-quarter to $4.8 billion. Reported Adjusted EBITDA increased 3% year-on-year and increased 107% quarter-on-quarter to $1.0 billion, which included a one-off expense reversal benefit of $0.2 billion. Galaxy Macau™’s Adjusted EBITDA increased 4% year-on-year and increased 68% quarter-on-quarter to $763 million. StarWorld Macau’s Adjusted EBITDA decreased 71% year-on-year and increased 76% quarter-on-quarter to $44 million. Broadway Macau™’s Adjusted EBITDA was $(22) million versus $(19) million in Q3 2021 and $(28) million in Q4 2020.

During Q4 2021, GEG played lucky in its gaming operations which increased its Adjusted EBITDA by approximately $57 million. Additionally, there was a one-off expense reversal benefit of $0.2 billion, Normalized Adjusted EBITDA decreased 16% year-on-year and increased 49% quarter-on-quarter to $818 million.

The Group’s total GGR on a management basis⁶ in Q4 2021 was $3.9 billion, down 16% year-on-year and up 6% quarter-on-quarter. Mass GGR was $3.0 billion, up 7% year-on-year, up 32% quarter-on-quarter. VIP GGR was $713 million, down 57% year-on-year and down 42% quarter-on-quarter. Electronic GGR was $159 million, down 10% year-on-year and up 6% quarter-on-quarter.

Group Key Financial Data
(HK$’m)
	Q4 2020	Q3 2021	Q4 2021	FY2020	FY2021
Revenues:
Net Gaming	3,651	2,913	3,256	8,566	14,010
Non-gaming	646	608	666	1,571	2,663
Construction Materials	806	761	830	2,739	3,022
Total Net Revenue	5,103	4,282	4,752	12,876	19,695
Adjusted EBITDA	1,010	503	1,043	(1,020)	3,537
Gaming Statistics7
(HK$’m)
	Q4 2020	Q3 2021	Q4 2021	FY2020	FY2021
Rolling Chip Volume8	43,910	27,827	17,318	130,584	129,088
Win Rate %	3.8%	4.4%	4.1%	3.8%	4.2%
Win	1,648	1,234	713	4,910	5,453
Mass Table Drop9	12,037	10,099	11,449	25,662	46,013
Win Rate %	23.4%	22.8%	26.4%	23.9%	24.4%
Win	2,817	2,301	3,027	6,129	11,238
Electronic Gaming Volume	4,322	4,187	4,444	14,131	17,627
Win Rate %	4.1%	3.6%	3.6%	3.4%	3.6%
Win	178	150	159	477	642
Total GGR Win10	4,643	3,685	3,899	11,516	17,333

Galaxy Macau™

Galaxy Macau™ is the primary contributor to Group revenue and earnings. In 2021, Net Revenue was up 71% year-on-year to $13.3 billion. Adjusted EBITDA was $2.9 billion versus $(0.9) billion in 2020. Galaxy Macau™ played lucky in its gaming operations which increased its Adjusted EBITDA by approximately $207 million. Normalized 2021 Adjusted EBITDA was $2.7 billion versus $(1.0) billion in 2020, excluding the COVID-19 insurance claim and luck factor.

In Q4 2021, Galaxy Macau™’s Net Revenue was $3.2 billion, down 3% year-on-year and up 13% quarter-on-quarter. Adjusted EBITDA was $763 million, up 4% year-on-year and up 68% quarter-on-quarter. Adjusted EBITDA margin under HKFRS was 24% (Q4 2020: 22%). Galaxy Macau™ played lucky in its gaming operations which increased its Adjusted EBITDA by approximately $25 million. Normalized Q4 2021 Adjusted EBITDA was $738 million. Note that there was a one-off COVID-19 insurance claim of $75 million and bad luck of $41 million in Q4 2020. Excluding the luck factor and insurance claim, normalized Q4 2020 Adjusted EBITDA was $702 million. Normalized Q4 2021 Adjusted EBITDA up 5% year-on-year and up 52% quarter-on-quarter.

The combined five hotels occupancy rate was 39% for Q4 2021 and 47% for the full year 2021.

Galaxy Macau™ Key Financial Data
(HK$’m)
	Q4 2020	Q3 2021	Q4 2021	FY2020	FY2021
Revenues:
Net Gaming	2,731	2,279	2,599	6,398	10,832
Hotel / F&B / Others	290	288	252	809	1,097
Mall	297	269	363	572	1,347
Total Net Revenue	3,318	2,836	3,214	7,779	13,276
Adjusted EBITDA	736	454	763	(900)	2,905
Adjusted EBITDA Margin	22%	16%	24%	NEG11	22%
Gaming Statistics12
(HK$’m)	Q4 2020	Q3 2021	Q4 2021	FY2020	FY2021
Rolling Chip Volume13	29,552	18,902	11,444	89,219	87,540
Win Rate %	3.9%	4.8%	4.7%	4.1%	4.7%
Win	1,156	907	542	3,673	4,081
Mass Table Drop14	7,348	6,592	7,827	14,994	29,519
Win Rate %	27.3%	26.4%	29.5%	28.0%	28.1%
Win	2,009	1,743	2,306	4,198	8,287
Electronic Gaming Volume	3,064	2,947	3,109	8,755	12,736
Win Rate %	5.0%	4.1%	4.2%	4.2%	4.1%
Win	153	122	130	368	528
Total GGR Win	3,318	2,772	2,978	8,239	12,896

StarWorld Macau

In 2021, StarWorld Macau’s Net Revenue was up 47% year-on-year to $3.3 billion. Adjusted EBITDA was $374 million versus $(275) million in 2020. StarWorld Macau played lucky in its gaming operations which increased its Adjusted EBITDA by approximately $46 million. Normalized 2021 Adjusted EBITDA was $328 million versus $(283) million in 2020, excluding the COVID-19 insurance claim and luck factor.

In Q4 2021, StarWorld Macau’s Net Revenue was $669 million, down 30% year-on-year and up 1% quarter-on-quarter. Adjusted EBITDA was $44 million, down 71% year-on-year and up 76% quarter-on-quarter. Adjusted EBITDA margin under HKFRS was 7% (Q4 2020: 16%). StarWorld Macau played lucky in its gaming operations which increased its Adjusted EBITDA by approximately $32 million. Normalized Q4 2021 Adjusted EBITDA was $12 million. Note that there was a one-off COVID-10 insurance claim of $25 million and bad luck of $18 million in Q4 2020. Excluding the luck factor and insurance claim, normalized Q4 2020 Adjusted EBITDA of $143 million. Normalized Q4 2021 Adjusted EBITDA down 92% year-on-year and down 71% quarter-on-quarter.

Hotel occupancy was 55% for Q4 2021 and 65% for the full year 2021.

StarWorld Macau Key Financial Data
(HK$’m)
	Q4 2020	Q3 2021	Q4 2021	FY2020	FY2021
Revenues:
Net Gaming	914	627	632	2,119	3,116
Hotel / F&B / Others	35	30	31	99	135
Mall	6	7	6	19	27
Total Net Revenue	955	664	669	2,237	3,278
Adjusted EBITDA	150	25	44	(275)	374
Adjusted EBITDA Margin	16%	4%	7%	NEG15	11%
Gaming Statistics16
(HK$’m)
	Q4 2020	Q3 2021	Q4 2021	FY2020	FY2021
Rolling Chip Volume17	13,280	8,925	5,874	37,434	40,608
Win Rate %	3.6%	3.7%	2.9%	3.0%	3.3%
Win	481	327	171	1,140	1,331
Mass Table Drop18	3,957	2,825	2,798	8,474	13,477
Win Rate %	16.9%	16.0%	20.2%	18.1%	18.2%
Win	668	453	565	1,535	2,447
Electronic Gaming Volume	584	585	534	2,099	2,303
Win Rate %	2.1%	2.4%	2.2%	2.2%	2.6%
Win	11	14	12	45	60
Total GGR Win	1,160	794	748	2,720	3,838

Broadway Macau™

Broadway Macau™ is a unique family friendly, street entertainment and food resort supported by Macau SMEs. In 2021, Broadway Macau™’s Net Revenue was $57 million, down 39% year-on-year. Adjusted EBITDA was $(84) million versus $(162) million in 2020. There was no luck impact on Broadway Macau™’s Adjusted EBITDA in 2021.

In Q4 2021, Broadway Macau™’s Net Revenue was $14 million, down 13% year-on-year, flat quarter-on-quarter. Adjusted EBITDA was $(22) million, versus $(28) million in prior year and $(19) million in Q3 2021. There was no luck impact on Broadway Macau™’s Adjusted EBITDA in Q4 2021.

Hotel occupancy was 3% for Q4 2021 and 6% for full year 2021, this was due to the fact that the hotel’s operations were suspended for the majority of the year.

Broadway Macau™ Key Financial Data
(HK$’m)
	Q4 2020	Q3 2021	Q4 2021	FY2020	FY2021
Revenues:
Net Gaming	0	0	0	22	0
Hotel / F&B / Others	10	8	8	49	32
Mall	6	6	6	23	25
Total Net Revenue	16	14	14	94	57
Adjusted EBITDA	(28)	(19)	(22)	(162)	(84)
Adjusted EBITDA Margin	NEG19	NEG19	NEG19	NEG19	NEG19
Gaming Statistics20
(HK$’m)
	Q4 2020	Q3 2021	Q4 2021	FY2020	FY2021
Mass Table Drop21	NIL*	NIL*	NIL*	114	NIL*
Win Rate %	NIL*	NIL*	NIL*	17.9%	NIL*
Win	NIL*	NIL*	NIL*	20	NIL*
Electronic Gaming Volume	7	6	3	337	25
Win Rate %	1.5%	5.6%	0.7%	2.1%	4.1%
Win	0	0	0	7	1
Total GGR Win	0	0	0	27	1

* NIL represents tables not opened during the period.

City Clubs

In 2021, City Clubs contributed $62 million of Adjusted EBITDA, up 130% year-on-year. In Q4 2021 Adjusted EBITDA was $25 million, up 213% year-on-year, up 257% quarter-on-quarter.

City Clubs Key Financial Data
(HK$’m)	Q4 2020	Q3 2021	Q4 2021	FY2020	FY2021
Adjusted EBITDA	8	7	25	27	62
Gaming Statistics22
(HK$’m)
	Q4 2020	Q3 2021	Q4 2021	FY2020	FY2021
Rolling Chip Volume23	1,078	NIL*	NIL*	3,931	940
Win Rate %	1.1%	NIL*	NIL*	2.5%	4.4%
Win	11	NIL*	NIL*	97	41
Mass Table Drop24	732	682	824	2,080	3,017
Win Rate %	19.2%	15.4%	18.9%	18.1%	16.7%
Win	140	105	156	376	504
Electronic Gaming Volume	667	649	798	2,940	2,563
Win Rate %	1.9%	2.1%	2.1%	1.9%	2.1%
Win	14	14	17	57	53
Total GGR Win	165	119	173	530	598

* NIL represents tables not opened during the period.

Construction Materials Division

Construction Materials delivered a solid performance in the Mainland and Hong Kong markets. In 2021, Adjusted EBITDA was $976 million, down 13% year-on-year. In Q4 2021 Adjusted EBITDA was $293 million, down 10% year-on-year and up 23% quarter-on-quarter.

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.

Cotai – The Next Chapter

GEG is uniquely positioned for long term growth. Phase 3 is effectively completed and we plan to align the opening with improving market conditions. 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. Phases 3 & 4 combined will have approximately 3,000 high end and family rooms and villas, 400,000 square feet of MICE space, a 500,000 square feet 16,000-seat multi-purpose arena, F&B, retail and casinos, among others.

The Group was pleased to announce in March 2021 the signing of a collaboration agreement with Accor to introduce the renowned Raffles brand to Macau. We look forward to welcoming the iconic Raffles at Galaxy Macau through an exclusive 450 all-suite tower and will align the opening with prevailing market conditions.

We intend to follow this with the opening of the GICC and Andaz Macau in anticipation of the recovery of the MICE and entertainment markets. We continue to proceed with the construction of Cotai Phase 4, our next generation integrated resort, which will complete our ecosystem in Cotai. As you can see, we remain highly confident about the future of Macau where Cotai Phases 3 and 4 will support Macau’s vision of becoming a World Centre of Tourism and Leisure.

Future Development Opportunities

We continue to pursue our project in Hengqin and are expanding our focus beyond Hengqin and Macau to potentially include opportunities within Mainland China, with a particular focus on the rapidly developing Greater Bay Area. The Master Plan of the Development of the Guangdong-Macau Intensive Cooperation Zone in Hengqin was unveiled in early September 2021. The management committee of the cooperation zone will be jointly established by Guangdong and Macau and co-chaired by the Governor of Guangdong Province and the Chief Executive of Macau. The long-term goal of the cooperation zone is to establish a better collaboration mechanism between Hengqin and Macau by 2035, and basically achieve moderate economic diversification in Macau.

International

Given the pandemic’s economic impact within the region, we have decided not to participate in the recent round of bidding. Shorter term we have reduced our presence in Japan, however, we continue to believe that Japan has significant longer term potential and we will continue to monitor the development of the market and the licensing process.

Selected Major Awards for 2021

Award	Presenter
GEG
2021 Asian Gaming Power 50 List No.1 – Mr. Francis Lui	Inside Asian Gaming
Casino Operator of the Year   Charitable Community Award	International Gaming Awards 2021
ESG Recognitions Ceremony 2021 – ESG Care Label 2021-2022	SocietyNext Foundation, UNESCO Hong Kong Association Glocal Peace Centre and Rotary Action Group for Peace Hong Kong & Macao Chapter
ISO 45001:2018 Occupational Health and Safety Management Certification	British Standards Institution
Galaxy MacauTM
2021 Particularly Pleasant Luxury Hotel – The Ritz-Carlton, Macau – Banyan Tree Macau   2021 Particularly Pleasant Top Class Comfort Hotel – Hotel Okura Macau	Michelin Guide Hong Kong and Macau 2021
2021 Forbes Travel Guide Five-star Hotel – The Ritz-Carlton, Macau – Banyan Tree Macau   2021 Forbes Travel Guide Five-star Spa – The Ritz-Carlton Spa, Macau – Banyan Tree Spa Macau   2021 Forbes Travel Guide – Health Security VERIFIED™ – The Ritz-Carlton, Macau – Banyan Tree Macau – Hotel Okura Macau – Galaxy Hotel	Forbes Travel Guide
Energy Saving Concept Award (Hotel Group)   Hotel Group B (Excellence Award)	Macau Energy Saving Activity 2020
Macao Green Hotel Awards – Silver Award – Galaxy Hotel	Environmental Protection Bureau (DSPA)
Macau’s Best Resort Spa 2021 – Banyan Tree Macau	World Spa Awards
Silver Certification for Environmental Design – Galaxy MacauTM Phase 3	EarthCheck
StarWorld Macau
Top Class Comfort Hotel	Michelin Guide Hong Kong and Macau 2021
Broadway MacauTM
Hotel Group B (Excellence Award)	Macau Energy Saving Activity 2020
Construction Materials Division
Hong Kong Green Organization Certification “Wastewi$e” Certificate – Excellence Level	Environmental Campaign Committee
BOCHK Corporate Environmental Leadership Awards 2020 – EcoPartner 3 Years+ EcoPioneer	Bank of China (Hong Kong) and Federation of Hong Kong Industries
The 19th Hong Kong Occupational Safety & Health Award – Safety Performance Award (Other Industries) – Outstanding   The 19th Hong Kong Occupational Safety & Health Award – Safety Management System Award (Other Industries) – Merit   The 19th Hong Kong Occupational Safety & Health Award – Safety Management System Award – Best Workplace Infection Control Measures Award (Other Industries) – Merit	Occupational Safety and Health Council

Contacts

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

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