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Continue Working Closely With Macau Community to Control COVID-19

Q4 2020 Group Adjusted EBITDA Of $1.0 Billion Vs $(0.9) Billion Loss In Q3 2020

Continue Investing In Macau’s Economic Future By Upgrading Existing Properties & Progressing Phases 3 & 4 Remains Financially Healthy

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 2020. (All amounts are expressed in HKD unless otherwise stated)

LETTER FROM THE CHAIRMAN OF GALAXY ENTERTAINMENT GROUP

I wish to take this opportunity to update you on the status of Macau and the performance of GEG in 2020. COVID-19 has continued to impact the community and businesses globally including Macau and GEG. In Q4 2020, Mainland China, Hong Kong and Macau continued to experience travel restrictions and social distancing measures as they continued to effectively contain the pandemic. Given the subdued revenue the Group’s Adjusted EBITDA was $1.0 billion for the fourth quarter. This represents a 207% improvement compared to the Adjusted EBITDA loss of $0.9 billion reported in Q3. This improvement was largely driven by an increase in visitation which translated into increased revenue and continuing cost control. The full year Adjusted EBITDA was $(1.0) billion versus $16.5 billion in 2019.

We again applaud the Macau Government for their proactive leadership during the challenging pandemic crisis. Their focus is not only to ensure the health and safety of the community, but also ensuring that Macau is well positioned to attract visitors, support economic recovery and maintain the social stability of Macau.

We continue to make good progress with our development projects including Cotai Phases 3 & 4. In the meanwhile, we renovate, reconfigure and introduce new products to our resorts. In addition, we remain engaged in our international expansion plans including Japan, which is also being impacted by the pandemic.

Due to our conservative financial management, the Group’s net cash as at year end provides us with valuable flexibility in managing our ongoing operations and allows us to continue with our longer term development plans.

In the Macau Policy Address for 2021, Chief Executive Mr. Ho Iat Seng stated that the Government will promote the stable and healthy development of the gaming industry, and to commence preparatory and preliminary work for the new gaming concessions. We are looking forward to the launching of the public consultation in the 2H 2021.

Upholding the philosophy of “what is taken from the community is to be used for the good of the community”, we have been proactively supporting Macau and the Mainland during this epidemic. GEG has been working with the community to combat the outbreak through an array of practical initiatives, including: offering cash donations, donating hygiene & essential supplies, supporting local SMEs and providing timely assistance to numerous non-profit welfare and social service organizations and schools. In addition, GEG also adopted and supported all protective measures laid out by the Health Bureau of the Macau SAR Government and strengthened the epidemic prevention measures within our resorts.

In the medium to longer term, we have great confidence in the future of Macau. We have seen signs of early recovery post the reinstatement of the IVS in late September 2020 and it may take a few more quarters for business volumes to ramp up. However, we do acknowledge the ongoing difficulties associated with COVID-19 and potential future flare ups of COVID-19 could have a material adverse impact on our financial performance. Given the uncertainty caused by the COVID-19 pandemic, today the Board of Directors has decided not to declare a dividend.

We are pleased to hear that Macau and other locations are proceeding with their COVID-19 vaccination rollout plans. We believe that when Mainland and international tourists make future travel plans, health and safety will be foremost in their minds.

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 2020 RESULTS HIGHLIGHTS

 

GEG: Well Capitalized to Weather the Storm

  • Full Year Group Net Revenue of $12.9 billion, down 75% year-on-year
  • Full Year Group Adjusted EBITDA of $(1.0) billion versus $16.5 billion in 2019
  • Full Year Group net profit attributable to shareholders (“NPAS”) of $(4.0) billion, down 130% year-on-year including $746 million of non-recurring and other charges
  • Full year Adjusted NPAS of $(3.2) billion, down 123% year-on-year after adjusting for non-recurring and other charges
  • Q4 Group Net Revenue of $5.1 billion, down 61% year-on-year and up 229% quarter-on-quarter
  • Q4 Group Adjusted EBITDA of $1.0 billion, down 75% year-on-year and up 207% quarter-on-quarter
  • Played unlucky in Q4 which decreased Adjusted EBITDA by approximately $59 million, normalized Q4 Adjusted EBITDA of $1.1 billion, down 73% year-on-year and up 214% quarter-on-quarter

 

Galaxy Macau: Adjusting Operations to the Current Business Environment

  • Full Year Net Revenue of $7.8 billion, down 79% year-on-year
  • Full Year Adjusted EBITDA of $(0.9) billion versus $12.6 billion in 2019
  • Q4 Net Revenue of $3.3 billion, down 64% year-on-year and up 430% quarter-on-quarter
  • Q4 Adjusted EBITDA of $0.7 billion, down 77% year-on-year and up 193% quarter-on-quarter
  • Played unlucky in Q4 which decreased Adjusted EBITDA by approximately $41 million, normalized Q4 Adjusted EBITDA of $0.8 billion, down 74% year-on-year and up 199% quarter-on-quarter
  • Hotel occupancy for Q4 across the five hotels was 49%

 

StarWorld Macau: Adjusting Operations to the Current Business Environment

  • Full Year Net Revenue of $2.2 billion, down 80% year-on-year
  • Full Year Adjusted EBITDA of $(0.3) billion versus $3.5 billion in 2019
  • Q4 Net Revenue of $1.0 billion, down 64% year-on-year and up 380% quarter-on-quarter
  • Q4 Adjusted EBITDA of $0.2 billion, down 81% year-on-year and up 167% quarter-on-quarter
  • Played unlucky in Q4 which decreased Adjusted EBITDA by approximately $18 million, normalized Q4 Adjusted EBITDA of $0.2 billion, down 79% year-on-year and up 176% quarter-on-quarter
  • Hotel occupancy for Q4 was 57%

 

Broadway Macau™: A Unique Family Friendly Resort, Strongly Supported by Macau SMEs

  • Full Year Net Revenue of $94 million, down 84% year-on-year
  • Full Year Adjusted EBITDA of $(0.2) billion, versus $39.0 million in 2019
  • Q4 Net Revenue of $16 million, down 90% year-on-year, up 23% quarter-on-quarter
  • Q4 Adjusted EBITDA of $(28) million, versus $(37) million in Q3 2020 and $16 million in Q4 2019
  • There was no luck impact on Q4 Adjusted EBITDA
  • Hotel occupancy for Q4 was 22%

 

Balance Sheet: Healthy and Liquid Balance Sheet

  • As at 31 December 2020, cash and liquid investments were $46.0 billion and net cash was $36.8 billion
  • As at 31 December 2020, debt was $9.2 billion, including $8.7 billion associated with our treasury yield enhancement program and $0.5 billion of core debt

 

Development Update: Continuing to Pursue Development Opportunities

  • Continue to make ongoing progressive enhancements to our resorts to ensure that they remain competitive and appealing to our guests
  • Cotai Phases 3 & 4 – Continue with development works for Phases 3 & 4, with a strong focus on non-gaming, primarily targeting MICE, entertainment, family facilities and also including gaming, given COVID-19, timelines may be impacted
  • Hengqin – Encouraged by recent strengthening of the relationship between Hengqin and Macau, continue with planning of our Hengqin project. We are also expanding our focus beyond Hengqin and Macau to potentially include opportunities within the rapidly expanding Greater Bay Area
  • International – Continuously exploring opportunities in overseas markets, including Japan

     

Macau Market Overview

With the outbreak of COVID-19, the Macau Government acted rapidly and decisively to control the pandemic. Basically for the whole year of 2020 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 2020 was $58.7 billion, down 79% year-on-year. GGR in Q4 2020 was $21.2 billion, down 70% year-on-year and up 347% quarter-on-quarter.

Furthermore, border entry restrictions were introduced and combined with the ongoing IVS temporary suspension, customer arrivals were impacted. The IVS was progressively reinstated through the third quarter of 2020. However, the majority of Mainland Chinese visitors were not eligible to apply for travel to Macau until late September.

In 2020, visitor arrivals to Macau were 5.9 million, down 85% year-on-year, in which overnight visitors and same-day visitors both decreased 85% year-on-year. The average length of stay for overnight visitors increased by 0.6 day to 2.8 days. Mainland visitor arrivals to Macau were 4.8 million, down 83% year-on-year. For Q4 2020, visitor arrivals to Macau were 1.9 million, down 80% year-on-year and up 150% quarter-on-quarter. Mainland visitor arrivals to Macau were 1.7 million, down 73% year-on-year and up 155% quarter-on-quarter.

Group Financial Results

Full Year 2020

The Group posted net revenue of $12.9 billion, down 75% year-on-year. Adjusted EBITDA was $(1.0) billion versus $16.5 billion in 2019. Net profit attributable to shareholders was $(4.0) billion, down 130% year-on-year. Galaxy Macau™’s Adjusted EBITDA was $(0.9) billion versus $12.6 billion in 2019. StarWorld Macau’s Adjusted EBITDA was $(0.3) billion versus $3.5 billion in 2019. Broadway Macau™’s Adjusted EBITDA was $(0.2) billion versus $39.0 million in 2019.

GEG played lucky in its gaming operation during 2020, which increased its Adjusted EBITDA by approximately $25 million. Normalized 2020 Adjusted EBITDA was $(1.0) billion versus $15.7 billion in 2019.

The Group’s total GGR on a management basis1 in 2020 was $11.5 billion, down 81% year-on-year. Mass GGR was $6.1 billion, down 79% year-on-year. VIP GGR was $4.9 billion, down 82% year-on-year. Electronic GGR was $477 million, down 81% year-on-year.

Group Key Financial Data

 

     

 

(HK$’m)

2019

     

2020

Revenues:

 

     

 

Net Gaming

43,582

     

8,566

Non-gaming

5,486

     

1,571

Construction Materials

2,834

     

2,739

Total Net Revenue

51,902

     

12,876

 

 

     

 

Adjusted EBITDA

16,479

     

(1,020)

 

 

     

 

Gaming Statistics2

 

     

 

(HK$’m)

2019

     

2020

Rolling Chip Volume3

715,988

     

130,584

Win Rate %

3.9%

     

3.8%

Win

27,583

     

4,910

 

 

     

 

Mass Table Drop4

121,879

     

25,662

Win Rate %

24.0%

     

23.9%

Win

29,260

     

6,129

 

 

     

 

Electronic Gaming Volume

67,942

     

14,131

Win Rate %

3.7%

     

3.4%

Win

2,513

     

477

Total GGR Win5

59,356

     

11,516

 

Balance Sheet

Due to our conservative financial management, our balance sheet continues to remain strong. At the year end, cash and liquid investments were $46.0 billion. Total debt was $9.2 billion, including $8.7 billion associated with our treasury yield enhancement program and $0.5 billion of core debt. We remained virtually unlevered with net cash of $36.8 billion. This provides us with valuable flexibility in managing our ongoing operations and allows us to continue investing in our longer term development plans. Given the uncertainty caused by the COVID-19 pandemic, today the Board of Directors has decided not to declare a dividend.

Q4 2020

During Q4 2020, the Group’s net revenue decreased 61% year-on-year and increased 229% quarter-on-quarter to $5.1 billion. Adjusted EBITDA decreased 75% year-on-year and increased 207% quarter-on-quarter to $1.0 billion. Galaxy Macau™’s Adjusted EBITDA decreased 77% year-on-year and increased 193% quarter-on-quarter to $0.7 billion. StarWorld Macau’s Adjusted EBITDA decreased 81% year-on-year and increased 167% quarter-on-quarter to $0.2 billion. Broadway Macau™’s Adjusted EBITDA was $(28) million versus $(37) million in Q3 2020 and $16 million in Q4 2019.

During Q4 2020, GEG played unlucky in its gaming operations which decreased its Adjusted EBITDA by approximately $59 million. Normalized Q4 2020 Adjusted EBITDA decreased 73% year-on-year and increased 214% quarter-on-quarter to $1.1 billion.

The Group’s total GGR on a management basis6 in Q4 2020 was $4.6 billion, down 68% year-on-year and up 436% quarter-on-quarter. Mass GGR was $2.8 billion, down 62% year-on-year, up 685% quarter-on-quarter. VIP GGR was $1.6 billion, down 74% year-on-year and up 249% quarter-on-quarter. Electronic GGR was $178 million, down 73% year-on-year and up 394% quarter-on-quarter.

Group Key Financial Data

       

 

 

 

(HK$’m)

 

 

 

 

 

 

 

 

 

 

 

Q4 2019

 

Q3 2020

 

Q4 2020

 

FY2019

 

FY2020

Revenues:

 

 

 

 

 

 

 

 

 

 

Net Gaming

 

10,745

 

593

 

3,651

 

43,582

 

8,566

Non-gaming

 

1,426

 

246

 

646

 

5,486

 

1,571

Construction Materials

 

802

 

711

 

806

 

2,834

 

2,739

Total Net Revenue

 

12,973

 

1,550

 

5,103

 

51,902

 

12,876

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

4,052

 

(943)

 

1,010

 

16,479

 

(1,020)

 

 

 

 

 

 

 

 

 

 

 

Gaming Statistics7

 

 

 

 

 

 

 

 

 

 

(HK$’m)

 

 

 

 

 

 

 

 

 

 

 

Q4 2019

 

Q3 2020

 

Q4 2020

 

FY2019

 

FY2020

Rolling Chip Volume8

 

168,975

 

11,801

 

43,910

 

715,988

 

130,584

Win Rate %

 

3.8%

 

4.0%

 

3.8%

 

3.9%

 

3.8%

Win

 

6,460

 

472

 

1,648

 

27,583

 

4,910

 

 

 

 

 

 

 

 

 

 

Mass Table Drop9

 

30,601

 

1,654

 

12,037

 

121,879

 

25,662

Win Rate %

 

24.0%

 

21.7%

 

23.4%

 

24.0%

 

23.9%

Win

 

7,330

 

359

 

2,817

 

29,260

 

6,129

 

 

 

 

 

 

 

 

 

 

Electronic Gaming Volume

 

17,984

 

1,324

 

4,322

 

67,942

 

14,131

Win Rate %

 

3.7%

 

2.7%

 

4.1%

 

3.7%

 

3.4%

Win

 

659

 

36

 

178

 

2,513

 

477

 

 

 

 

 

 

 

 

 

 

 

Total GGR Win

 

14,449

 

867

 

4,643

 

59,356

 

11,516

Galaxy Macau™

Galaxy Macau™ is the primary contributor to Group revenue and earnings. In 2020, net revenue was down 79% year-on-year to $7.8 billion. Adjusted EBITDA was $(0.9) billion versus $12.6 billion in 2019. Galaxy Macau™ played lucky in its gaming operations which increased its Adjusted EBITDA by approximately $43 million. Normalized 2020 Adjusted EBITDA was $(0.9) billion versus $12.0 billion in 2019.

In Q4 2020, Galaxy Macau™’s net revenue was $3.3 billion, down 64% year-on-year and up 430% quarter-on-quarter. Adjusted EBITDA was $0.7 billion, down 77% year-on-year and up 193% quarter-on-quarter. Adjusted EBITDA margin under HKFRS was 22% (Q4 2019: 34%). Galaxy Macau™ played unlucky in its gaming operations which decreased its Adjusted EBITDA by approximately $41 million. Normalized Q4 2020 Adjusted EBITDA decreased 74% year-on-year and up 199% quarter-on-quarter to $0.8 billion.

The combined five hotels occupancy rate was 49% for Q4 2020 and 28% for the full year 2020.

Galaxy Macau™ Key Financial Data

(HK$’m)

Q4 2019

 

Q3 2020

 

Q4 2020

 

FY2019

 

FY2020

Revenues:

 

 

 

 

 

 

 

 

 

Net Gaming

8,137

 

407

 

2,731

 

32,780

 

6,398

Hotel / F&B / Others

872

 

146

 

290

 

3,430

 

809

Mall

327

 

73

 

297

 

1,231

 

572

Total Net Revenue

9,336

 

626

 

3,318

 

37,441

 

7,779

Adjusted EBITDA

3,211

 

(788)

 

736

 

12,641

 

(900)

Adjusted EBITDA Margin

34%

 

NEG10

 

22%

 

34%

 

NEG11

 

 

 

 

 

 

 

 

 

 

Gaming Statistics12

 

 

 

 

 

 

 

 

 

(HK$’m)

Q4 2019

 

Q3 2020

 

Q4 2020

 

FY2019

 

FY2020

Rolling Chip Volume13

114,669

 

6,785

 

29,552

 

485,343

 

89,219

Win Rate %

4.0%

 

4.6%

 

3.9%

 

4.2%

 

4.1%

Win

4,612

 

309

 

1,156

 

20,171

 

3,673

 

 

 

 

 

 

 

 

 

Mass Table Drop14

18,359

 

860

 

7,348

 

72,786

 

14,994

Win Rate %

28.4%

 

25.9%

 

27.3%

 

28.0%

 

28.0%

Win

5,221

 

223

 

2,009

 

20,411

 

4,198

 

 

 

 

 

 

 

 

 

Electronic Gaming Volume

11,872

 

746

 

3,064

 

45,572

 

8,755

Win Rate %

4.5%

 

3.2%

 

5.0%

 

4.6%

 

4.2%

Win

539

 

23

 

153

 

2,076

 

368

 

 

 

 

 

 

 

 

 

 

Total GGR Win

10,372

 

555

 

3,318

 

42,658

 

8,239

StarWorld Macau

In 2020, StarWorld Macau’s net revenue was down 80% year-on-year to $2.2 billion. Adjusted EBITDA was $(0.3) billion versus $3.5 billion in 2019. StarWorld Macau played unlucky in its gaming operations which decreased its Adjusted EBITDA by approximately $17 million. Normalized 2020 Adjusted EBITDA was $(0.3) billion versus $3.3 billion in 2019.

In Q4 2020, StarWorld Macau’s net revenue was $1.0 billion, down 64% year-on-year and up 380% quarter-on-quarter. Adjusted EBITDA was $0.2 billion, down 81% year-on-year and up 167% quarter-on-quarter. Adjusted EBITDA margin under HKFRS was 16% (Q4 2019: 29%). StarWorld Macau played unlucky in its gaming operations which decreased its Adjusted EBITDA by approximately $18 million. Normalized Q4 2020 Adjusted EBITDA decreased 79% year-on-year and increased 176% quarter-on-quarter to $0.2 billion.

Hotel occupancy was 57% for Q4 2020 and 28% for the full year 2020.

StarWorld Macau Key Financial Data

(HK$’m)

     

 

 

 

Q4 2019

 

Q3 2020

 

Q4 2020

 

FY2019

 

FY2020

Revenues:

 

 

 

 

 

 

 

 

 

Net Gaming

2,515

 

184

 

914

 

10,403

 

2,119

Hotel / F&B / Others

125

 

10

 

35

 

461

 

99

Mall

13

 

5

 

6

 

53

 

19

Total Net Revenue

2,653

 

199

 

955

 

10,917

 

2,237

Adjusted EBITDA

782

 

(223)

 

150

 

3,502

 

(275)

Adjusted EBITDA Margin

29%

 

NEG15

 

16%

 

32%

 

NEG16

 

 

 

 

 

 

 

 

 

 

Gaming Statistics17

 

 

 

 

 

 

 

 

 

(HK$’m)

 

 

 

 

 

 

 

 

 

Q4 2019

 

Q3 2020

 

Q4 2020

 

FY2019

 

FY2020

Rolling Chip Volume18

50,539

 

4,429

 

13,280

 

222,014

 

37,434

Win Rate %

3.5%

 

3.3%

 

3.6%

 

3.2%

 

3.0%

Win

1,770

 

148

 

481

 

7,118

 

1,140

 

 

 

 

 

 

 

 

 

Mass Table Drop19

9,217

 

619

 

3,957

 

36,274

 

8,474

Win Rate %

17.5%

 

16.9%

 

16.9%

 

18.7%

 

18.1%

Win

1,614

 

105

 

668

 

6,787

 

1,535

 

 

 

 

 

 

 

 

 

Electronic Gaming Volume

2,421

 

155

 

584

 

8,632

 

2,099

Win Rate %

2.2%

 

2.3%

 

2.1%

 

2.3%

 

2.2%

Win

55

 

4

 

11

 

196

 

45

 

 

 

 

 

 

 

 

 

 

Total GGR Win

3,439

 

257

 

1,160

 

14,101

 

2,720

Broadway Macau™

Broadway Macau™ is a unique family friendly, street entertainment and food resort supported by Macau SMEs, it does not have a VIP gaming component. In 2020, Broadway Macau™’s net revenue was $94 million, down 84% year-on-year. Adjusted EBITDA was $(0.2) billion versus $39 million in 2019. Broadway Macau™ played unlucky in its gaming operations which decreased its Adjusted EBITDA by approximately $1 million. Normalized 2020 Adjusted EBITDA was $(0.2) billion versus $34 million in 2019.

In Q4 2020, Broadway Macau™’s net revenue was $16 million, down 90% year-on-year, up 23% quarter-on-quarter. Adjusted EBITDA was $(28) million, versus $16 million in prior year and $(37) million in Q3 2020. There was no luck impact on Broadway Macau™’s Adjusted EBITDA in Q4 2020.

Hotel occupancy was 22% for Q4 2020 and 20% for full year 2020.

Broadway Macau™ Key Financial Data

(HK$’m)

     

 

 

 

Q4 2019

 

Q3 2020

 

Q4 2020

 

FY2019

 

FY2020

Revenues:

 

 

 

 

 

 

 

 

 

Net Gaming

65

 

1

 

0

 

282

 

22

Hotel / F&B / Others

78

 

6

 

10

 

267

 

49

Mall

11

 

6

 

6

 

44

 

23

Total Net Revenue

154

 

13

 

16

 

593

 

94

Adjusted EBITDA

16

 

(37)

 

(28)

 

39

 

(162)

Adjusted EBITDA Margin

10%

 

NEG20

 

NEG21

 

7%

 

NEG22

 

 

 

 

 

 

 

 

 

 

Gaming Statistics23

 

 

 

 

 

 

 

 

 

(HK$’m)

 

 

 

 

 

 

 

 

 

Q4 2019

 

Q3 2020

 

Q4 2020

 

FY2019

 

FY2020

Mass Table Drop24

320

 

NIL*

 

NIL*

 

1,334

 

114

Win Rate %

19.1%

 

NIL*

 

NIL*

 

20.0%

 

17.9%

Win

61

 

NIL*

 

NIL*

 

267

 

20

 

 

 

 

 

 

 

 

 

Electronic Gaming Volume

471

 

36

 

7

 

1,923

 

337

Win Rate %

2.3%

 

2.4%

 

1.5%

 

2.4%

 

2.1%

Win

11

 

1

 

0

 

47

 

7

 

 

 

 

 

 

 

 

 

 

Total GGR Win

72

 

1

 

0

 

314

 

27

* NIL represents tables not opened during the period.

City Clubs

City Clubs contributed $27 million of Adjusted EBITDA in 2020, down 77% year-on-year. Q4 2020 Adjusted EBITDA was $8 million, versus $28 million in prior year and $1 million in Q3 2020.

City Clubs Key Financial Data

(HK$’m)

 

Q4 2019

 

Q3 2020

 

Q4 2020

 

FY2019

 

FY2020

Adjusted EBITDA

 

28

 

1

 

8

 

117

 

27

 

 

 

 

 

 

 

 

 

 

 

Gaming Statistics25

   

 

 

 

 

 

 

 

(HK$’m)

 

 

 

 

 

 

 

 

 

 

 

Q4 2019

 

Q3 2020

 

Q4 2020

 

FY2019

 

FY2020

Rolling Chip Volume26

 

3,767

 

587

 

1,078

 

8,631

 

3,931

Win Rate %

 

2.1%

 

2.4%

 

1.1%

 

3.4%

 

2.5%

Win

 

78

 

15

 

11

 

294

 

97

 

 

 

 

 

 

 

 

 

 

 

Mass Table Drop27

 

2,705

 

175

 

732

 

11,485

 

2,080

Win Rate %

 

16.1%

 

17.8%

 

19.2%

 

15.6%

 

18.1%

Win

 

434

 

31

 

140

 

1,795

 

376

 

 

 

 

 

 

 

 

 

 

Electronic Gaming Volume

 

3,220

 

387

 

667

 

11,815

 

2,940

Win Rate %

 

1.7%

 

2.0%

 

1.9%

 

1.6%

 

1.9%

Win

 

54

 

8

 

14

 

194

 

57

 

 

 

 

 

 

 

 

 

 

 

Total GGR Win

 

566

 

54

 

165

 

2,283

 

530

Construction Materials Division

The Construction Materials Division contributed Adjusted EBITDA of $1.1 billion in 2020, down 4% year-on-year. Q4 2020 Adjusted EBITDA was $326 million, up 18% year-on-year and up 15% 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. We are proceeding with the development of Phases 3 & 4 and continue to review and refine plans to ensure a world-class optimal development. We see the premium market evolving with this segment preferring higher quality and 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. We will try to maintain our development targets, however due to COVID-19, development timelines may be impacted. At this point we cannot quantify the impact but we will endeavor to maintain our schedule.

Hengqin / Greater Bay Area

We continue to make progress with the planning of our project on Hengqin that will complement our high energy resorts in Macau.

We are also expanding our focus beyond Hengqin and Macau to potentially include opportunities within the rapidly expanding Greater Bay Area.

International

Our Japan based team continues with our Japan development efforts even as they deal with the COVID-19 crisis. We view Japan as a long term growth opportunity that will complement our Macau operations and our other international expansion ambitions. GEG, together with Monte-Carlo SBM from the Principality of Monaco and our Japanese partners, remain interested in bringing our brand of World Class IRs to Japan.

Selected Major Awards for 2020

Award

Presenter

GEG

Mr. Francis Lui, Vice Chairman of Galaxy Entertainment Group – Rank No.1

13th Asian Gaming Power 50

Casino Operator of the Year Australia & Asia

Socially Responsible Operator (Asia / Australia)

13th International Gaming Awards

Certificate of Excellence in Investor Relations

HKIRA 6th Investor Relations Awards

Best in Sector – Consumer Discretionary

Certificate of Excellence in Investor Relations

IR Magazine Greater China Awards 2020

The Most Influential Social Responsibility Award

The 2nd Greater China Most Influential Brand & Entrepreneur Awards Ceremony

Employer Recognition for the Hiring “Senior Talents”

2020 Outstanding Elderly Employees Award and Employer Recognition Scheme for the Hiring of “Senior Talents”

Original Convention and Exhibition Award

Macao Convention and Exhibition Commendation Awards 2020

Galaxy Macau

Five-Star Hotel:

– The Ritz-Carlton, Macau

– Banyan Tree Macau

 

Five-Star Restaurant:

– Lai Heen

– Belon

 

Five-Star Spa:

– The Ritz-Carlton Spa, Macau

– Banyan Tree Spa Macau

2020 Forbes Travel Guide

Energy Saving Concept Award

Excellence Award

Macau Energy Saving Activity 2020

Best of the Best Awards Top 10 Hotels for Families – China

 

Travelers’ Choice Winner:

– The Ritz-Carlton, Macau

– Banyan Tree Macau

– Hotel Okura Macau

– JW Marriott Hotel Macau

Tripadvisor 2020 Travelers’ Choice

Best of the Best 2020 – The Best Shopping Experience

Robb Report China

2019 Macau Green Hotel Awards – Gold Award:

– Banyan Tree Macau

– JW Marriott Hotel Macau

– The Ritz-Carlton, Macau

DSPA & MGTO

 

Annual Gourmet Landmark – Galaxy Macau™

Special Recommended Must Eat Restaurant – Fook Lam Moon

2019-2020 China Feast Restaurant Awards by Restaurant Review

Macau’s Best Resort Spa 2020 – Banyan Tree Spa Macau

World Spa Awards

Most Anticipated Hotel – Andaz Macau

Most Anticipated Convention Center – Galaxy International Convention Center

2020 Golden Five Stars Award by China International Conference & Exhibition

StarWorld Macau

My Favorite Hotel Restaurant in Macau – Feng Wei Ju

U Magazine Favorite Food Awards 2020

I Food Award 2020 – My Favorite Restaurant in Hotel – Feng Wei Ju

I Food Award

Broadway Macau

Agoda Customer Review Award 2020

Agoda.com

Travelers’ Choice Winner

TripAdvisor 2020 Travelers’ Choice

Loved by Guests Award 2020

Hotels.com

Construction Materials Division

Caring Company Scheme – 15 Years Plus Caring Company Logo

The Hong Kong Council of Social Service

Occupational Health Award 2019-20 – Joyful @ Healthy Workplace Best Practices Award (Enterprise / Organisation Category) – Grand Award

Occupational Safety and Health Council

Construction Industry Caring Organization

Construction Industry Sports and Volunteering Programme

Hong Kong Awards for Environmental Excellence – Manufacturing and Industrial Services – Certificate of Merit

 

Hong Kong Green Organisation Certification

– Wastewi$e – Certificate – Excellence Level

– – Carbon Reduction – Certificate – Achieved 7% Carbon Reduction

Environmental Campaign Committee

Good Employer Charter 2020:

– Signatory of the Good Employer Charter 2020

– Family-friendly Good Employer Logo

Labour Department

BOCHK Corporate Environmental Leadership Awards 2019 – Eco Partner, 3 Years+ Eco Pioneer

Bank of China (Hong Kong); Federation of Hong Kong Industries

Social Capital Builder Awards – Social Capital Leader Logo Award

Labour and Welfare Bureau;

Community Investment and Inclusion Fund

Contacts

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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