Galaxy Entertainment : Presentation of Selected Unaudited Q1 2023 Financial Data

Letter from the Chairman of GEG

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.

The GICC soft opened in April and hosted its first MICE event. Our state-of-the-art Galaxy Arena also soft opened and hosted two world-classK-Pop concerts including the highly popular BLACKPINK and TREASURE. We are recruiting additional staff in preparation for the opening of the highly anticipated Raffles at Galaxy Macau and Andaz Macau which will add another 1,150 rooms bringing our total Macau hotel room count to around 6,000 rooms and suites. The upcoming launch of Raffles at Galaxy Macau will bring a new level of service and opulence to Macau.

We continue to make good progress with Phase 4, our next generation integrated resort, which will include retail, F&B, entertainment, resort deck, gaming and more upgraded hotel suites and rooms. This will bring our total Macau hotel capacity to around 7,500 rooms and suites.

We have submitted our investment plans to the Macau Government for the next 10 years and are in active discussions with the Government to refine those investment plans. We are confident that the final mutually agreed plans will further diversify and broaden GEG's non-gaming offerings, attract a more diverse customer base including international visitors and support the Macau Government's vision of becoming the World Centre of Tourism and Leisure.

GEG is committed to fulfilling its investment obligation under the new license and committed to invest in Macau's economic diversification and support the Macau Government's vision of becoming a World Centre of Tourism and Leisure by hosting a variety of world class shows and performances. We will bring known proven events to Macau to support the Government's non-gaming drive. Additionally, we will introduce new and innovative events to further diversify Macau's economy and attract international tourists. In the medium to longer term, we remain confident in the future of Macau in general and GEG specifically.

Finally, I would like to extend my sincere appreciation to all of our team members whom without their commitment we would not have been able to navigate through the pandemic. Our team members continue to deliver exceptional customer experiences and 'World Class, Asian Heart' service each and every day. Thank you.

Dr. Lui Che Woo

GBM, MBE, JP, LLD, DSSc, DBA

Chairman

Executive Summary

GEG: Well Positioned for Future Growth

• Q1 Group Net Revenue of $7.05 billion, up 72% year-on-year and up 142% quarter-on-quarter
• Q1 Group Adjusted EBITDA of $1.91 billion, versus $0.58 billion in Q1 2022 and $(0.16) billion in Q4 2022
• Played lucky which increased Adjusted EBITDA by approximately $59 million, normalized Adjusted EBITDA of $1.85 billion, versus $0.57 billion in Q1 2022 and $(0.12) billion in Q4 2022
• Latest twelve months Adjusted EBITDA of $779 million, down 76% year-on-year and up 241% quarter-on-quarter

Galaxy Macau™: Well Positioned for Future Growth

• Q1 Net Revenue of $5.35 billion, up 74% year-on-year and up 192% quarter-on-quarter
• Q1 Adjusted EBITDA of $1.85 billion, up 155% year-on-year, versus $58 million in Q4 2022
• Played lucky which increased Adjusted EBITDA by approximately $59 million, normalized Adjusted EBITDA of $1.79 billion, up 148% year-on-year, versus $98 million in Q4 2022
• In Q1, approximately 60% of rooms were staffed, occupancy of those rooms was effectively 100%

Executive Summary

StarWorld Macau: Well Positioned for Future Growth

• Q1 Net Revenue of $938 million, up 121% year-on-year and up 281% quarter-on-quarter
• Q1 Adjusted EBITDA of $216 million, versus $(58) million in Q1 2022 and $(142) million in Q4 2022
• Hotel occupancy for Q1 was 96%

Broadway Macau™, City Clubs and Construction Materials Division ("CMD")

• Broadway Macau™: Q1 Adjusted EBITDA was $(10) million, versus $(17) million in Q1 2022 and $(10) million in Q4 2022
• City Clubs: Q1 Adjusted EBITDA was $3 million, versus $8 million in Q1 2022 and $(14) million in Q4 2022
• CMD: Q1 Adjusted EBITDA was $101 million, down 15% year-on-year and down 37% quarter-on- quarter

Executive Summary

Balance Sheet: Healthy and Liquid Balance Sheet

• As at 31 March 2023, cash and liquid investments were $28.7 billion and net cash was $21.3 billion
• As at 31 March 2023, debt was $7.4 billion which primarily reflects ongoing treasury yield management initiatives with core debt of $0.4 billion

Development Update: Soft opened Phase 3 including GICC and Galaxy Arena, expect to open Raffles at Galaxy Macau and Andaz Macau later this year; Progressing with Phase 4

• Cotai Phase 3 - Soft opened GICC and Galaxy Arena, expect to open Raffles at Galaxy Macau and Andaz Macau later this year
• 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 MICE, entertainment, family facilities and also includes gaming