Galaxy Entertainment : Presentation of 2022 Q3 Selected Unaudited Financial Data

Selected Unaudited 2022 Third Quarter Financial Data

10 November, 2022

Letter from the Chairman of GEG

I appreciate the opportunity to update you on GEG's most recent activities and financial results for the third quarter of 2022. We continue to remain very supportive of the Macau Government and actively promote public health and safety as well as economic and social stability. Further, we were encouraged by the 20th National Plenary Session where the "One Country, Two Systems" principle has been highlighted and will fully support the two SARs.

We have submitted our Macau gaming concession tender which has been formally accepted as a valid tender by the Macau Government. We are well positioned to support the long term development of Macau and its vision of becoming a World Centre for Tourism and Leisure.

Moving onto our Q3 2022 performance, the elevated COVID-19 related travel restrictions imposed in Q2 flowed into Q3 and even resulted in the closure of casinos for 12 days during the quarter. This impacted visitation, revenue and profitability. In Q3 2022, Group Net Revenue was $2.0 billion, down 52% year-on-year and down 16% quarter-on-quarter. Group Adjusted EBITDA was $(581) million, Vs $503 million in Q3 2021 and $(384) million in Q2 2022.

Our balance sheet remains liquid and healthy. As of 30 September 2022, cash and liquid investments were $22.5 billion and net cash was $19.3 billion. Core debt remains relatively unchanged at $0.3 billion. This provides us with valuable flexibility in managing operations and supporting our ongoing development initiatives.

Moving onto our development update, we continue to make ongoing progressive enhancements to our resorts to ensure that they remain competitive and appealing to our guests. We also continue to invest in Macau with our Cotai Phase 3 effectively completed and continue to move forward with Phase 4, our next generation integrated resort, which will complete our ecosystem in Cotai. As you can see, we remain 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.

We are encouraged by Macau reopening its borders to 41 foreign countries on 1 September 2022 where visitors are required to undergo seven days of hotel quarantine upon entry. Furthermore, the resumption of E-visas was effective on 1 November 2022, and package tours to Macau are expected to resume shortly. It is anticipated that this will drive an increase in visitation and revenue for the market.

Going forward in the medium to longer term, we remain confident in the future of Macau. However, we do acknowledge that further potential outbreaks of COVID-19 may impact our future financial performance. Finally, I would again like to thank the Macau Government and the health and emergency personnel who have worked so hard to ensure the safety of Macau. I would also like to thank our staff for participating in our various voluntary community programs.

Thank you.

Dr. Lui Che Woo

GBM, MBE, JP, LLD, DSSc, DBA

Chairman

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Executive Summary

GEG: Continues to be Impacted by COVID-19 and Travel Restrictions

• Q3 Group Net Revenue of $2.0 billion, down 52% year-on-year and down 16% quarter-on-quarter
• Q3 Group Adjusted EBITDA of $(581) million, Vs $503 million in Q3 2021 and $(384) million in Q2 2022
• Played unlucky in Q3 which decreased Adjusted EBITDA by approximately $20 million, normalized Q3 Adjusted EBITDA of $(561) million, Vs $483 million in Q3 2021 and $(408) million in Q2 2022
• Latest twelve months Adjusted EBITDA of $653 million, down 81% year-on-year and down 62% quarter-on-quarter

Galaxy Macau™: Continues to be Impacted by COVID-19 and Travel Restrictions

• Q3 Net Revenue of $1.1 billion, down 62% year-on-year and down 25% quarter-on-quarter
• Q3 Adjusted EBITDA of $(299) million, Vs $454 million in Q3 2021 and $(188) million in Q2 2022
• Played unlucky in Q3 which decreased Adjusted EBITDA by approximately $20 million, normalized Q3 Adjusted EBITDA of $(279) million, Vs $442 million in Q3 2021 and $(212) million in Q2 2022
• Hotel occupancy of available rooms for Q3 across the five hotels was 26%

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Executive Summary

StarWorld Macau: Continues to be Impacted by COVID-19 and Travel Restrictions

• Q3 Net Revenue of $158 million, down 76% year-on-year and down 28% quarter-on-quarter
• Q3 Adjusted EBITDA of $(169) million, Vs $25 million in Q3 2021 and $(158) million in Q2 2022
• There was no luck impact on Q3 Adjusted EBITDA
• Hotel occupancy of available rooms for Q3 was 24%

Broadway Macau™: Continues to be Impacted by COVID-19 and Travel Restrictions

• Q3 Net Revenue of $10 million Vs $14 million in Q3 2021 and $15 million in Q2 2022
• Q3 Adjusted EBITDA of $(16) million Vs $(19) million in Q3 2021 and $(19) million in Q2 2022
• There was no luck impact on Q3 Adjusted EBITDA
• Hotel occupancy of available rooms for Q3 was 20%

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Executive Summary

Balance Sheet: Maintain a Healthy and Liquid Balance Sheet

• As at 30 September 2022, cash and liquid investments totaled $22.5 billion and net cash equaled $19.3 billion
• As at 30 September 2022, debt of $3.2 billion primarily reflects ongoing treasury yield management initiatives with minimal core debt of $0.3 billion

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 ("GICC") and Andaz Macau, while proceeding with the construction of remaining phases

November 2022

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