Q1 2024 GROUP ADJUSTED EBITDA OF $2.8 BILLION, UP 49% YEAR-ON-YEAR, UP 1% QUARTER-ON-QUARTER ANNOUNCED THE BRANDING OF CAPELLA AT GALAXY MACAU PAID A SPECIAL DIVIDEND OF $0.30 PER SHARE ON 26 APRIL 2024 HONG KONG, May 14, 2024 — Galaxy Entertainment Group (“GEG”, “Company” or the “Group”) (HKEx stock code: 27) today reported results for the three-month period ended 31 March 2024. (All amounts are expressed in Hong Kong dollars unless otherwise stated) Dr. Lui Che Woo, Chairman of GEG said: “Thank you for the opportunity to provide you with a broad market overview and a review of the financial performance of GEG in Q1 2024. During Q1 2024, we made substantial adjustments to Galaxy MacauTM’s gaming floor, in the shorter term this was disruptive for the month of January and the early part of February. The renovation was completed just prior to Chinese New Year. With the completion of this renovation, we have seen a significant improvement in the flow of customer traffic across the entire floor. Across our portfolio, we are in the process of implementing smart tables which will drive further efficiency across the gaming floor. Additionally, we are updating our slot machine products and we are working on a range of upgrades to StarWorld Macau. Moving onto our financial performance, the Group Net Revenue in Q1 2024 was $10.6 billion, up 50% year-on-year and up 2% quarter-on-quarter; Adjusted EBITDA was $2.8 billion, up 49% year-on-year and up 1% quarter-on-quarter. We were particularly encouraged with our casino performance over the May Golden Week and post the reconfiguration of Galaxy MacauTM’s gaming floor. Our balance sheet remained healthy and liquid. As of Q1 2024, cash and liquid investments were $26.4 billion and the net position was $25.0 billion after debt of $1.4 billion. We recently paid the previously announced special dividend of $0.30 per share on 26 April 2024. We were pleased to announce the addition of the Group’s tenth hotel brand – Capella Hotels and Resorts. The 17-storey Capella at Galaxy Macau is expected to open in mid-2025 and offers approximately 100 ultra-luxury sky villas and suites. This represents our continued commitment to delivering unparalleled experiential luxury to our guests in Macau and supporting the Government’s vision to develop Macau into the World Centre of Tourism and Leisure. We are very pleased to welcome the 75th anniversary of the founding of the People’s Republic of China and the 25th anniversary of Macau’s return to the Motherland this year. We hope that the industry will continue to receive the full support of the Central Government and the Macau SAR Government. As always GEG will support these important milestones with a range of supportive promotional activities and events. And we are pleased to see that all those new initiatives on expanding Individual Visit Scheme (IVS) and visa policies may increase tourism to Macau. Finally, I would like to thank all our team members who deliver ‘World Class, Asian Heart’ service each and every day and contribute to the success of the Group.” Q1 2024 RESULTS HIGHLIGHTS GEG: Well Positioned for Future Growth Q1 Group Net Revenue of $10.6 billion, up 50% year-on-year and up 2% quarter-on-quarterQ1 Group Adjusted EBITDA of $2.8 billion, up 49% year-on-year and up 1% quarter-on-quarterPlayed lucky which increased Adjusted EBITDA by approximately $63 million, normalized Adjusted EBITDA of $2.8 billion, up 50% year-on-year and down 5% quarter-on-quarterLatest twelve months Adjusted EBITDA of $10.9 billion, up 1,297% year-on-year and up 9% quarter-on-quarter Galaxy MacauTM: Well Positioned for Future Growth Q1 Net Revenue of $8.3 billion, up 55% year-on-year and up 2% quarter-on-quarterQ1 Adjusted EBITDA of $2.6 billion, up 42% year-on-year and up 2% quarter-on-quarterPlayed lucky which increased Adjusted EBITDA by approximately $48 million, normalized Adjusted EBITDA of $2.6 billion, up 44% year-on-year, and down 4% quarter-on-quarterHotel occupancy for Q1 across the seven hotels was 97% StarWorld Macau: Well Positioned for Future Growth Q1 Net Revenue of $1.4 billion, up 46% year-on-year and up 9% quarter-on-quarterQ1 Adjusted EBITDA of $435 million, up 101% year-on-year and up 23% quarter-on-quarterPlayed lucky which increased Adjusted EBITDA by approximately $15 million, normalized Adjusted EBITDA of $420 million, up 94% year-on-year, and up 20% quarter-on-quarterHotel occupancy for Q1 was 100% Broadway MacauTM, City Clubs and Construction Materials Division (“CMD”) Broadway MacauTM: Q1 Adjusted EBITDA was $4 million, versus $(10) million in Q1 2023 and $(2) million in Q4 2023City Clubs: Q1 Adjusted EBITDA was $4 million, up 33% year-on-year and up 33% quarter-on-quarterCMD: Q1 Adjusted EBITDA was $110 million, up 9% year-on-year and down 46% quarter-on-quarter Balance Sheet: Healthy and Liquid Balance Sheet As at 31 March 2024, cash and liquid investments were $26.4 billion and the net position was $25.0 billion after debt of $1.4 billionPaid a special dividend of $0.30 per share on 26 April 2024 Development Update: Opening Capella at Galaxy Macau in mid-2025; Ramping up GICC, Galaxy Arena, Raffles at Galaxy Macau and Andaz Macau; Progressing with Phase 4 Announced the opening of Capella at Galaxy Macau in mid-2025Cotai Phase 3 – Ramping up GICC, Galaxy Arena, Raffles at Galaxy Macau and Andaz MacauCotai 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 Macau Market Overview Based on DICJ reporting, Macau’s GGR for Q1 2024 was $55.7 billion, up 65% year-on-year and up 6% quarter-on-quarter. In Q1 2024, visitor arrivals to Macau were 8.9 million, up 79% year-on-year, recovering to 86% in the same quarter of 2019. Overnight visitors were 4.1 million, up 55% year-on-year. Mainland visitor arrivals were 6.3 million, up 94% year-on-year. 55% of the Mainland visitors were from the IVS. The Central Government continues to strongly support Macau this is evidenced by the recent expansion of the existing IVS to include an additional 10 cities. This brings the total number of Chinese cities under the IVS to 59 cities, with a combined total population of over 490 million. Further, The National Immigration Administration of China introduced new measures for Mainlanders including residents from 20 large cities to be able to update or reissue their travel documents entirely online, Mainlanders who participate in exhibitions or art performances can apply “other” visa type for multiple-entry visits to Macau for one year, and multi-entry tour visas within 7 days for Mainlanders who participated in Hengqin-Macau group tours. These new measures were effective from 6 May 2024. Group Financial Results In Q1 2024, the Group posted Net Revenue of $10.6 billion, up 50% year-on-year and up 2% quarter-on-quarter. Group Adjusted EBITDA was $2.8 billion, up 49% year-on-year and up 1% quarter-on-quarter. Latest twelve months Adjusted EBITDA of $10.9 billion, up 1,297% year-on-year and up 9% quarter-on-quarter. In Q1 2024, GEG played lucky in its gaming operation which increased its Adjusted EBITDA by approximate