Galaxy Entertainment : Media Release of Selected Unaudited Q3 2017 Financial Data of GEG

Hong Kong, 9 November 2017 - Galaxy Entertainment Group ("GEG" or the "Group") (HKEx stock code: 27) today reported unaudited results for the three months period ended 30 September 2017. (All amounts are expressed in Hong Kong dollars unless otherwise stated)

LETTER FROM THE CHAIRMAN OF GALAXY ENTERTAINMENT GROUP

I would like to take this opportunity to provide you an update on the extraordinary period that Macau experienced as a result of Typhoons Hato and Pakhar and on our Q3 2017 financial performance.

Macau was severely hit by the most powerful typhoon in over half a century in August. Many citizens including our team members and guests suffered significant hardship. During such a difficult period, we witnessed great endurance and unity in people from all walks of life in Macau. With the dedicated time and effort made by everyone including Macau's citizens, the Government, the broader community and GEG, Macau is recovering from the typhoons and is now returning to normal. During the past two months, many of our team members contributed to the relief efforts in various ways ranging from substantial donations of goods and services to volunteer works in areas of need. The GEG Foundation and the Lui Che Woo Foundation also contributed a total of MOP 60 million, including construction materials, to help rebuild the community. We wish that everyone will continue to work hand in hand to ensure a full recovery of Macau and to move forward with a very bright future.

Our recent efforts over the past few months have been very focused on repairing and supporting the recovery of Macau. We continue with our repair works to the damages from the typhoon at our Macau resorts, but, in the main, we are back to business as usual. Thanks to the tireless efforts of our team members, Broadway Hotel and Casino smoothly reopened for business on 25 September 2017. Despite the impact of Typhoons Hato and Pakhar, our businesses continued to perform well and have delivered satisfactory results for the three months period ended 30 September 2017.

We are very proud of the efforts of all of our team members. I would like to take this opportunity to thank each and everyone of our team members for delivering professional and outstanding customer service, especially during the challenging time that we recently encountered.

Dr. Lui Che Woo

GBM, MBE, JP, LLD, DSSc, DBA

Chairman

Q3 2017 RESULTS HIGHLIGHTS

GEG: Recovering from the Recent Typhoons

• Q3 Group Revenue of $15.9 billion, up 23% YoY, up 10% QoQ

• Q3 Group Adjusted EBITDA of $3.5 billion, up 31% YoY, up 7% QoQ

• Played unlucky in gaming operations in Q3 which decreased Adjusted EBITDA by approximately $110 million

• LTM Adjusted EBITDA of $12.9 billion

  Galaxy M acau™: Solid Operational Execution Delivers Earnings Grow th

• Q3 Revenue of $11.3 billion, up 20% YoY, up 15% QoQ

• Q3 Adjusted EBITDA of $2.7 billion, up 23% YoY, up 9% QoQ

• Played unlucky in gaming operations in Q3 which decreased Adjusted EBITDA by approximately $159 million

• Normalized Q3 Adjusted EBITDA of $2.9 billion, up 44% YoY, up 11% QoQ

• Hotel occupancy for Q3 across five hotels was 98%

  StarWorld Macau: Another Solid Quarter

• Q3 Revenue of $3.8 billion, up 36% YoY, up 5% QoQ

• Q3 Adjusted EBITDA of $799 million, up 49% YoY, up 4% QoQ

• Played lucky in gaming operations in Q3 which increased Adjusted EBITDA by approximately

  $49 million

• Normalized Q3 Adjusted EBITDA of $750 million, up 49% YoY, up 9% QoQ

• Hotel occupancy for Q3 was 99%

  B roadw ay M acau™ : Reopened in Late September after Typhoon Hato

• Hotel and Casino reopened in late September 2017 after approximately one month closure

• Q3 Revenue of $105 million (versus Q3 2016: $167 million)

• Q3 Adjusted EBITDA of $(4) million (versus Q3 2016: $7 million)

• No material luck impact for Q3 Adjusted EBITDA

• Hotel occupancy for the full three months was 61%, excluding hotel closure occupancy was 93%

  Balance Sheet: Remains Well Capitalized and Liquid

• Cash and liquid investments was $36.3 billion and net cash of $28.5 billion as at 30 September 2017

• Debt of $7.8 billion as at 30 September 2017 primary reflects ongoing treasury yield management initiative

• GEG paid the previously announced special dividend of $0.33 per share on 27 October 2017

  D evelopment Upd ate: Macau's Largest D evelopment Pipeline and Future Earnings Potential

• Cotai - The Next Chapter continuing to move forward

• Hengqin - Plans moving forward to develop a leisure destination resort to complement our high- energy entertainment resorts in Macau

• International - Continuing to progress our strategic partnership with Monte-Carlo SBM to explore the development of IRs in Asia - including Japan

Market Overview

Despite increased competition both in Macau and regionally, we are encouraged to see that the Macau market continues to recover. Gross Gaming Revenue for Q3 2017 was $65 billion, up 22% year-on-year and 7% quarter-on-quarter.

In Q3 2017, total visitation to Macau was 8.3 million, up 2.1% year-on-year and up 7.5% quarter- on-quarter. In particular, overnight visitors grew at a faster rate of 7% year-on-year and up 9% quarter-on-quarter. We view this as a positive trend as overnight visitors have a higher spend per customer than day trippers, especially on the higher margin non-gaming activities.

Group Financial Results

Q3 2017

The Group posted revenue of $15.9 billion, up 23% year-on-year and up 10% quarter-on-quarter. Adjusted EBITDA was $3.5 billion, up 31% year-on-year and up 7% quarter-on-quarter. Galaxy Macau™'s Adjusted EBITDA was $2.7 billion, up 23% year-on-year and up 9% quarter-on- quarter. StarWorld Macau's Adjusted EBITDA was $799 million, up 49% year-on-year and up 4% quarter-on-quarter. Broadway Macau™'s Adjusted EBITDA was $(4) million (versus Q3 2016: $7 million; Q2 2017: $1 million). LTM Adjusted EBITDA was $12.9 billion.

During Q3 2017, GEG experienced bad luck in its gaming operation which decreased its Adjusted EBITDA by approximately $110 million.

The Group's total gaming revenue on a management basis1 in Q3 2017 was $14.9 billion, up 24% year-on-year and up 12% quarter-on-quarter. Total mass table games revenue was $6.1 billion, up 14% year-on-year. Total VIP revenue was $8.2 billion, up 34% year-on-year. Total electronic gaming revenue was $567 million, up 9% year-on-year.

1 The primary difference between statutory revenue and management basis revenue is the treatment of City Clubs revenue where fee income is reported on a statutory basis and gaming revenue is reported on a management basis.

$3,522

$2,681

$3,286

$2,206

$2,480

$2,710

$536

$7

$26

$767$799

$1($4)

$25$29

($198) $104

$206

($193)

($200)

$188

2016 Q3 2017 Q2 2017 Q3

Balance Sheet, Treasury Management and Special Dividend

The Group's balance sheet remains liquid and healthy. As of 30 September 2017, cash and liquid investments were $36.3 billion and net cash was $28.5 billion. Total debt was $7.8 billion as of 30 September 2017 (30 June 2017: $6.5 billion). Our debt primarily reflects a treasury management exercise where interest income on cash holdings exceeds corresponding borrowing costs. Our strong balance sheet combined with substantial cash flow from operations allows us to return capital to shareholders via dividends and to fund our development pipeline and international expansion ambitions.

GEG paid the previously announced special dividend of $0.33 per share on 27 October 2017, an 83% increase compared to October 2016.

Galaxy Macau™

Galaxy Macau™ is the primary contributor to Group revenue and earnings. During Q3 2017, revenue was $11.3 billion, up 20% year-on-year and up 15% quarter-on-quarter. Adjusted EBITDA was $2.7 billion, up 23% year-on-year and up 9% quarter-on-quarter. Adjusted EBITDA margin for Q3 2017 calculated under HKFRS was 24% (Q3 2016: 23%), or 31% under US GAAP (Q3 2016: 29%).

Galaxy Macau™ experienced bad luck in its gaming operations which decreased its Adjusted EBITDA by approximately $159 million in Q3 2017. Normalized Q3 2017 Adjusted EBITDA was

$2.9 billion, up 44% year-on-year and up 11% quarter-on-quarter.