OUR VISION Galaxy s vision is to be: Globally recognized as Asia s leading gaming and entertainment corporation. This vision will be achieved through

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1 Galaxy Entertainment Group Limited Stock Code INTERIM REPORT 2014

2 OUR VISION Galaxy s vision is to be: Globally recognized as Asia s leading gaming and entertainment corporation. This vision will be achieved through adhering to our proven business philosophy. GALAXY S BUSINESS PHILOSOPHY Local Market Insights Leveraging Chinese heritage and deep understanding of Asian and Chinese customer preferences Proven Expertise Focus on ROI (return on investment) with prudent CAPEX (capital expenditure) plan, proven construction and hotel expertise, and controlled development Well Positioned Position Galaxy as a leading operator of integrated gaming, leisure and entertainment facilities Demand Driven Strategy Monitor the market s developments and expand prudently in a timely manner

3

4 02 GBMMBELLDDSScDBA BBS LLD BBS GBMMBELLDDSScDBA BBS LLD BBS LLD BBS LLD BBS BBS # # * * HK 0027.HK GXYEY BNY Mellon Shareowner Services PO Box College Station, TX , USA : BNY-ADRS : shrrelations@cpushareownerservices.com : (852) : (852) : ir@galaxyentertainment.com

5 03 50 Travel Weekly 100% 3, ,

6 % EBITDA % % % EBITDA % *59%45% % EBITDA % *109%92% * EBITDA 2014

7 05 % 29,800 37,388 25% 1,013 1,019 1% 30,813 38,407 25% EBITDA % 5,677 7,191 27% (2%) (80) (90) (13%) 5,788 7,288 26% % 4,646 5,971 29% % 48,632 52,534 8% 18,109 14,427 (20%) (%) % 159, ,023 64% 2014

8 06 % 18,140 24,955 38% EBITDA 4,019 5,429 35% EBITDA 22% 22% EBITDA 31% 31% 45% 59% 517,174 17, % 14,311 6, % 17, % 346,210 11, % 13,539 4, % 13, % 2014

9 07 % 11,566 12,341 7% EBITDA 1,746 1,909 9% EBITDA 15% 15% EBITDA 25% 25% 92% 109% 348,673 9, % 5,808 2, % 1, % 311,353 9, % 5,327 1, % 1, % 2014

10 08 GBMMBE LLDDSScDBA %EBITDA7326%60 29% 2014

11 %1,875 36%3% 8%1,530 67% EBITDA 38%35%44%32% 59% 35% EBITDA8.227% 99% 109% 2014

12 10 EBITDA ,

13 11 GBMMBELLDDSScDBA 2014

14 12 Travel WeeklyEvents Agoda Agoda.com 2014

15 13 Travel WeeklyEvents

16

17 15 25%384EBITDA26%7329%60 EBITDA5435%250 38% 1 59% EBITDA123197%9% 35% 1 EBITDA 2014

18 16 13%1,875 6%8%1,530 15%67%63%) 1,1623%6% 62% 36%63934% 32% 7%734% 25%384EBITDA26%73 29%60 EBITDA 35%54EBITDA19 9% EBITDA1.879, %35%22 44%17012% 2%

19 ,388 1,019 38,407 EBITDA 7, (90) 7,288 29,800 1,013 30,813 EBITDA 5, (80) 5,788 38% EBITDA5435% EBITDA5%2659% 45% EBITDA22%31% 5, % 2, % % % % 178, , ,340 5% 48% 346, ,174 49% 5,965 8,697 8,364 (4%) 40% 11,875 17,061 44% 3.3% 3.4% 3.2% 3.4% 3.3% 2014

20 %3019% % % % 6,845 7,368 6,943 (6%) 1% 13,539 14,311 6% 2,538 3,331 3,020 (9%) 19% 4,799 6,351 32% 37.1% 45.2% 43.5% 35.4% 44.4% 7.967% % % % 7,781 8,918 8,823 (1%) 13% 13,968 17,741 27% (7%) 0.3% % 4.9% 4.6% 4.4% 5.3% 4.5% 3% % 2014

21 19 7%123EBITDA 9%19 EBITDA15%25% 109% 92% EBITDA7%8.22 3,48712%9896 % % % 161, , ,460 (7%) 4% 311, ,673 12% 4,807 5,556 4,260 (23%) (11%) 9,612 9,816 2% 2.9% 3.1% 2.5% 3.1% 2.8% 35%225828%11 % % % 2,663 2,934 2,874 (2%) 8% 5,327 5,808 9% 856 1,147 1,094 (5%) 28% 1,658 2,241 35% 32.2% 38.6% 37.6% 30.9% 38.1% 2014

22 20 111% % % % (27%) (6%) 1,675 1,724 3% (8%) 0% (11%) 6.1% 5.2% 6.6% 6.7% 5.8% % EBITDA9,2009,400 10EBITDA

23 ,

24 %

25 ,300 2, , , ,

26

27

28 / ,500 LED 2014

29 27 2,000405LED15, ,

30 , LED 2014

31

32 30 Junior Masters Golf Championship 2014

33

34 ,

35 OK

36

37 ,406,510 30,812,921 7(a) 97, ,774 (14,277,598) (11,319,621) (12,142,786) (9,530,592) (527,529) (473,182) (969,582) (938,112) (2,524,014) (2,195,747) (2,008,625) (1,716,828) 8 (16,610) (199,152) 77,997 46, (b) 6,115,782 4,664,938 9 (143,971) (18,047) 5,971,811 4,646,891 5,970,520 4,645,939 1, ,971,811 4,646,

38 36 5,971,811 4,646,891 (10) (419) (30,095) 29,280 23,672 (30,105) 52,533 5,941,706 4,699,424 5,945,057 4,693,416 (3,351) 6,008 5,941,706 4,699,

39 37 26,066,930 23,226,216 88,500 88,500 5,071,771 5,106,987 1,605,472 1,715,360 1,480,397 1,373,021 1, , ,823 34,820,936 32,026, , , ,735,902 1,975, , ,500 9,186 10,534 6,248 8,149 1,070,384 1,391,640 14,427,001 10,360,208 17,713,247 14,230,070 52,534,183 46,256,

40 ,725, ,971 16,022,124 32,019,490 35,747,762 32,441, , ,827 36,354,302 33,054, , , , ,165 41,141 40, , , , ,752 1,328, ,914,222 11,412,055 41,208 36, , , ,969, ,322 19,595 15,431,129 11,874,423 16,179,881 13,202,550 52,534,183 46,256,838 2,282,118 2,355,647 37,103,054 34,382,

41 39 7,475,214 6,182,358 (4,246,394) (3,782,179) 108,906 (869,188) 3,337,726 1,530,991 9,028,320 8,907,342 (1,352) 5,434 12,364,694 10,443,767 14,427,001 18,108,755 (3,132,691) (9,389,281) 1,070,384 1,724,293 12,364,694 10,443,

42 40 421,971 32,019,490 32,441, ,827 33,054,288 5,970,520 5,970,520 1,291 5,971,811 (10) (10) (10) (25,453) (25,453) (4,642) (30,095) (25,463) (25,463) (4,642) (30,105) 5,945,057 5,945,057 (3,351) 5,941, (3,182) (3,182) 164,841 56, , , , , , ,138,826 (19,138,826) 10 (2,969,566) (2,969,566) (2,969,566) 19,725,638 16,022,124 35,747, ,540 36,354, ,958 21,433,430 21,853, ,992 22,294,380 4,645,939 4,645, ,646,891 (419) (419) (419) 24,224 24,224 5,056 29,280 23,672 23,672 23,672 47,477 47,477 5,056 52,533 4,693,416 4,693,416 6,008 4,699,424 20,473 20,473 (2) (2) (16,134) (16,134) 1,088 78,000 79,088 79,088 99,393 99,393 99, ,046 26,304,239 26,725, ,337 27,176,

43 (a)

44 42 2. (b)

45 ,248 6, , ,585 6, , ,833 8,149 8, , ,595 8, , ,

46 , ,033 (10) (406) 2,000 (1,394) 194, ,

47 ,365,205 28,797,637 87,185 87,594 6,009 7, , ,571 4,944 6,144 1,018,603 1,012,876 38,406,510 30,812,921 87,185,00087,594,

48 46 6. EBITDA EBITDA EBITDA 2014

49 ,152,067 1,018,603 40,170,670 5 (1,856,289) (1,856,289) 87,185 87,185 4,944 4,944 37,387,907 1,018,603 38,406,510 EBITDA 7,191, ,808 (89,763) 7,288,209 85,372 (969,582) (16,610) (143,971) (21,797) (43,283) (18,131) (1,901) (109,464) (23,823) (50,989) 41,237 (43,456) 5,971,

50 ,652,062 1,012,876 32,664,938 5 (1,945,755) (1,945,755) 87,594 87,594 6,144 6,144 29,800,045 1,012,876 30,812,921 EBITDA 5,677, ,029 (79,632) 5,788, ,921 (938,112) (199,152) (18,047) (12,475) (8,738) (1,811) (99,393) (6,181) 25,429 4,646,

51 ,486,426 5,004,614 4,043,143 52,534,183 83,291 1,397,106 1,480,397 1,379 1,379 12,064,130 1,085,469 3,030,282 16,179,881 38,212,082 4,979,395 3,065,361 46,256,838 51,722 1,321,299 1,373, ,871,368 1,250,582 80,600 13,202,550 3,800, ,335 3,976,456 1,526,824 48, ,575,

52 ,556,203 30,072, , , , ,271 38,406,510 30,812,921 31,926,515 29,333, , ,620 2,310,997 2,177,191 34,820,936 32,026,

53 51 7. (a) 3,090 2,850 79, ,428 5,473 6, ,000 22, ,237 (1,901) (1,811) (52,871) (14,471) (23,467) 26,680 28,041 25,225 97, ,774 (b) 812, ,792 52,732 52,732 25,028 26,137 3,860 7,756 1,002 4, ,173 26,494 39,

54 ,259 11, ,591 4,859 29,166 12,268 1,199 1,788 17, ,072 (855) (60,920) 16, , ,212 10,985 3,040 10,528 2,504 2, ,087 3,128 (5,866) 143,971 18, %16.5% 12%25% 12%25%12%12% 2014

55 ,969,566, ,970,520 4,645,939 4,233,418,547 4,206,829,880 48,953,872 65,839,185 4,282,372,419 4,272,669, ,969,000,0001,565,000,000 7,000,00011,000,

56 , ,012 1,134,006 1,234, ,103 81,745 3,240 11,293 9,711 5,810 1,735,902 1,975, (3060) (120210) 270, , , ,784 7,284 67,488 74,224 86, , ,

57 b a 9,000,000, ,000 b 4,199,584, ,958 10,880,057 1,088 4,210,464, ,046 9,241, ,219,706, ,971 c 22,607, ,841 d 19,138,826 4,242,314,513 19,725,638 (a) 622 (b) (c) 7,193,00016,608,00022,607,98310,880,057 13,377,696976,33562,684,01198,800,691 (d)

58 , ,791 90, , ,440 a 193, , , ,977 (102,943) (137,316) (246,868) (268,688) (349,811) (406,004) 191, ,973 (a) (b) 347, , , , , , , , , , , ,

59 ,768,151 1,872,761 5,321,557 4,974,158 3,495,351 3,018,755 54,147 62,653 1,195,783 1,451,360 79,233 32,368 11,914,222 11,412,055 1,482,116 1,490,260 64, ,386 69,478 99, , ,252 1,768,151 1,872, ,260,643 10,935,570 5,645,101 6,855,

60 (a) 5,473,0006,236,000 (b) 2,962,0004,584,000 (c) 661,000654,000 14A.76(1) (d) 7,766,0001,733,000 (e) 116,617,000 58,332,000 (f) 73,000,00053,000,

61 (a) 28,777,632 2,181,518 23,121,401 (1) 1,697,536,231 (2) 1,751,616, ,644, ,150,099 (3) 1,697,536,231 (2) 2,133,331, ,268,000 2,268, ,575,722 1,697,536,231 (2) 1,711,111, ,000 50,000 (4) 300, , , ,000,000 1,000,

62 60 (1) 305,40122,816,000 (2) 1,697,536,231 (3) Recurrent Profits Limited103,096,039Top Notch Opportunities LimitedTop Notch 171,916,021Kentlake International Investments LimitedKentlake60,000,000 61,138,039Top NotchKentlakeTop NotchKentlake (4) 50,000 (b) XV 336 City Lion Profits Corp. 1,313,887, CWL Assets (PTC) Limited 1,697,536, HSBC International Trustee Limited 1,709,062,231 (1) Super Focus Company Limited 269,200, Waddell & Reed Financial, Inc. 295,450, (1) HSBC International Trustee Limited1,697,536,

63 61 (i) CWL Assets (PTC) LimitedHSBC International Trustee Limited1,697,536,231 (ii) City Lion Profits Corp.CWL Assets (PTC) Limited1,313,887,206 (iii) CWL Assets (PTC) LimitedSuper Focus Company Limited269,200, (a) 3,450,000 3,450, ,450, ,000 (b) 2,570, ,450,000 3,450, ,700,000 2,700, ,150,000 1,150, , , , , ,000,000 5,000, ,666,668 1,666,668 (c) ,000,000 5,000,000 (c) ,900,000 3,900, ,650,000 1,650, , , , , , ,000 (d) , , , , ,000,000 2,000, ,000,000 1,000,000 (e) 1,000, ,334,000 1,334, , , , , ,000 80, , ,

64 62 (a) 2,500,000 2,500, , ,000 (f) 60, ,300, ,000 (f) 2,500, , ,000 (f) 65, ,062,003 2,068,334 (f) 8,993, ,338,006 1,270,670 (f) 1,067, ,463,679 4,017,462 (f) 121, ,336 5,951, ,533, ,000 (f) 4,033, ,624,000 2,012,515 (f) 214, ,668 10,034, ,790, ,000 1,630, ,445,000 91, ,000 5,101, , ,334 (g) ,000,000 2,000,000 (g) , , , , , , , , , (a) (b) (c) (d) (e) (f) (g) %50% 1,165, % 2014

65 (Black-Scholes) 7,101, % % 0.942%1.266%

66 64 A B(1) GBMMBELLDDSScDBA 2014

67 This interim report is printed on environmentally friendly paper.

68

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