Galaxy Entertainment Group Limited Stock Code 27 2018 INTERIM REPORT
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
002 004 006 012 014 016 027 033 034 035 036 038 039 040 064
002 GBM MBE LLD DSSc DBA BBS LLD BBS GBM MBE LLD DSSc DBA BBS LLD BBS LLD BBS LLD BBS BBS
003 # 27 27 HK 0027.HK (852) 3150 1111 (852) 3150 1100 ir@galaxyentertainment.com http://www.galaxyentertainment.com # * *
004 100 3,600 JW 100,000200 120 75,000575 3DUA 10
005 500 320 3,000 40 100 2.7 Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco 13
006 * 25% 281 EBITDA 34% 86 56% 72 49% 72 EBITDA2.29 EBITDA 38% 89 429343 0.41 0.50 * 25% 198 EBITDA 28% 65 EBITDA3.02 EBITDA 33% 68 100% * 28% 63 EBITDA 41% 20 EBITDA7,200 EBITDA 41% 19 100% * 4% 2.73 EBITDA 1,500700 EBITDA100 EBITDA 8% 1,400 100% *
007 (MICE)
008 % 21,070 26,390 25% 1,466 1,668 14% * 22,536 28,058 25% EBITDA % 6,214 8,197 32% 321 538 68% (69) (90) (30%) 6,466 8,645 34% % 4,631 7,206 56% 108.3 167.0 54% 72,646 85,252 17% 18,731 8,454 (55%) 6,693 8,809 32% 47.40 60.75 28% 202,853 262,394 29% *
009 % * 15,874 19,793 25% EBITDA 5,063 6,481 28% EBITDA 32% 33% 413,444 14,457 3.5% 20,813 9,134 43.9% 26,901 982 3.7% 264,654 9,943 3.8% 17,769 7,813 44.0% 22,572 893 4.0% *
010 % * 4,884 6,270 28% EBITDA 1,416 1,990 41% EBITDA 29% 32% 161,996 5,077 3.1% 7,783 3,413 43.9% 3,630 89 2.5% 125,764 3,805 3.0% 6,943 2,717 39.1% 3,262 70 2.2% *
011 % * 263 273 4% EBITDA 7 15 114% 480 132 27.4% 925 22 2.4% 616 139 22.6% 509 16 3.2% *
012 1,45819% 8% 1,684 8%2.2 1 25% 281EBITDA 86 34%72 EBITDA 43 100% EBITDA 1 GBM MBE LLD DSSc DBA
013 0.50 4.9% 9.27572.8 4,500 (MICE)16,000 GBM MBE LLD DSSc DBA
014 100 100 x 2018 2018 2018 100 Top Tables 2018 8½ Otto e Mezzo BOMBANA APAC Insider 2018 U2018
015 Spa 2018 U 2018 100 Top Tables 2018 15 2017 2017/18
016 19% 1,458 8% 1,6848% 0.12.2
017 EBITDA EBITDA 11,128 11,408 22,536 14,133 13,925 28,058 9,328 9,373 18,701 11,921 11,898 23,819 4,631 7,206 EBITDA 3,180 3,286 6,466 4,319 4,326 8,645 EBITDA 28.6% 28.8% 28.7% 30.6% 31.1% 30.8% 14,097 14,447 28,544 18,549 18,288 36,837 12,672 12,777 25,449 16,720 16,648 33,368 4,631 7,206 EBITDA 3,180 3,286 6,466 4,319 4,326 8,645 EBITDA 22.6% 22.7% 22.7% 23.3% 23.7% 23.5% 6,816 6,932 13,748 9,823 9,711 19,534 5,334 5,335 10,669 6,306 6,373 12,679 496 483 979 562 531 1,093 26 27 53 29 33 62 12,672 12,777 25,449 16,720 16,648 33,368 (3,344) (3,404) (6,748) (4,799) (4,750) (9,549) 9,328 9,373 18,701 11,921 11,898 23,819
018 25% 281 EBITDA 34% 86 72 EBITDA 6528%EBITDA 20 41% EBITDA 1,500700 EBITDA2.29 EBITDA 38% 89 1 34330% 18% 135 41% 196 13% 12 578.1 19.6 3.4% 32.3 13.5 41.9% 36.1 1.2 3.3% 396.4 13.9 3.5% 28.2 11.4 40.6% 30.3 1.1 3.4% 1
019 0.50 175530 4.9%9.27572.8 26,390 1,668 28,058 EBITDA 8,197 538 (90) 8,645 21,070 1,466 22,536 EBITDA 6,214 321 (69) 6,466 25% 198 EBITDA 28% 65 EBITDA3.02 EBITDA 33% 68 EBITDA 33%32%
020 4,13456%14545% % % % 132,899 204,938 208,506 57% 2% 264,654 413,444 56% 4,830 7,153 7,304 51% 2% 9,943 14,457 45% 3.6% 3.5% 3.5% 3.8% 3.5% 17% 91 % % % 8,930 10,423 10,390 16% (0.3%) 17,769 20,813 17% 3,845 4,524 4,610 20% 2% 7,813 9,134 17% 43.1% 43.4% 44.4% 44.0% 43.9% 9.8210% % % % 11,187 13,590 13,311 19% (2%) 22,572 26,901 19% 439 509 473 8% (7%) 893 982 10% 3.9% 3.7% 3.6% 4.0% 3.7% 1611%100% 5.5327% % % % 212 293 260 23% (11%) 434 553 27% 501 513 514 3% 0.2% 986 1,027 4% 713 806 774 9% (4%) 1,420 1,580 11%
021 % % % 784 819 820 5% 0.1% 1,558 1,639 5% 28% 63 EBITDA 41% 20 EBITDA7,200 EBITDA 41% 19 EBITDA 32%29% 1,62029%5133% % % % 62,698 82,293 79,703 27% (3%) 125,764 161,996 29% 2,102 2,670 2,407 15% (10%) 3,805 5,077 33% 3.4% 3.2% 3.0% 3.0% 3.1% 26% 34 % % % 3,501 3,691 4,092 17% 11% 6,943 7,783 12% 1,426 1,709 1,704 19% (0.3%) 2,717 3,413 26% 40.7% 46.3% 41.6% 39.1% 43.9%
022 8,90027% % % % 1,668 1,710 1,920 15% 12% 3,262 3,630 11% 36 43 46 28% 7% 70 89 27% 2.2% 2.5% 2.4% 2.2% 2.5% 1.021% 100% % % % 11 13 13 18% 0% 23 26 13% 39 40 36 (8%) (10%) 78 76 (3%) 50 53 49 (2%) (8%) 101 102 1% % % % 113 109 109 (4%) 0% 226 218 (4%) 2.734%EBITDA 1,500 700 EBITDA100 EBITDA 8% 1,400
023 1.325% % % % 291 257 223 (23%) (13%) 616 480 (22%) 64 73 59 (8%) (19%) 139 132 (5%) 22.0% 28.4% 26.2% 22.6% 27.4% 2,20037% % % % 308 409 516 68% 26% 509 925 82% 8 10 12 50% 20% 16 22 37% 2.6% 2.4% 2.4% 3.2% 2.4% 1.1911%100% % % % 10 11 10 0% (9%) 20 21 5% 45 48 50 11% 4% 87 98 13% 55 59 60 9% 2% 107 119 11% % % % 53 56 58 9% 4% 107 114 7% EBITDA5,400 10%
024 14% 16.68 EBITDA 68% 5.38 4,500 40 16,000 0.50
025 609.26554.82 10% 852.52 838.15 4 274.82238.28 69.59 84.54175.65 88.0999.44 0.5%
026 10.17 10.53 6.25 6.28 7.90 7.90 3.003.00 1.56 1.63 0.71 0.84 20,000 35.42
027 37317,146 16 10,100 2017
028 18 2018
029 120 570 HUSH!! GEG Silent Disco 400,000 300,000
030 2018 13 2018 2018 2018 HUSH!! GEG Silent Disco Ponto Final
031 2018 OHSAS 18001 2007 ISO14001 2015 20(AEE) LED 16,231582.2 53.1 29.8 0.6734
032 16 Mobileye 2018 2018
033 34 63 34 34 2410 34
034 * 6 28,058,405 22,535,450 8(a) 672,463 221,105 (13,103,737) (10,017,529) (694,881) (610,470) (1,620,472) (1,659,459) (3,615,297) (3,567,576) (2,502,614) (2,299,119) 9 (52,806) (31,596) 185,420 118,024 (75) 8(b) 7,326,481 4,688,755 10 (75,727) (44,709) 7,250,754 4,644,046 7,206,369 4,630,706 44,385 13,340 7,250,754 4,644,046 12 167.0 108.3 165.9 107.2 33,367,882 25,449,967 (9,549,362) (6,748,801) 23,818,520 18,701,166 2,572,160 2,368,525 1,667,725 1,465,759 28,058,405 22,535,450 * 3
035 7,250,754 4,644,046 (346,879) 33,554 (19,002) 47,646 (15,941) 39,813 (381,822) 121,013 6,868,932 4,765,059 6,828,088 4,739,694 40,844 25,365 6,868,932 4,765,059
036 13 31,873,623 31,801,690 13 4,968,071 5,013,464 13 819,276 921,019 1,647,600 1,518,367 2,264 2,217 14 26,875,640 23,688,142 15 7,562,391 643,189 16 127,550 125,183 73,876,415 63,713,271 182,130 171,443 17 1,775,760 1,961,509 191,527 204,642 25,837 23,456 14 606,627 140,012 140,173 35,324 8,453,680 17,565,025 11,375,734 20,101,411 85,252,149 83,814,682 18 21,845,407 21,468,693 39,080,921 34,013,004 60,926,328 55,481,697 563,100 533,896 61,489,428 56,015,593
037 19 256,623 259,392 274,800 268,120 66,958 14,816 228,003 221,308 826,384 763,636 20 14,253,996 17,237,224 55,750 66,092 19 8,552,775 9,684,884 73,816 47,253 22,936,337 27,035,453 23,762,721 27,799,089 85,252,149 83,814,682 (11,560,603) (6,934,042) 62,315,812 56,779,229
038 5,810,054 8,048,195 (10,952,870) (3,366,426) (2,623,808) (439,842) (7,766,624) 4,241,927 15,702,430 6,803,466 (2,474) 7,608 7,933,332 11,053,001 8,453,680 18,731,481 (660,521) (7,686,815) 140,173 8,335 7,933,332 11,053,001
039 21,468,700 (7) 34,013,004 55,481,697 533,896 56,015,593 7,206,369 7,206,369 44,385 7,250,754 (346,879) (346,879) (346,879) (17,059) (17,059) (1,943) (19,002) (14,343) (14,343) (1,598) (15,941) (378,281) (378,281) (3,541) (381,822) 6,828,088 6,828,088 40,844 6,868,932 (11,640) (11,640) 2,462 1 (2,463) 374,251 (90,852) 283,399 283,399 57,057 57,057 57,057 45,971 45,971 45,971 11 (1,769,884) (1,769,884) (1,769,884) 21,845,413 (6) 39,080,921 60,926,328 563,100 61,489,428 20,106,376 26,238,974 46,345,350 517,663 46,863,013 4,630,706 4,630,706 13,340 4,644,046 33,554 33,554 33,554 41,030 41,030 6,616 47,646 34,404 34,404 5,409 39,813 108,988 108,988 12,025 121,013 4,739,694 4,739,694 25,365 4,765,059 (12,116) (12,116) 254,130 (71,382) 182,748 182,748 60,530 60,530 60,530 141,972 141,972 141,972 11 (1,111,839) (1,111,839) (1,111,839) 20,360,506 29,997,949 50,358,455 530,912 50,889,367
040 1. 622436 662(3) 6 3 406(2)407(2) (3)
041 2. 34 115.61 (a) 40 22 2 4 9 15 15 9 4 20142016 28 1 915 3
042 2. (b) 19 28 23 9 16 17 10 28 20152017 12 23 3 11 16 16 16
043 3. 915 25,449,967 (6,748,801) 18,701,166 1,628,410 740,115 2,368,525 (6,008,686) 6,008,686 12
044 4. 5. 5.1
045 5. 5.1 7,541,876 20,515 7,562,391 7,541,876 20,515 7,562,391 621,111 22,078 643,189 621,111 22,078 643,189
046 5. 5.1
047 5. 5.1 22,078 24,412 (1,563) (1,569) 20,515 22,843
048 6. * 33,305,952 25,395,269 49,290 44,032 12,640 10,666 33,367,882 25,449,967 (9,549,362) (6,748,801) 23,818,520 18,701,166 2,572,160 2,368,525 1,667,725 1,465,759 28,058,405 22,535,450 / 49,290,000 44,032,000 * 3
049 7. EBITDA EBITDA EBITDA
050 7. 27,329,430 1,667,725 28,997,155 6 (992,994) (992,994) 49,290 49,290 4,954 4,954 26,390,680 1,667,725 28,058,405 EBITDA 8,196,749 538,414 (90,268) 8,644,895 494,686 (1,620,472) (52,806) (75,727) (59,502) (61,918) (2,390) (57,057) (45,971) (5,764) 92,780 7,250,754 29,045 156,375 185,420
051 7. * 21,941,629 1,465,759 23,407,388 6 (921,849) (921,849) 44,032 44,032 5,879 5,879 * 21,069,691 1,465,759 22,535,450 EBITDA 6,214,241 321,149 (69,195) 6,466,195 235,590 (1,659,459) (31,596) (44,709) (36,360) (24,901) (62,567) (60,530) (128,505) (386) (8,726) 4,644,046 21,185 96,764 117,949 * 3
052 7. 76,810,808 5,391,521 3,049,820 85,252,149 103,634 1,543,966 1,647,600 2,264 2,264 13,984,941 2,044,722 7,733,058 23,762,721 77,768,177 5,972,591 73,914 83,814,682 94,066 1,424,301 1,518,367 2,217 2,217 16,662,555 2,330,355 8,806,179 27,799,089 1,544,376 16,711 1,561,087 514,414 49,315 563,729
053 7. * 26,691,156 21,217,612 937,911 885,885 429,338 431,953 28,058,405 22,535,450 70,395,043 60,289,982 548,769 535,271 2,932,603 2,888,018 73,876,415 63,713,271 * 3
054 8. (a) 65,869 152,268 412 304 593 762 404,903 81,757 1,500 1,300 21,834 1,075 499 3,095 (63,017) (1,605) 109,649 33,564 63,533 15,273 672,463 221,105 (b) 1,462,601 1,499,852 52,732 52,732 16,158 19,057 45,018 43,855 43,963 43,963
055 9. 60,305 54,672 6,408 5,904 55 111 66,768 60,687 (13,962) (29,091) 52,806 31,596 10. 22,335 15,467 16,247 7,820 5,446 3,075 7,252 65 b 17,767 17,767 6,680 515 75,727 44,709 (a) 16.5%16.5% 12% 25%12% 25% 12%12% (b)
056 11. 0.41 0.26 1,769,884 1,111,839 0.41 0.26 17.70 23 12. 7,206,369 4,630,706
057 12. 4,315,349,409 4,275,536,212 24,079,076 21,332,953 3,734,403 23,702,380 4,343,162,888 4,320,571,545 13. 1,550,000,000 558,000,00011,000,000 4,000,000 14. a 15,531,044 13,827,059 a 11,849,272 9,288,390 a 101,951 712,705 27,482,267 23,828,154 a (606,627) (140,012) 26,875,640 23,688,142 (a) (b)
058 15. 20,515 22,078 7,541,070 620,420 806 691 7,562,391 643,189 Wynn Resorts, Limited 5,300,000927,500,00072.8 175 Wynn Resorts, Limited 4.9% 16. 56,987 46,334 10,715 10,304 45,042 53,453 14,806 15,092 127,550 125,183
059 17. 466,307 627,360 1,123,550 1,166,988 152,021 139,595 33,882 27,566 1,775,760 1,961,509 30603060 6018060180 213,773 363,959 207,386 234,065 33,344 16,877 11,804 12,459 466,307 627,360
060 18. 4,271,673,502 20,106,376 20,106,376 a 7,928,392 254,130 254,130 4,279,601,894 20,360,506 20,360,506 21,420,047 214 (214) (18,408) (18,408) 876,940 18,615 895,555 7,119,654 231,040 231,040 4,308,141,595 21,468,700 (7) 21,468,693 2,462 1 2,463 a 11,095,968 374,251 374,251 4,319,237,563 21,845,413 (6) 21,845,407 (a) 11,095,9687,928,392 973,724 1,447,856 43,196,64655,799,150 (b) 154,7261,015,730115,467 3,734,40323,702,380
061 19. a 625,727 702,886 7,965,003 9,028,056 8,590,730 9,730,942 b 218,668 213,334 8,809,398 9,944,276 (281,106) (348,123) (8,271,669) (9,336,761) (8,552,775) (9,684,884) 256,623 259,392 (a) 626,000,000 703,000,000 (i) (ii) 1,017,000,000 1,053,000,000 334,000,000 337,000,000 (b) 8,590,730 9,730,942 8,590,730 9,730,942 218,668 213,334 346,741 404,977 8,809,398 9,944,276 8,937,471 10,135,919
062 20. 4,183,052 4,330,338 a 4,031,978 4,373,944 4,034,446 6,245,684 26,459 26,509 1,943,658 2,223,640 34,403 37,109 14,253,996 17,237,224 3,800,847 3,865,907 111,645 137,366 46,530 133,962 224,030 193,103 4,183,052 4,330,338 (a) 21. 5,324,623 3,592,661
063 22. (a) 412,000 304,000 (b) 4,853,000 3,842,000 (c) 738,000 691,000 14A.76(1) (d) 49,328,000 63,666,000 (e) 73,000,000 69,000,000 23. 0.50 21.70
064 0.4117.70 0.50 0.33 21.70 14.14 50.23
065 571352 (a) 33,735,744 2,181,518 363,726,401 (1) 1,362,225,231 (2) 1,761,868,894 40.79 44,741,379 396,150,099 (3) 1,362,225,231 (2) 1,803,116,709 41.75 1,992,321 1,992,321 0.05 13,881,607 1,362,225,231 (2) 1,376,106,838 31.86 250,000 50,000 (4) 300,000 0.01 250,000 250,000 0.01 1,560,946 1,560,946 0.04 (1) 305,401 295,421,00068,000,000 (2) 1,362,225,231 (3) Recurrent Profits Limited103,096,039Top Notch Opportunities LimitedTop Notch 171,916,021 Kentlake International Investments LimitedKentlake 121,138,039 Top Notch Kentlake Top Notch (4) 50,000
066 (b) XV 336 City Lion Profits Corp. 973,282,206 22.53 CWL Assets (PTC) Limited 1,362,225,231 31.54 HSBC International Trustee Limited 1,363,000,491 (1) 31.56 Super Focus Company Limited 274,494,154 6.36 295,421,000 6.84 The Capital Group Companies, Inc. 259,886,000 6.02 (1) HSBC International Trustee Limited 1,362,225,231 (i) CWL Assets (PTC) Limited HSBC International Trustee Limited 1,362,225,231 (ii) City Lion Profits Corp. CWL Assets (PTC) Limited973,282,206 (iii) CWL Assets (PTC) Limited Super Focus Company Limited274,494,154 (iv) 295,421,000 336
067 2,700,000 2,700,000 (a) 20.10 1,150,000 1,150,000 32.50 2,601,000 2,601,000 24.80 1,021,312 1,021,312 28.35 1,002,000 1,002,000 33.49 616,000 616,000 62.36 1,650,000 1,650,000 32.50 1,912,000 1,912,000 24.80 1,445,483 1,445,483 28.35 1,417,000 1,417,000 33.49 871,000 871,000 62.36 180,000 180,000 32.50 120,000 120,000 24.80 24,321 24,321 28.35 130,000 130,000 46.95 400,000 400,000 32.50 229,000 229,000 24.80 111,285 111,285 28.35 79,000 79,000 33.49 49,000 49,000 62.36 (b) 100,000 (c) 723,334 623,334 24.80 481,278 481,278 28.35 371,000 371,000 33.49
068 (d) 163,333 163,333 (e) 14.22 1,300,000 1,300,000 (e) 20.10 3,799,580 2,058,740 (d)(e) 1,740,840 32.50 69,000 69,000 77.75 66,000 66,000 62.75 175,668 67,000 (e) 108,668 39.86 13,859,040 2,256,556 (e) 163,877 723,334 10,715,273 24.80 4,671,878 1,364,162 (e) 21,367 481,278 2,805,071 28.35 6,384,335 689,061 (e) 177,842 371,000 5,146,432 33.49 1,282,000 52,000 1,230,000 46.95 4,698,000 381,244 4,316,756 62.36 18,666 18,666 32.50 80,000 80,000 37.45 546,114 100,000 (f) 163,334 282,780 24.80 385,323 297,116 (f) 14,060 74,147 28.35 36,000 36,000 33.49 23,000 23,000 62.36 55,266,338 11,095,968 973,724 43,196,646 (a) 62.90 (b) (c) 67.05
069 (d) 400,000 400,000 594,000 594,000 224,540 224,540 204,000 204,000 130,000 130,000 3,000 3,000 400,00064.35 (e) 67.28 (f) 69.80 18100% 1.00
070 115,166 115,166 33.25 115,168 115,168 33.25 70,766 70,766 61.65 70,766 70,766 61.65 70,768 70,768 61.65 162,933 162,933 33.25 162,934 162,934 33.25 50,066 50,066 61.65 50,066 50,066 61.65 50,068 50,068 61.65 9,000 9,000 33.25 9,000 9,000 33.25 5,533 5,533 61.65 5,533 5,533 61.65 5,534 5,534 61.65 (a) 42,666 42,666 33.25 42,668 42,668 33.25 101,790 101,790 24.80 640,329 4,359 17,538 42,666 575,766 33.25 640,542 2,900 19,006 42,668 575,968 33.25 6,432 6,432 46.95 6,432 6,432 46.95 6,436 6,436 46.95 468,781 2,751 38,778 427,252 61.65 468,781 1,833 39,696 427,252 61.65 619,638 1,834 39,708 578,096 61.65 (b) 23,366 23,366 33.25 23,368 23,368 33.25 15,132 15,132 61.65 15,132 15,132 61.65 15,136 15,136 61.65 4,004,596 115,467 154,726 3,734,403
071 (a) (b) 266 266 268 2410 A.4.2
072 13.51B(1)
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