Galaxy Entertainment Group Limited 2016 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
2 4 6 12 16 19 30 37 38 39 40 42 43 44 62
2 2016 GBM MBE LLD DSSc DBA BBS LLD BBS GBM MBE LLD DSSc DBA BBS LLD BBS LLD BBS LLD BBS BBS
3 2016 # 27 27 HK 0027.HK (852) 3150 1111 (852) 3150 1100 ir@galaxyentertainment.com http://www.galaxyentertainment.com # * *
4 2016 110 3,600 JW 100,000160 80 75,000 575 3D UA10
5 2016 500 6 320 3,000 40 20 100 2.7 13
6 2016 1% 255 EBITDA13% 47 26% 26 4% 29 EBITDA 9,000 38 46% 113 12101 0.156.4 0.18 7.7 8% 185 EBITDA22% 39 97% 53% 13
7 2016 22% 56 EBITDA12% 9.77 97% 447% 3.5 EBITDA 900 200 MICE
8 2016 % 24,462 24,547 0% 909 991 9% 25,371 25,538 1% EBITDA % 4,093 4,573 12% 144 205 42% (78) (72) 8% 4,159 4,706 13% % 2,030 2,558 26% 47.7 60.0 26% 58,606 56,839 (3%) 9,439 11,283 20% 30.90 23.00 (26%) 131,524 98,111 (25%)
9 2016 % 17,213 18,542 8% EBITDA 3,229 3,933 22% EBITDA 19% 21% EBITDA 25% 27% 245,832 9,866 4.0% 15,568 6,537 42.0% 23,203 828 3.6% 293,867 10,282 3.5% 12,560 5,375 42.8% 17,187 694 4.0%
10 2016 % 7,129 5,599 (22%) EBITDA 1,114 977 (12%) EBITDA 16% 17% EBITDA 23% 24% 105,290 3,131 3.0% 6,081 2,319 38.1% 795 42 5.3% 159,939 5,017 3.1% 4,795 1,890 39.4% 977 66 6.8%
11 2016 % 64 350 447% EBITDA (2) 9 550% 1,103 246 22.3% 280 16 5.6% 177 37 20.7% 58 4 7.1%
12 2016 255 EBITDA13% 47 GBM MBE LLD DSSc DBA
13 2016 MICE 0.15 0.18 11% 1,046 0.1% 1,480 0.21.28% 720 8% 185EBITDA 22% 39 EBITDA 22% 56 12% 9.77 3.50EBITDA900
14 2016 EBITDA42% 2.05 (MICE) 113 46%101 1212 0.150.18 (MICE)
15 2016 2.7 (MICE) GBM MBE LLD DSSc DBA
16 2016 100 100 2016 x 2016 2015 2015 2016
17 2016 2015 5
2016 18 201 201 201 201 01 201 201 20 20 201 0 6 6 6 6 6 6 6 6 18 18 18 18 18 18 18 18 1
19 2016 EBITDA 255 4726 3.50 29 185 EBITDA 39 5634,433
20 2016 11% 1,046 0.1% 1,480 0.21.2 8% 720 1% 255 EBITDA13% 47 EBITDA 9326 3.50 EBITDA 3922% EBITDA 9.7712% EBITDA 900200 EBITDA 9,000 1 2% 241 22% 100 15% 132 1
21 2016 356.6 13.2 3.7% 24.8 10.0 40.1% 27.5 0.9 3.4% 461.7 15.5 3.4% 20.3 8.2 40.2% 18.8 0.8 4.2%
22 2016 86.501.50 3 113 46%10112 12 0.15 0.18 24,547 991 25,538 EBITDA 4,573 205 (72) 4,706 24,462 909 25,371 EBITDA 4,093 144 (78) 4,159
23 2016 8% 185 EBITDA 22% 39 EBITDA 1.55 EBITDA21%19% EBITDA27%25% 2,45816%994% % % % 137,222 130,536 115,296 (12%) (16%) 293,867 245,832 (16%) 4,659 5,458 4,408 (19%) (5%) 10,282 9,866 (4%) 3.4% 4.2% 3.8% 3.5% 4.0% 6522% % % % 6,542 7,734 7,834 1% 20% 12,560 15,568 24% 2,496 3,284 3,253 (1%) 30% 5,375 6,537 22% 38.2% 42.5% 41.5% 42.8% 42.0% 8.2819% % % % 9,579 11,542 11,661 1% 22% 17,187 23,203 35% 378 381 447 17% 18% 694 828 19% 3.9% 3.3% 3.8% 4.0% 3.6%
24 2016 1353%97% 3.57129% % % % 100 196 161 (18%) 61% 156 357 129% 364 470 478 2% 31% 697 948 36% 464 666 639 (4%) 38% 853 1,305 53% 22% 56 EBITDA12% 9.77 EBITDA 6,500 EBITDA17%16% EBITDA24%23% 140 1,05334%3138% % % % 71,448 59,200 46,090 (22%) (36%) 159,939 105,290 (34%) 2,112 1,659 1,472 (11%) (30%) 5,017 3,131 (38%) 3.0% 2.8% 3.2% 3.1% 3.0% 2323% % % % 2,465 3,019 3,062 1% 24% 4,795 6,081 27% 951 1,178 1,141 (3%) 20% 1,890 2,319 23% 38.6% 39.0% 37.3% 39.4% 38.1%
25 2016 4,20036% % % % 480 409 386 (6%) (20%) 977 795 (19%) 33 24 18 (25%) (45%) 66 42 (36%) 7.0% 5.9% 4.7% 6.8% 5.3% 1.0432% 97% % % % 8 9 9 0% 13% 16 18 13% 58 47 39 (17%) (33%) 138 86 (38%) 66 56 48 (14%) (27%) 154 104 (32%) 3.50 EBITDA 900200 EBITDA 100 2.46 % % % 177 600 503 (16%) 184% 177 1,103 523% 37 131 115 (12%) 211% 37 246 565% 20.7% 21.9% 22.9% 20.7% 22.3%
26 2016 1,600 % % % 58 143 137 (4%) 136% 58 280 383% 4 7 9 29% 125% 4 16 300% 7.1% 5.1% 6.2% 7.1% 5.6% 8,800100% % % % 3 14 14 0% 367% 3 28 833% 20 29 31 7% 55% 20 60 200% 23 43 45 5% 96% 23 88 283% EBITDA 5,600 9% 9.91 EBITDA42% 2.05
27 2016 (MICE) (MICE) 2.7
28 2016 432.08411.01 568.39553.54 107.62 77.1813.81 13.90 Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco 10.55 7.64 4.56 4.62 2,200 5,800 2.46 2.90 2.18 2.66
29 2016 21,000 34.71
30 2016 40014,400 131,100
31 2016
32 2016 100780 300,000 200,000
33 2016 60 2016 15 UA
34 2016 2016/17 2016 619 68,979 3,957 56663.521 46.823,740 TM
35 2016 60
36 2016 10 Plus 2015 2015 5 +
37 2016 38 61 34 34 2410 34
38 2016 5 25,538,536 25,371,183 7(a) 75,970 130,176 (9,080,382) (9,211,386) (5,624,667) (6,904,608) (404,768) (414,897) (1,849,003) (1,211,589) (3,515,829) (3,414,778) (2,546,594) (2,303,389) 8 (16,391) (19,407) 21,663 31,348 834 387 7(b) 2,599,369 2,053,040 9 (40,426) (34,921) 2,558,943 2,018,119 2,558,080 2,030,379 863 (12,260) 2,558,943 2,018,119 11 60.0 47.7 59.6 47.2
39 2016 2,558,943 2,018,119 (38,006) (64,752) (25,184) (170) (27,689) 433 (90,879) (64,489) 2,468,064 1,953,630 2,475,767 1,965,764 (7,703) (12,134) 2,468,064 1,953,630
40 2016 12 34,682,620 35,690,673 42,000 42,000 12 5,100,146 5,121,699 12 1,235,366 1,341,213 1,301,484 1,321,081 1,906 1,072 13 1,094,436 637,388 43,457,958 44,155,126 163,925 150,789 14 1,823,449 2,183,880 406,067 404,441 17,282 6,148 9,103 3,425 208,269 723,748 10,761,914 7,717,681 13,380,906 11,199,215 56,838,864 55,354,341
41 2016 15 19,998,251 19,952,107 23,209,263 21,149,332 43,207,514 41,101,439 567,220 611,898 43,774,734 41,713,337 16 606,488 671,461 251,942 250,280 161,391 150,477 305,464 323,972 1,325,285 1,396,190 17 10,887,717 11,457,586 8,972 27,306 16 774,639 718,879 3,367 64,150 41,043 11,738,845 12,244,814 13,064,130 13,641,004 56,838,864 55,354,341 1,642,061 (1,045,599) 45,100,019 43,109,527
42 2016 4,995,366 2,398,732 (5,593,448) (5,096,998) (652,423) 2,844,736 (1,250,505) 146,470 7,979,218 8,330,951 (7,649) 462 6,721,064 8,477,883 10,761,914 9,439,328 (4,249,119) (1,855,465) 208,269 894,020 6,721,064 8,477,883
43 2016 19,952,107 21,149,332 41,101,439 611,898 41,713,337 2,558,080 2,558,080 863 2,558,943 (38,006) (38,006) (38,006) (19,952) (19,952) (5,232) (25,184) (24,355) (24,355) (3,334) (27,689) (82,313) (82,313) (8,566) (90,879) 2,475,767 2,475,767 (7,703) 2,468,064 (16,484) (16,484) (20,491) (20,491) 46,144 (13,785) 32,359 32,359 100,390 100,390 100,390 137,198 137,198 137,198 10 (639,639) (639,639) (639,639) 19,998,251 23,209,263 43,207,514 567,220 43,774,734 19,774,917 18,594,220 38,369,137 619,945 38,989,082 2,030,379 2,030,379 (12,260) 2,018,119 (64,752) (64,752) (64,752) (228) (228) 58 (170) 365 365 68 433 (64,615) (64,615) 126 (64,489) 1,965,764 1,965,764 (12,134) 1,953,630 (5,313) (5,313) 118,487 (34,934) 83,553 83,553 106,165 106,165 106,165 124,331 124,331 124,331 10 (1,191,467) (1,191,467) (1,191,467) 19,893,404 19,564,079 39,457,483 602,498 40,059,981
44 2016 1. 622 436 662(3)6 3 406(2)407(2) (3) 2. 34
45 2016 2. (a) 1 16 38 20122014 5 7 19 34 (b) 9 15 16 10 28 (c) 12
46 2016 3. 4. 4.1 319,458 26,426 345,884 6,000 6,000 319,458 32,426 351,884 3,367 3,367 3,367 3,367
47 2016 4. 4.1 3,425 3,425 9,103 9,103 351,217 26,381 377,598 354,642 9,103 26,381 390,126
48 2016 4. 4.1 26,381 106,407 6,000 45 (64,778) (1,928) 32,426 39,701 5. 22,985,514 23,364,980 51,280 51,533 4,584 4,290 1,496,144 1,030,396 10,026 11,042 990,988 908,942 25,538,536 25,371,183
49 2016 5. 51,280,00051,533,000 6. EBITDA EBITDA EBITDA
50 2016 6. 25,620,686 990,988 26,611,674 5 (1,134,444) (1,134,444) 51,280 51,280 10,026 10,026 24,547,548 990,988 25,538,536 EBITDA 4,572,648 204,978 (71,750) 4,705,876 46,562 (1,849,003) (16,391) (40,426) (9,977) (20,798) (896) (100,390) (123,249) (5,390) (26,975) 2,558,943 10,378 12,119 22,497
51 2016 6. 25,522,766 908,942 26,431,708 5 (1,123,100) (1,123,100) 51,533 51,533 11,042 11,042 24,462,241 908,942 25,371,183 EBITDA 4,092,438 144,140 (77,670) 4,158,908 74,518 (1,211,589) (19,407) (34,921) (8,164) (542,169) (148,514) (20,191) 3,531 (106,165) (108,883) (6,337) (8,739) (3,759) 2,018,119 19,630 12,105 31,735
52 2016 6. 51,328,899 5,475,326 34,639 56,838,864 77,202 1,224,282 1,301,484 1,906 1,906 10,832,853 1,750,972 480,305 13,064,130 49,864,096 5,386,459 103,786 55,354,341 66,824 1,254,257 1,321,081 1,072 1,072 11,673,031 1,494,956 473,017 13,641,004 372,938 378,350 751,288 7,421,525 282,777 7,704,302
53 2016 6. 24,657,696 24,627,041 755,357 677,309 125,483 66,833 25,538,536 25,371,183 40,089,414 41,033,337 558,487 575,197 2,810,057 2,546,592 43,457,958 44,155,126
54 2016 7. (a) 2,222 1,620 41,032 70,471 2,500 3,066 751 647 1,751 600 3,250 528 334 3,531 (896) 721 (10,750) (12,474) 21,561 41,442 17,674 16,565 75,970 130,176 (b) 1,689,751 1,056,788 53,023 52,732 29,818 15,636 4,040 1,003 49 32,448 37,378 43,963 43,963
55 2016 8. 18,138 31,484 5,677 5,236 173 941 23,988 37,661 (7,597) (18,254) 16,391 19,407 9. 18,828 14,904 621 1,649 3,026 2,348 (1,478) 17,767 17,767 1,662 (1,747) 40,426 34,921 16.5%16.5% 12% 25% 12% 25% 12%12%
56 2016 10. 0.150.28 639,639 1,191,467 0.15 0.28 6.40 20 11. 2,558,080 2,030,379 4,262,732,631 4,252,728,713 9,470,794 30,651,769 22,976,970 20,310,121 4,295,180,395 4,303,690,603
57 2016 12. 719,000,000 7,688,000,0008,000,00016,000,00024,000,000 13. 26,426 26,381 318,756 351,188 702 29 6,000 521,479 53,006 58,976 26,100 43,226 132,460 147,681 9,507 9,907 1,094,436 637,388 14. 414,365 447,451 1,231,215 1,555,905 152,295 153,582 4,283 4,296 21,291 22,646 1,823,449 2,183,880 3060 3060 60120 60120
58 2016 14. 228,184 268,507 157,298 133,924 20,870 21,720 8,013 23,300 414,365 447,451 15. 4,244,889,689 19,774,917 11,549,003 118,487 4,256,438,692 19,893,404 4,298,333 58,703 4,260,737,025 19,952,107 a 4,957,002 46,144 4,265,694,027 19,998,251 (a) 15,514,0004,957,002 11,549,0033,589,940 911,008 78,242,613 63,928,222 (b) 3,117,5001,193,030 1,301,880 23,090,330 21,610,380
59 2016 16. a 804,461 820,660 365,560 363,723 1,170,021 1,184,383 b 211,106 205,957 1,381,127 1,390,340 (107,735) (47,744) (666,904) (671,135) (774,639) (718,879) 606,488 671,461 (a) 804,000,000821,000,000 (i) 1,055,000,000764,000,000 (ii) 456,000,000462,000,000 (b) 1,170,021 1,184,383 1,170,021 1,184,383 211,106 205,957 446,872 447,172 1,381,127 1,390,340 1,616,893 1,631,555
60 2016 17. 2,102,746 1,667,062 a 4,577,864 5,428,925 2,069,096 2,023,774 23,266 21,649 2,096,822 2,297,178 16,682 17,884 1,241 1,114 10,887,717 11,457,586 1,508,883 1,249,164 127,875 83,123 291,398 35,428 174,590 299,347 2,102,746 1,667,062 (a) 18. 1,100,100 1,147,547
61 2016 19. (a) 2,500,0003,066,000 (b) 2,515,0002,738,000 (c) 719,000663,000 14A.76(1) (d) 548,000264,000 (e) 58,620,000 65,923,000 (f) 45,000,00070,000,000 20. 0.18 7.70
62 2016 0.15 6.40 0.18 0.147.70 571352
63 2016 (a) 33,037,632 2,181,518 363,726,401 (1) 1,362,225,231 (2) 1,761,170,782 41.29 43,904,896 396,150,099 (3) 1,362,225,231 (2) 1,802,280,226 42.25 2,520,000 2,520,000 0.06 13,934,722 1,362,225,231 (2) 1,376,159,953 32.26 250,000 50,000 (4) 300,000 0.00 250,000 250,000 0.00 (1) 305,401295,421,000 68,000,000 (2) 1,362,225,231 (3) Recurrent Profits Limited103,096,039Top Notch Opportunities LimitedTop Notch 171,916,021 Kentlake International Investments LimitedKentlake60,000,000 61,138,039 Top Notch Kentlake Top Notch Kentlake (4) 50,000 (b) XV
64 2016 336 City Lion Profits Corp. 973,282,206 22.82 CWL Assets (PTC) Limited 1,362,225,231 31.93 HSBC International Trustee Limited 1,363,000,491 (1) 31.95 Super Focus Company Limited 274,494,154 6.43 295,421,000 6.93 The Capital Group Companies, Inc. 247,372,000 5.80 (1) HSBC International Trustee Limited1,362,225,231 (i) CWL Assets (PTC) Limited HSBC International Trustee Limited 1,362,225,231 (ii) City Lion Profits Corp. CWL Assets (PTC) Limited 973,282,206 (iii) CWL Assets (PTC) Limited Super Focus Company Limited 274,494,154 336
65 2016 3,450,000 3,450,000 (a) 6.81 2,700,000 2,700,000 20.10 1,150,000 1,150,000 32.50 168,000 168,000 37.45 672,000 672,000 77.75 1,659,000 1,659,000 39.86 2,601,000 2,601,000 24.80 3,900,000 3,900,000 20.10 1,650,000 1,650,000 32.50 238,000 238,000 37.45 950,000 950,000 77.75 2,348,000 2,348,000 39.86 1,912,000 1,912,000 24.80 392,000 392,000 13.82 180,000 180,000 32.50 132,000 132,000 62.75 120,000 120,000 24.80 730,000 730,000 20.10 400,000 400,000 32.50 80,000 80,000 37.45 126,000 126,000 77.75 130,000 130,000 39.86 229,000 229,000 24.80
66 2016 (c) 3,998,669 1,315,334 (b) 2,683,335 4.67 629,668 10,000 (b) 619,668 13.82 3,171,015 181,668 (b) 2 2,989,345 14.22 3,283,000 3,283,000 20.10 8,484,867 613,605 7,871,262 32.50 1,242,668 120,000 1,122,668 37.45 4,639,000 364,000 4,275,000 77.75 1,249,999 116,999 1,133,000 62.75 10,307,000 907,001 9,399,999 39.86 23,093,000 1,443,000 21,650,000 24.80 109,001 18,333 90,668 32.50 186,668 186,668 37.45 133,000 7,000 126,000 77.75 125,000 125,000 39.86 220,000 220,000 24.80 86,789,555 4,957,002 3,589,940 78,242,613 (a) 28.00 (b) 25.34 (c) 1,000,000400,00080,000126,000337,000594,000 634,000100%
67 2016 1.00 17,830,430 609,950 17,220,480 47.70 1,270,170 73,590 1,196,580 38.35 1,197,590 135,330 1,062,260 37.10 3,243,330 257,810 2,985,520 35.45 637,570 116,350 521,220 23.45 101,790 101,790 24.80 2,480 2,480 37.10 24,283,360 1,193,030 23,090,330 2410
68 2016 A.4.2 13.51B(1) MJ Gleeson PLC MJ Gleeson PLC M J Gleeson Group PLC BBS
This interim report is printed on environmentally friendly paper.
www.galaxyentertainment.com