Dr Che-woo Lui, Chairman of Galaxy Entertainment Group (GEG), says that strong fourth quarter financial results mark the successful conclusion of an outstanding year for the Group. Reporting record fourth quarter and annual results for 2011 today, the company declared a 92% rise in full year Group EBITDA of $2.23 billion and an all-time record Group EBITDA of $625 million in Q4, up 76% year-on-year. This was the ninth consecutive quarter of EBITDA growth.

According to Dr Che-woo Lui, “StarWorld has consistently outperformed the market during this and previous years, and today we report its tenth straight quarter of EBITDA growth. The property is fully capitalising on the surging demand in Macau and delivering one of the strongest returns of any major casino in the world. StarWorld has again been granted a number of industry awards in 2010, including the highly prestigious 5 Star Diamond Award for the fourth consecutive year.”

In addition to StarWorld's strong performance, all of GEG's other businesses, including City Clubs and the Construction Materials Division, continued to perform solidly and made valuable contributions to the Group's strong results. The company remains confident about the outlook for 2011 and beyond. The Macau market is already demonstrating very impressive growth early in 2011, and the consensus of gaming analysts is that gaming revenue will continue to grow in excess of 20% during 2011 as visitations to Macau increase.

A number of major infrastructure projects are currently under construction in Mainland China and Macau which will further improve the accessibility of Macau and drive an increase in tourist arrives. These improvements demonstrate the Central and Macau Governments' commitment to creating long-term, sustainable growth by driving both domestic consumption and tourism in the SAR.

“During 2010, the Group successfully undertook a number of initiatives in order to enhance financial efficiency, including the launch of a highly innovative Hong Kong listed RMB bond in December. The bond was the first of its kind from a non-financial institution to be listed on the Hong Kong Stock Exchange and was more than 13 times oversubscribed,” commented Dr Che-woo Lui. “Looking ahead, 2011 will be a milestone year for the Group. We believe that Galaxy Macau will be the only major new property to open in Macau in 2011, in what continues to be surging market conditions. Galaxy Macau will set new standards as the first Asian centric destination resort in Macau and further support Macau Government's sustainable growth target through diversification."

The grand opening of Galaxy Macau will be on Sunday May 15th, 2011. The focus of Galaxy Macau will be on Asian hospitality, Asian tastes, Asian sensibilities and Asian design influences. The resort is designed to attract visitors from around the region, as well as international guests seeking an authentic Asian resort holiday experience. The 550,000 square metre fully integrated destination resort will feature the most luxurious of accommodation from three of the world's leading hotel brands; the ultra exclusive Banyan Tree Macau, which will offer approximately 250 suites and 10 floating villas; the 500-room Hotel Okura Macau; and the luxurious 1,500-room Galaxy Hotel, which will become GEG's flagship Cotai hotel.

The resort will cater for mass gaming, direct premium gaming, electronic gaming and VIP customers. With capacity for over 600 gaming tables and 1,500 electronic gaming machines, and more than 50 predominantly Asian food and beverage outlets, Galaxy Macau is tailored to the needs of Asian consumers. At a total investment of HK$14.9 billion, Galaxy Macau offers a number of game-changing features and amenities. Most prominent of these is the property's 52,000 square metre resort deck, where a man-made beach with 350 tonnes of white sand deposited along a 150 metre long shoreline frames the world's largest skytop wave pool, covering 4,000 square metres with waves reaching as high as 1.5 metres. (E-03.30.11)

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