Galaxy Announces Management Update & Selected Unaudited 2009 Fourth Quarter Financial Data

StarWorld - All Time Record Revenue

StarWorld Records Six Consecutive Quarters of Revenue Growth

Jan 20, 2010, 05:56 ET from Galaxy Entertainment Group Limited

HONG KONG, Jan. 20 /PRNewswire-Asia-FirstCall/ -- Galaxy Entertainment Group Limited ("Galaxy" or the "Group") (stock code: 27) today announces its management update and selected unaudited 2009 fourth quarter performance information.

    Key Highlights:

    -- StarWorld continues to outperform the market with all time record
       quarterly revenue of $3,455 million
    -- StarWorld records six consecutive quarters of revenue growth
    -- StarWorld delivers record VIP turnover volumes of $98 billion
    -- StarWorld reports a very strong hotel occupancy of 96%
    -- Galaxy Macau on schedule to open in the first quarter of 2011
    -- Financing of Galaxy Macau progressing on schedule

StarWorld

StarWorld's Revenue in the Fourth Quarter of 2009 was $3,455 million which is an all-time record and is the sixth consecutive quarter of reported Revenue growth. For details, please visit: http://www.prnasia.com/sa/attachment/2010/01/20100120859833.pdf

    StarWorld's segmented revenue results for the quarters were as follows:



    VIP Table Games:

    VIP                         Q1        Q2       Q3        Q4    FY2009
    VIP Table Turnover HK$   $55 b     $54 b    $81 b     $98 b    $288 b
    Win%                      3.0%      3.2%     2.3%      3.1%      2.9%
    Gaming Revenue HK$      $1.7 b    $1.7 b   $1.8 b    $3.0 b    $8.3 b



    Mass Table Games:

    Mass Tables                Q1        Q2        Q3        Q4    FY2009
    Table Drop HK$         $1.5 b    $1.4 b    $1.5 b    $1.6 b    $6.0 b
    Win%                    16.8%     13.4%     15.6%     16.0%     15.4%
    Gaming Revenue HK$     $253 m    $187 m    $230 m    $271 m    $940 m


Commenting on the performance, Galaxy's Deputy Chairman Mr Francis Lui said: "StarWorld's strong performance this quarter and its impressive track record is a continuing endorsement of our credentials as one of the leading operators in Macau. We are exclusively focused on Macau. Our exceptional management team implicitly understands Asian customer demand and local market dynamics, and they carefully tailor properties, services and the consumer experience to meet these. We believe that it is this unique focus and expertise that has enabled StarWorld to achieve one of the highest return on investment of any property in Macau.

Prospects for 2010 are excellent, with a comparatively positive economic outlook in China and clear political support from the Government of Macau SAR.

Furthermore, Galaxy's long-term prospects are also excellent with Galaxy Macau, the first truly integrated Asian casino resort in Macau to open in the first quarter of 2011."

Refinancing program

We are continuing with our negotiations and we are committed to achieving the most favorable terms and conditions for our Shareholders. We hope to be in a position to make a public statement in the near future.

Galaxy Macau

We also wish to reconfirm that Galaxy Macau is on schedule to open in the first quarter of 2011 and throughout the year we will provide you with regular development updates.

Full year results

We expect to report our full year results and profit in April 2010 after the completion of our external audit.

About Galaxy Entertainment Group Limited (HKEx stock code: 27)

Galaxy Entertainment, through its subsidiary, Galaxy Casino, S.A., holds a Macau gaming concession. Galaxy is authorized to carry out casino games of chance in Macau, which is the only legal gaming location in China.

Galaxy Entertainment owns and operates StarWorld Hotel and Casino - a luxury 5-Star property located on the Macau peninsula, and operates four CityClub Casinos in Macau. The Group has under construction "Galaxy Macau", a fully-integrated resort, entertainment and gaming destination. Galaxy Entertainment Group is well positioned for long-term growth with its new Asian centric resort.

    For more details, please visit http://www.galaxyentertainment.com/eng

    For further information, please contact:

     Galaxy Entertainment Group
     Mr. Peter J. Caveny
     Principal, Investor Relations
     Tel:   +852-3150-1111
     Email: ir@galaxyentertainment.com

     Ms. Vivian Fu
     Senior Investor Relations Manager
     Tel:   +852-3150-1111
     Email: ir@galaxyentertainment.com

SOURCE Galaxy Entertainment Group Limited



RELATED LINKS

http://www.galaxyentertainment.com/eng


http://www.prnasia.com/sa/attachment/2010/01/20100120859833.pdf