Investment Rating - The investment rating for the company is "Buy" [5][6] Core Views - The company's performance in Q1 2025 met expectations, with total gaming revenue reaching HKD 10.94 billion, a year-on-year increase of 13.6% [5] - The company has seen a significant increase in market share, with VIP and mass market gaming revenue growing by 52.3% and 7.6% respectively [5] - The opening of the Capella hotel in early May is expected to attract high-end consumers, with over 50% of guests being direct VIP customers [5] - The company forecasts revenue growth for 2025-2027, with total revenue projected at HKD 48.27 billion in 2025, HKD 51.38 billion in 2026, and HKD 53.17 billion in 2027 [5][6] Financial Projections - Total revenue (in million HKD) for 2024A, 2025E, 2026E, and 2027E is projected to be 43,432.0, 48,273.2, 51,381.2, and 53,165.0 respectively, with year-on-year growth rates of 21.7%, 11.1%, 6.4%, and 3.5% [6] - Adjusted property EBITDA (in million HKD) is expected to be 12,187.6 for 2024A, 14,248.0 for 2025E, 15,667.8 for 2026E, and 16,136.9 for 2027E, with growth rates of 28.3%, 31.4%, 11.1%, and 2.0% respectively [6] - The diluted earnings per share (in HKD) are projected to be 2.00 for 2024A, 2.65 for 2025E, 3.09 for 2026E, and 3.17 for 2027E [6] Market Data - The closing price of the stock is HKD 32.00, with a market capitalization of HKD 139,997 million [3][4] - The stock has a price-to-book ratio of 1.84 and a current EV/Adjusted Property EBITDA of 10.24 for 2024A, decreasing to 7.74 by 2027E [4][6]

Group 1 - The gaming stocks continue to rise, with notable increases in share prices for companies such as Melco International Development (+6.63%), Galaxy Entertainment (+4.07%), Wynn Macau (+1.64%), and Sands China (+1.28%) [1] - Melco International Development reported a total operating revenue of $1.23 billion for Q1 2025, representing an approximate 11% year-on-year increase, attributed to improved performance in both gaming and non-gaming operations [1] - Galaxy Entertainment announced a net revenue of HKD 11.2 billion for Q1 2025, up 6% year-on-year but down 1% quarter-on-quarter, with adjusted EBITDA rising 16% year-on-year to HKD 3.3 billion [1] Group 2 - Morgan Stanley reported that Macau's gaming revenue for the first five days of May reached MOP 1.02 billion, achieving a strong 12% year-on-year growth despite a high base from the previous year, recovering to over 90% of pre-pandemic levels [2] - The reported figures significantly exceeded the expected daily average of MOP 850 million, marking the largest positive surprise in years, with growth particularly encouraging [2] - Over half of Macau's gaming operators have released their Q1 results, but the current financial reports are expected to have limited impact on stock prices, with focus shifting to management's insights on the sustainability of the Golden Week's performance and detailed operational data from various operators [2]

GALAXY ENTERTAINMENT GROUP LIMITED 銀河娛樂集團有限公 司 （於香港註冊成立之有限公司） (Stock Code: 27) 董事名單與其角色和職能 銀河娛樂集團有限公司董事會（「董事會」）成員載列如下：- 執行董事 呂耀東先生 ( 主席 ) 徐應強先生 鄧呂慧瑜女士 呂慧玲女士 非執行董事 附註︰ C 有關委員會的主席 M 有關委員會的成員 張惠彬博士 獨立非執行董事 顏志宏先生 葉樹林博士 黃龍德教授 萬卓祺先生 董事會設立 5 個委員會。下表提供各董事會成員在這些委員會中所擔任的職位。 | | 委員會 | 審核 | 企業管治 | 執行 | 提名 | 薪酬 | | --- | --- | --- | --- | --- | --- | --- | | 董事 | | 委員會 | 委員會 | 董事會 | 委員會 | 委員會 | | 呂耀東先生 | | | C | C | M | M | | 徐應強先生 | | | | M | | | | 鄧呂慧瑜女士 | | | | M | | | | 呂慧玲女士 | | | | M | | | | 顏志宏先生 | | C | M | | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 GALAXY ENTERTAINMENT GROUP LIMITED 銀河娛樂集團有限公司 （股份代號：27） 委任執行董事 銀河娛樂集團有限公司（「銀娛」，連同其附屬公司，統稱（「本集團」）） 之董事會（「董事會」）欣然宣佈，呂慧玲女士（「呂女士」）將獲委任為銀 娛執行董事，自二零二五年五月九日起生效。呂女士亦將於同日獲委任為銀娛 執行董事會成員。 呂女士，現年六十七歲，於一九九三年加入本集團，並於二零一四年出任本集 團人力資源及行政董事。此外，彼亦為銀娛多間附屬公司的董事。她擁有西安 大略大學毅偉商學院的行政人員工商管理碩士學位和加州大學洛杉磯分校的經 濟學學士學位。呂女士於二零二五年獲委任為澳門第三十八屆澳門婦女聯合總 會顧問。呂女士於二零零七年至二零一一年當選為中國人民政治協商會議珠海 市第七屆委員會委員，並於二零一二年至二零二一年當選為中國人民政治協商 會議珠海市第八屆及第九屆常務委員會委員。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 1 | | 普通決議案 | 票數 | (%) | | --- | --- | --- | --- | | | | 贊成 | 反對 | | 5. | 重選萬卓祺先生為董事。 | 3,471,244,531 | 219,591,891 | | | | (94.050349%) | (5.949651%) | | 6. | 釐定董事袍金。 | 3,687,719,710 | 3,116,712 | | | | (99.915555%) | (0.084445%) | | 7. | 重聘羅兵咸永道會計師事務所為核數師及授 | 3,655,187,645 | 35,648,777 | | | 權董事釐定核數師酬金。 | (99.034127%) | (0.965873%) | | 8.1 | 授予董事一般授權回購銀娛之股份。 | 3,687,531,798 | 3,304,624 | | | | (99.9104 ...

Core Viewpoint - Galaxy Entertainment reported first-quarter revenue of HKD 11.2 billion, slightly below the forecast of HKD 11.22 billion [1] Company Summary - The company's first-quarter revenue was HKD 11.2 billion, which indicates a minor shortfall compared to market expectations [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 GALAXY ENTERTAINMENT GROUP LIMITED 銀河娛樂集團有限公司 （於香港註冊成立之有限公司） （股份代號：27） 截至二零二五年三月三十一日止第一季 的若干特定未經審核之主要業務表現指標之公佈 本公佈乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第 13.09(2)條及證券及 期貨條例（香港法例第 571 章）第XIVA部的內幕消息條文（定義見上市規則）而作出。 銀河娛樂集團有限公司（「銀娛」或「本公司」）主席的信 今天我很高興向大家報告銀娛二零二五年第一季度的穩健表現。於本季度，我們繼續透過 傑出的產品及服務、持續的物業提升、多元化的娛樂表演及活動、以及電子娛樂桌的全面 應用等，推動各個業務領域，特別是高端中場。 於二零二五年第一季度，集團錄得淨收益為 112 億港元，按年上升 6%，按季下跌 1%。經 調整 EBITDA 為 33 億港元，按年上升 16%，按季 ...

Core Viewpoint - The China Securities Hong Kong 300 Leisure Index (H300 Leisure) has shown a decline of 6.48% over the past month, but has increased by 3.86% over the last three months and 1.65% year-to-date [2] Group 1: Index Performance - The H300 Leisure Index is currently reported at 2622.85 points [1] - The index reflects the overall performance of listed companies in various themes such as banking, transportation, resources, infrastructure, logistics, and leisure, selected from the China Securities Hong Kong 300 Index [2] - The index was established on December 31, 2004, with a base point of 1000.0 [2] Group 2: Index Holdings - The top ten weighted companies in the H300 Leisure Index are Tencent Holdings (12.0%), NetEase-S (11.48%), Kuaishou-W (10.64%), Baidu Group-SW (10.57%), Yum China (9.36%), Trip.com Group-S (8.2%), Meituan-W (7.81%), Galaxy Entertainment (5.15%), China Resources Beer (3.1%), and Haidilao (2.79%) [2] - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange, with a 100.00% allocation [2] Group 3: Sector Allocation - The sector allocation of the H300 Leisure Index includes Leisure Services (39.89%), Digital Media (38.67%), Cultural Entertainment (12.69%), Alcohol (7.30%), and Marketing & Advertising (1.45%) [2] Group 4: Index Adjustment - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year [3] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3]

从指数持仓来看，中证香港300休闲指数十大权重分别为：腾讯控股（11.72%）、网易-S（11.24%）、 快手-W（10.7%）、百度集团-SW（10.16%）、百胜中国（9.2%）、美团-W（8.52%）、携程集团-S （8.35%）、银河娱乐（5.09%）、华润啤酒（3.21%）、青岛啤酒股份（2.78%）。 从中证香港300休闲指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证香港300休闲指数持仓样本的行业来看，休闲服务占比40.54%、数字媒体占比37.99%、文化娱乐 占比12.43%、酒占比7.67%、营销与广告占比1.38%。 金融界4月21日消息，上证指数低开高走，中证香港300休闲指数 (H300休闲，H30329)报2571.91点。 数据统计显示，中证香港300休闲指数近一个月下跌15.19%，近三个月上涨3.60%，年至今下跌0.33%。 据了解，中证香港300行业主题指数系列从中证香港300指数样本中选取银行、运输、资源、基建、物流 和休闲等行业主题上市公司证券作为指数样本，以反映香港市场不同主题上市公司证券的整体表现。该 指数以2004年12月31日为基日，以1 ...

(Incorporated in Hong Kong with limited liability) （於香港註冊成立之有限公司） (Stock Code: 27) （股份代號：27） 11 April 2025 Dear non-registered shareholder1 , Galaxy Entertainment Group Limited (the "Company") - Notice of Publication of Annual Report, Circular, Notice of 2025 Annual General Meeting and Proxy Form (collectively "Current Corporate Communications") and 2024 Environmental, Social and Governance Report ("2024 ESG Report") as well as Arrangement of Electronic Dissemination of Corporate Communications The Company' ...