HONG KONG, June 15 /PRNewswire-Asia-FirstCall/ -- Galaxy EntertainmentGroup ("GEG" or "the Group") (HKEx stock code: 27), one of the fastest growingentertainment companies in the world, today announces the closing of a six-year HK$9 billion club loan from a consortium of Asia's leading banks thatwill fully fund the Group's Galaxy Macau(TM) development in Cotai, Macau.

    Club Loan Highlights    -- Oversubscribed club loan with consortium of Asia's       leading banks    -- Loan upsized to HK$9 billion    -- Lending consortium undertakes to 'Take and Hold'       all of the debt, with no sell-down    -- Interest rate of HIBOR plus 4.50%, substantially       below the previous bond rate    -- Galaxy Macau(TM) fully funded and on schedule to open       in early 2011

Dr. Lui Che Woo, Chairman of Galaxy Entertainment Group said: "I amdelighted to say that we are in a very strong financial position and that 2010is shaping up to be a fantastic year for GEG. This club loan, combined withthe outstanding credentials of the banks involved is a clear endorsement ofboth our future plans and the strength of the Macau market. It will greatlyenhance the Group's financial efficiency and optimize returns for ourshareholders."

"Looking to the future, we are very excited about opening GalaxyMacau(TM). We have a proven track record of successfully building andoperating Asian centric gaming and entertainment properties, and we areconfident that Galaxy Macau(TM) will continue this trend. It is anuncompromising statement about Galaxy Entertainment Group and will support theeconomic growth and diversification of Macau."

The Club Loan

On 12 April 2010, GEG announced an oversubscribed HK$8.8 billion club loanfinancing package for the development of Galaxy Macau(TM). This loan wassubsequently upsized to HK$9 billion as a result of strong support from theparticipating banks. The participating banks also undertook to 'Take and Hold'the loan with no sell down requirement.

    Selected Terms of the Club Loan    Amount:         HK$9 billion    Term:           6 years    Rate:           HIBOR + 4.50% p.a.    Collateral:     StarWorld Hotel and Galaxy Macau(TM)    Repayment:      Quarterly repayments of 1% of aggregate                    loan outstanding commencing on 30th month                    post signing, gradually escalating up to                    5% of aggregate loan outstanding with a                    balloon of 49% at maturity

Selected Financial Covenants

For StarWorld and Galaxy Macau(TM) on a combined basis beginning at theend of December 2011, selected covenants include:

    -- Maximum Debt/EBITDA ratio of not more than 4.7: 1.0;       decreasing gradually to 3.5 : 1.0 from mid-2014 onwards    -- Minimum EBITDA/Interest ratio of 2.0: 1.0 increasing       gradually to 3.5 : 1.0 in mid-2014 onwards

For Galaxy Entertainment Group from June 30 2010, selected covenantsinclude:

-- Maximum Debt/Tangible Net Worth* (TNW) ratio of 1.75: 1.0 and minimumTNW of HK$6 billion tightening to 1.3: 1.0 and a minimum TNW of HK$8 billionfrom mid-2012 onwards

* Primarily represents tangible net worth plus the book value of thegaming license.

Galaxy Macau(TM)

Galaxy Macau(TM), with a total development area of 550,000 sq. m., will beone of the largest entertainment and resort developments in Asia. Opening inearly 2011, Galaxy Macau(TM) will be a unique proposition; Macau's first Asiancentric integrated resort. It has been conceived with "World Class, AsianHeart" and will offer the most diverse range of Asian themed entertainment andfood in Macau.

Bespoke for Asia, designed and built by a "World Class" team, andharnessing the skills of the very best partners, Galaxy Macau(TM) will be afantastic and mystical world, rich in adventure. Guests will enjoy a uniqueexperience in the luxury resort featuring decadent suites, double pool villasand an award winning spa, housed in three distinct luxury Asian hotels: BanyanTree, Okura Hotel and Galaxy Hotel.

Galaxy Macau(TM) is built with Asian pride. Asian centric entertainment,food and accommodation will combine to underscore the Asian credentials andappeal of this unique resort.

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

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

The Group owns and operates StarWorld Hotel and Casino -- a luxury 5-Starproperty located on the Macau Peninsula, and operates four CityClub Casinos inMacau. The Group has under construction "Galaxy Macau(TM)", a fully-integratedresort, entertainment and gaming destination. GEG 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     Vice President, Investor Relations     Tel:   +852-3150-1111     Email: ir@galaxyentertainment.com

SOURCE Galaxy Entertainment Group