PAGCOR Issues GEG a Provisional Gaming License

Mr. Francis Lui, Vice Chairman of GEG commented, "We would like to thank PAGCOR for their vote of confidence in granting GEG a provisional gaming license in the Philippines and the opportunity to strategically expand our brand into overseas markets. We are very excited about the prospect of investing up to US$500 million into a proposed premium quality, low rise, eco-friendly resort development located in Boracay, the world's premier beach destination. We are pleased to support President Duterte and the Philippine government's initiative for the managed and sustainable development of Boracay. Further, we will contribute positively to the local economy and actively partner with the Boracay community. We are confident that we will raise the bar in both resort quality and service and generate significant job opportunities in both construction and resort operations. This exciting project also clearly demonstrates GEG's commitment to support China's One Belt, One Road initiative."

GEG has been exploring numerous opportunities to expand its "World Class, Asian Heart" brand and philosophy beyond Macau, and the Philippines offers an ideal opportunity to develop a premium quality eco-friendly resort in Boracay. We believe that by combining the natural beauty of the Philippines with GEG's long standing record of developing world class resorts, and leveraging upon the Philippines renowned hospitality culture is a formula for success. The people of the Philippines are recognized throughout the world for their friendliness and impeccable service standards, and we look forward to working with them and welcoming them as team members. Further, the expansion of the Caticlan airport makes Boracay a more conveniently accessible destination and enhances GEG's ability to attract more of our affluent customers from China, Hong Kong and Macau, among others.

Our local partner, Leisure & Resorts World Corporation, continues to assist in the land acquisition process for the planned development of a premium quality eco-friendly resort in Boracay, Philippines which will include a GEG casino. The water front land parcel is in excess of 20 hectares and includes beaches. The proposed low rise resort will rival any "must visit" beach destination in the world. We believe the demand for Asian tourism will continue to experience significant growth in the years ahead and the proposed Boracay resort is very accessible and convenient to the Asian market.