Galaxy Fold-style Pixel, ‘Jumbojack,’ noticed in Android 12.1

For over a year we have been watching with excitement as Google develops its first foldable pixel smartphone with the code name “Passport”. Thanks to details in the upcoming Android 12.1, we learned that Google is working on another foldable pixel code-named “Jumbojack”.

Last year we did first real proof from Google, which has a foldable device in the works. Under development under the code name “Passport”, this device should be released in “Q4 2021”, at least at this point in time. In the meantime, details about the device have become more specific, with smaller ones Treat about the foldable even in Android 12 beta builds.

According to a source familiar with Android development, the upcoming mid-cycle release which we will temporarily call “Android 12.1” contains details on a second foldable pixel. This second device is code-named “Jumbojack”. We were able to confirm the existence of Jumbojack in documentation previously viewed by 9to5Google.

There have been several instances where Jumbojack was used as a test device because it was the only foldable device with Android 12 at the time and it may still be. For example, Google used it to test adding “posture” to Android APIs, where posture is hinge positions such as “open”, “closed”, “half open” and “upside down”. A plausible explanation is that Jumbojack is just an internal test device, but Google also explicitly refers to it as a “Pixel”.

Jumbojack will apparently have two displays too, and if that pixel is collapsed the second display will not be available. This suggests a design inspired by the Galaxy Fold, with a large inner display and a smaller outer one.

One interesting aspect of Jumbojack is that it appears to have some improvements to Android 12 that won’t be introduced to other foldable devices until Android 12.1. More specifically, this second foldable pixel treats the split screen in a new way, probably similar to the work Samsung did for its foldable devices. While the inclusion of these features prior to Android 12.1 could suggest that this foldable pixel might appear mid-cycle before this release, we haven’t seen any signs of Jumbojack appearing in the usual Pixel apps.

The code name “Jumbojack” itself seems to be a reference to the Jumbo Jack cheeseburger from Jack in the Box. It is not clear whether these cheeseburger origins are any indication of its design, the folding “Hamburger style“Like the Galaxy Z Flip instead of the“ hot dog style ”like the Galaxy Z Fold.

At the moment we have no further information on this particular foldable pixel, such as the chip used or the size of the displays. Likewise, we’re not sure how Jumbojack relates to the other foldable pixel, Passport, whether the two devices will be released side by side or a year apart, or whether both will be released at all. We’ll continue to look for more evidence of Jumbojack in the months ahead.

Dylan Roussel and Abner Li contributed to this article

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Galaxy Leisure Group Chosen Unaudited Q1 2021 Monetary Information

HONG KONG–()–Galaxy Entertainment Group (“GEG”, “Company” or the “Group”) (HKEx stock code: 27) today reported results for the three month period ended 31 March 2021. (All amounts are expressed in Hong Kong dollars unless otherwise stated)

LETTER FROM THE CHAIRMAN OF GALAXY ENTERTAINMENT GROUP

I wish to take this opportunity to update you on the status of Macau and the performance of GEG in Q1 2021. COVID-19 has continued to impact the community and businesses globally including Macau and GEG. We are encouraged by Macau’s gradual recovery and remain cautiously optimistic that business conditions will continue to improve, while, at the same time, remain hypersensitive about any future outbreaks of the pandemic. From the later part of 2020 and continuing into 2021, we started to see some easing of restrictions relating to COVID-19. As a result, Macau has experienced a gradual increase in visitor arrivals which has translated into increased revenue.

Group’s Q1 Adjusted EBITDA of $859 million more than tripled year-on-year and was down 15% quarter-on-quarter. Please note that even though Adjusted EBITDA in Q1 2021 was less than Adjusted EBITDA in Q4 2020, we are pleased with the outcome given that Q4 2020 included a one-off $100 million COVID-19 insurance claim. In addition, Construction Materials Division is historically seasonal softer in the first quarter compared to the other three quarters. Construction Materials Division contributed $156 million in Q1 2021 compared to $326 million in Q4 2020. This is an annual seasonal occurrence and we expect an improvement in Q2 2021. Further, GEG’s performance was also supported by continued effective cost controls across the Group.

We again applaud the Macau Government for their proactive leadership during the challenging pandemic crisis. Their focus is not only to ensure the health and safety of the community, but also ensuring that Macau is well positioned to attract visitors, support economic recovery and maintain the social stability of Macau. We are pleased that the Macau Government through the Macau Government Tourism Office (MGTO) has been actively touring numerous Mainland cities and actively promoting Macau. This marketing is positioning Macau’s track record in combating COVID-19, promoting the various health and safety measures implemented in Macau and offering special tourism and accommodation packages to encourage visitation to Macau. We will continue to work with and support this important government lead initiative.

On 15 May 2021, Galaxy Macau™ will celebrate an exceptional 10-year presence in Macau. Since our launch in 2011, Galaxy Macau™ has delivered the highest level of entertainment and leisure options and provided exceptional experiences to our guests from all over the world. We are pleased to report that we continue to make good progress with our expansion plans through our development projects including Cotai Phases 3 & 4. In addition, we continue renovate, reconfigure and introduce new products to our resorts and we remain engaged in our international expansion plans including Japan, which is also being impacted by the pandemic.

We were pleased to announce in March 2021 the introduction of the legendary Raffles at Galaxy Macau. Raffles at Galaxy Macau will feature an approximate 450 all-suite tower and is targeted to open in the later part of 2021 or early 2022. The addition of Raffles further expands GEG’s portfolio of world-class accommodation offerings.

Our balance sheet continues to remain healthy with $42.4 billion in cash and liquid investments as at the end of Q1 and $33.6 billion of net cash. Total debt was $8.8 billion, including $8.3 billion associated with our treasury yield enhancement program and $0.5 billion of core debt. Our conservative financial management provides the Group with valuable flexibility in managing our ongoing operations and allows us to continue with our longer term development plans.

Going forward in the medium to longer term, we remain confident in the future of Macau. We have seen signs of early recovery post the reinstatement of the Individual Visit Scheme (“IVS”) in late September 2020 and it may take a few more quarters for business volumes to ramp up. However, we do acknowledge the ongoing difficulties associated with COVID-19 and potential future flare ups of COVID-19 could have a material adverse impact on our financial performance.

Finally, I would again like to acknowledge and thank the Government of Macau and the health and emergency personnel who have worked so hard to ensure the safety of Macau. I would also like to thank our staff, management team and Board of Directors who voluntarily contributed to the various cost savings programs and for being so supportive of our Company during this period of time. Thank you!

Dr. Lui Che Woo

GBM, MBE, JP, LLD, DSSc, DBA

Chairman

Q1 2021 RESULTS HIGHLIGHTS

 

GEG: Gradual Pandemic Recovery Continues Supported by Continued Effective Cost Control

  • Q1 Group net revenue of $5.1 billion, up 1% year-on-year and flat quarter-on-quarter
  • Q1 Group Adjusted EBITDA of $859 million, up 204% year-on-year and down 15% quarter-on-quarter
  • Normalized Q1 Adjusted EBITDA was $690 million after adjusting for good luck of $169 million
  • Latest twelve months Adjusted EBITDA of $(444) million, down 104% year-on-year and up 57% quarter-on-quarter

 

Galaxy MacauTM: Gradual Pandemic Recovery Continues

  • Q1 net revenue of $3.4 billion, down 3% year-on-year and up 3% quarter-on-quarter
  • Q1 Adjusted EBITDA of $764 million, up 132% year-on-year and up 4% quarter-on-quarter
  • Normalized Q1 Adjusted EBITDA was $637 million after adjusting for good luck of $127 million
  • Hotel occupancy for Q1 across the five hotels was 44%

 

StarWorld Macau: Gradual Pandemic Recovery Continues

  • Q1 net revenue of $1.0 billion, up 1% year-on-year and up 6% quarter-on-quarter
  • Q1 Adjusted EBITDA of $170 million, up 63% year-on-year and up 13% quarter-on-quarter
  • Normalized Q1 Adjusted EBITDA was $128 million after adjusting for good luck of $42 million
  • Hotel occupancy for Q1 was 62%

 

Broadway Macau™: A Unique Family Friendly Resort, Strongly Supported by Macau SMEs

  • Q1 net revenue of $15 million, down 72% year-on-year and down 6% quarter-on-quarter
  • Q1 Adjusted EBITDA of $(23) million, versus $(45) million in Q1 2020 and $(28) million in Q4 2020
  • There was no luck impact on Q1 Adjusted EBITDA
  • Hotel occupancy for Q1 was 9%

 

Balance Sheet: Healthy and Liquid Balance Sheet

  • As at 31 March 2021, cash and liquid investments were $42.4 billion and net cash was $33.6 billion
  • As at 31 March 2021, debt was $8.8 billion, including $8.3 billion associated with our treasury yield enhancement program and $0.5 billion of core debt

 

Development Update: Making Progress on Cotai Phases 3 & 4

  • Continue to make ongoing progressive enhancements to our resorts to ensure that they remain competitive and appealing to our guests
  • Cotai Phases 3 & 4 – Continue with development works for Phases 3 & 4, with a strong focus on non-gaming, primarily targeting MICE, entertainment, family facilities and also including gaming, given COVID-19, timelines may be impacted
  • Target to open an exclusive all-suite tower, Raffles at Galaxy Macau in the later part of 2021/early 2022
  • Greater Bay Area & Hengqin – We understand the strategic master plan might have been revised with more emphasis on strengthening ties with Macau’s plan for the future and the Macau community. It was reported that more information will be available shortly and we are eagerly awaiting the details. We are also expanding our focus beyond Hengqin and Macau to potentially include opportunities within the rapidly expanding Greater Bay Area
  • International – Continuously exploring opportunities in overseas markets, including Japan

     

Macau Market Overview

In the first quarter of 2021, Macau continued to be impacted by COVID-19 and the associated travel restrictions. Based on DICJ reporting, Macau’s Gross Gaming Revenue (“GGR”) for Q1 2021 was $22.9 billion, down 22% year-on-year and up 8% quarter-on-quarter.

The IVS was progressively reinstated through the third quarter of 2020 but border entry restrictions for international tourists remained in place impacting customer arrivals. During the first part of 2021 including Chinese New Year, the Central Government encouraged limited travel to assist in combating the pandemic. In Q1 2021, visitor arrivals to Macau were 1.74 million, down 46% year-on-year and down 7% quarter-on-quarter. Mainland visitor arrivals were 1.57 million, down 32% year-on-year and down 10% quarter-on-quarter. Overnight visitors were 919,192, down 40% year-on-year.

Group Financial Results

In Q1 2021, the Group posted net revenue of $5.1 billion, up 1% year-on-year and flat quarter-on-quarter. Adjusted EBITDA was $859 million, up 204% year-on-year and down 15% quarter-on-quarter. Galaxy Macau™’s Adjusted EBITDA was $764 million, up 132% year-on-year and up 4% quarter-on-quarter. StarWorld Macau’s Adjusted EBITDA was $170 million, up 63% year-on-year and up 13% quarter-on-quarter. Broadway Macau™’s Adjusted EBITDA was $(23) million versus $(45) million in Q1 2020 and $(28) million in Q4 2020. Construction Materials Division Adjusted EBITDA grew 31% year on year to $156 million, but declined 52% sequentially due primarily to seasonality. Further, GEG’s performance was also supported by continued effective cost controls across the Group.

Latest twelve months Adjusted EBITDA was $(444) million, down 104% year-on-year and up 57% quarter-on-quarter.

In Q1 2021, the Group’s Normalized Adjusted EBITDA was $690 million after adjusting for good luck of $169 million, up 247% year-on-year and down 29% quarter-on-quarter. Please note that Q4 2020 Adjusted EBITDA benefited from the COVID-19 insurance claim of $100 million.

The Group’s total GGR on a management basis1 in Q1 2021 was $4.8 billion, down 13% year-on-year and up 3% quarter-on-quarter. Mass GGR was $2.8 billion, up 1% year-on-year and up 1% quarter-on-quarter. VIP GGR was $1.8 billion, down 27% year-on-year and up 10% quarter-on-quarter. Electronic GGR was $130 million, down 44% year-on-year and down 27% quarter-on-quarter.

Group Key Financial Data

 

 

 

(HK$’m)

Q1 2020

Q4 2020

Q1 2021

Revenues:

 

 

 

Net Gaming

4,046

 

3,651

 

3,857

 

Non-gaming

549

 

646

 

598

 

Construction Materials

475

 

806

 

641

 

Total Net Revenue

5,070

 

5,103

 

5,096

 

Adjusted EBITDA

283

 

1,010

 

859

 

 

 

 

 

Gaming Statistics2

 

 

 

(HK$’m)

 

 

 

Q1 2020

Q4 2020

Q1 2021

Rolling Chip Volume3

68,169

 

43,910

 

47,235

 

Win Rate %

3.6

%

3.8

%

3.8

%

Win

2,475

 

1,648

 

1,812

 

 

 

 

Mass Table Drop4

11,189

 

12,037

 

11,585

 

Win Rate %

25.2

%

23.4

%

24.6

%

Win

2,815

 

2,817

 

2,849

 

 

 

 

Electronic Gaming Volume

7,119

 

4,322

 

4,195

 

Win Rate %

3.2

%

4.1

%

3.1

%

Win

231

 

178

 

130

 

 

 

 

 

Total GGR Win5

5,521

 

4,643

 

4,791

 

Balance Sheet

Due to our conservative financial management, our balance sheet continues to remain strong. At 31 March 2021, cash and liquid investments were $42.4 billion and net cash was $33.6 billion. Total debt was $8.8 billion, including $8.3 billion associated with our treasury yield enhancement program and $0.5 billion of core debt. Our healthy balance sheet provides us with valuable flexibility in managing our ongoing operations and allows us to continue investing in our longer term development plans.

Galaxy Macau™

Galaxy Macau™ is the primary contributor to Group revenue and earnings. In Q1 2021, Galaxy Macau™’s net revenue was $3.4 billion, down 3% year-on-year and up 3% quarter-on-quarter. Adjusted EBITDA was $764 million, up 132% year-on-year and up 4% quarter-on-quarter. Adjusted EBITDA margin under HKFRS was 22% (Q1 2020: 9%).

In Q1 2021, Galaxy Macau™’s Normalized Adjusted EBITDA was $637 million after adjusting for good luck of $127 million, up 149% year-on-year and down 9% quarter-on-quarter. Please note that Q4 2020 Adjusted EBITDA benefited from the COVID-19 insurance claim of $75 million.

The combined five hotels occupancy rate was 44% for Q1 2021.

 

Galaxy Macau™ Key Financial Data

(HK$’m)

 

 

 

Q1 2020

Q4 2020

Q1 2021

Revenues:

 

 

 

Net Gaming

3,060

 

2,731

 

2,875

 

Hotel / F&B / Others

313

 

290

 

250

 

Mall

151

 

297

 

292

 

Total Net Revenue

3,524

 

3,318

 

3,417

 

 

 

 

 

Adjusted EBITDA

329

 

736

 

764

 

Adjusted EBITDA Margin

9

%

22

%

22

%

 

 

 

 

Gaming Statistics6

 

 

 

(HK$’m)

 

 

 

Q1 2020

Q4 2020

Q1 2021

Rolling Chip Volume7

47,842

 

29,552

 

32,612

 

Win Rate %

4.1

%

3.9

%

4.0

%

Win

1,962

 

1,156

 

1,301

 

 

 

 

Mass Table Drop8

6,519

 

7,348

 

7,128

 

Win Rate %

29.1

%

27.3

%

28.3

%

Win

1,897

 

2,009

 

2,019

 

 

 

 

Electronic Gaming Volume

4,482

 

3,064

 

3,167

 

Win Rate %

4.0

%

5.0

%

3.2

%

Win

178

 

153

 

102

 

 

 

 

 

Total GGR Win

4,037

 

3,318

 

3,422

 

StarWorld Macau

In Q1 2021, StarWorld Macau’s net revenue was $1.0 billion, up 1% year-on-year and up 6% quarter-on-quarter. Adjusted EBITDA was $170 million, up 63% year-on-year and up 13% quarter-on-quarter. Adjusted EBITDA margin under HKFRS was 17% (Q1 2020: 10%).

In Q1 2021, StarWorld Macau’s Normalized Adjusted EBITDA was $128 million after adjusting for good luck of $42 million, up 39% year-on-year and down 10% quarter-on-quarter. Please note that Q4 2020 Adjusted EBITDA benefited from the COVID-19 insurance claim of $25 million.

Hotel occupancy was 62% for Q1 2021.

 

StarWorld Macau Key Financial Data

(HK$’m)

 

 

 

Q1 2020

Q4 2020

Q1 2021

Revenues:

 

 

 

Net Gaming

948

 

914

 

972

 

Hotel / F&B / Others

49

 

35

 

34

 

Mall

5

 

6

 

7

 

Total Net Revenue

1,002

 

955

 

1,013

 

 

 

 

 

Adjusted EBITDA

104

 

150

 

170

 

Adjusted EBITDA Margin

10

%

16

%

17

%

 

 

 

 

Gaming Statistics9

 

 

 

(HK$’m)

 

 

 

Q1 2020

Q4 2020

Q1 2021

Rolling Chip Volume10

18,509

 

13,280

 

13,683

 

Win Rate %

2.4

%

3.6

%

3.4

%

Win

451

 

481

 

470

 

 

 

 

Mass Table Drop11

3,584

 

3,957

 

3,790

 

Win Rate %

20.2

%

16.9

%

19.2

%

Win

725

 

668

 

727

 

 

 

 

Electronic Gaming Volume

1,149

 

584

 

520

 

Win Rate %

2.1

%

2.1

%

3.5

%

Win

24

 

11

 

18

 

 

 

 

 

Total GGR Win

1,200

 

1,160

 

1,215

 

Broadway Macau™

Broadway Macau™ is a unique family friendly, street entertainment and food resort supported by Macau SMEs, it does not have a VIP gaming component. In Q1 2021, Broadway Macau™’s net revenue was $15 million, down 72% year-on-year, down 6% quarter-on-quarter. Adjusted EBITDA was $(23) million, versus $(45) million in prior year and $(28) million in Q4 2020.

There was no luck impact on Broadway Macau™’s Adjusted EBITDA in Q1 2021.

Hotel occupancy was 9% for Q1 2021.

 

Broadway Macau™ Key Financial Data

(HK$’m)

 

 

 

Q1 2020

Q4 2020

Q1 2021

Revenues:

 

 

 

Net Gaming

22

 

0

 

0

 

Hotel / F&B / Others

25

 

10

 

9

 

Mall

6

 

6

 

6

 

Total Net Revenue

53

 

16

 

15

 

 

 

 

 

Adjusted EBITDA

(45

)

(28

)

(23

)

Adjusted EBITDA Margin

NEG12

NEG13

NEG14

 

 

 

 

Gaming Statistics15

 

 

 

(HK$’m)

 

 

 

Q1 2020

Q4 2020

Q1 2021

Mass Table Drop16

114

 

NIL

NIL

Win Rate %

17.9

%

NIL

NIL

Win

20

 

NIL

NIL

 

 

 

Electronic Gaming Volume

220

 

7

 

13

 

Win Rate %

2.0

%

1.5

%

3.5

%

Win

5

 

0

 

0

 

 

 

 

 

Total GGR Win

25

 

0

 

0

 

NIL represents tables closed during the period.

City Clubs

City Clubs contributed $10 million of Adjusted EBITDA in Q1 2021, down 38% year-on-year and up 25% quarter-on-quarter.

City Clubs Key Financial Data

 

 

(HK$’m)

 

 

 

Q1 2020

Q4 2020

Q1 2021

Adjusted EBITDA

16

 

8

 

10

 

 

 

 

 

Gaming Statistics17

 

 

 

(HK$’m)

 

 

 

Q1 2020

Q4 2020

Q1 2021

Rolling Chip Volume18

1,818

 

1,078

 

940

 

Win Rate %

3.4

%

1.1

%

4.4

%

Win

62

 

11

 

41

 

 

 

 

Mass Table Drop19

972

 

732

 

667

 

Win Rate %

17.8

%

19.2

%

15.4

%

Win

173

 

140

 

103

 

 

 

 

Electronic Gaming Volume

1,268

 

667

 

495

 

Win Rate %

1.9

%

1.9

%

2.0

%

Win

24

 

14

 

10

 

 

 

 

 

Total GGR Win

259

 

165

 

154

 

Construction Materials Division

The Construction Materials Division contributed Adjusted EBITDA of $156 million in Q1 2021, up 31% year-on-year and down 52% quarter-on-quarter. Note that Q1 is historically a seasonally softer quarter compare to the other three quarters. This is an annual seasonal occurrence and we expect an improvement in Q2 2021.

Development Update

Galaxy Macau™ and StarWorld Macau

We continue to make ongoing progressive enhancements to our resorts to ensure that they remain competitive and appealing to our guests.

Cotai – The Next Chapter

GEG is uniquely positioned for long term growth. We are proceeding with the development of Phases 3 & 4 and continue to review and refine plans to ensure a world-class optimal development. We see the premium market evolving with this segment preferring higher quality and more spacious rooms. Phases 3 & 4 combined will have approximately 3,000 high end and family rooms and villas, 400,000 square feet of MICE space, a 500,000 square feet 16,000-seat multi-purpose arena, F&B, retail and casinos, among others. We will try to maintain our development targets, however due to COVID-19, development timelines may be impacted. At this point we cannot quantify the impact but we will endeavor to maintain our schedule.

The Group was pleased to announce in March 2021 the signing of a collaboration agreement with Accor for Raffles, the legendary brand that has set the standard in luxury hospitality for more than 130 years. We will welcome the iconic brand with the addition and target opening of an exclusive all-suite tower, Raffles at Galaxy Macau in the later part of 2021 or early 2022. Raffles at Galaxy Macau, will feature an approximate 450 all-suite tower and is the latest chapter in the storied history of the legendary Raffles brand and will soon introduce a new level of sophistication and refinement to Macau.

Greater Bay Area / Hengqin

We understand the strategic master plan might have been revised with more emphasis on strengthening ties with Macau’s plan for the future and the Macau community. It was reported that more information will be available shortly and we are eagerly awaiting the details. In addition, we are expanding our focus beyond Hengqin and Macau to potentially include opportunities within the rapidly expanding Greater Bay Area.

International

Our Japan based team continues with our Japan development efforts even as they deal with the COVID-19 crisis. We view Japan as a long term growth opportunity that will complement our Macau operations and our other international expansion ambitions. GEG, together with Monte-Carlo SBM from the Principality of Monaco and our Japanese partners, remain interested in bringing our brand of World Class IRs to Japan.

Selected Major Awards in Q1 2021

Award

Presenter

Galaxy MacauTM

Michelin One-star

– 8½ Otto e Mezzo BOMBANA

– Lai Heen

Michelin Plate

– Terrazza Italian Restaurant

– The Ritz-Carlton Café

– Yamazato

2021 Particularly Pleasant Luxury Hotel

– Banyan Tree Macau

– The Ritz-Carlton, Macau

Michelin Guide Hong Kong and Macau 2021

2021 Forbes Travel Guide Five-star Hotel

– Banyan Tree Macau

– The Ritz-Carlton, Macau

2021 Forbes Travel Guide Five-star Spa

– Banyan Tree Spa Macau

– The Ritz-Carlton Spa, Macau

2021 Forbes Travel Guide Five-star Restaurant

– Belon

– Lai Heen

Forbes Travel Guide

SCMP 100 Top Tables 2021

– 8½ Otto e Mezzo BOMBANA

– Lai Heen

– Yamazato

South China Morning Post

Hotel Group B (Excellence Award)

Energy Saving Concept Award (Hotel Group)

Macau Energy Saving Activity 2020

StarWorld Macau

Top Class Comfort Hotel

Michelin Two-star – Feng Wei Ju

Michelin Guide Hong Kong and Macau 2021

SCMP 100 Top Tables 2021 – Feng Wei Ju

South China Morning Post

Broadway MacauTM

Michelin Plate – Wong Kun Sio Kung

Michelin Guide Hong Kong and Macau 2021

Hotel Group B (Excellence Award)

Macau Energy Saving Activity 2020

Construction Materials Division

The 19th Hong Kong Occupational Safety & Health Award – Safety

Performance Award (Other Industries) – Outstanding

Occupational Safety and Health Council

 

 

The 19th Hong Kong Occupational Safety & Health Award – Safety

Management System Award (Other Industries) – Merit

The 19th Hong Kong Occupational Safety & Health Award – Safety

Management System Award – Best Workplace Infection Control

Measures Award (Other Industries) – Merit

Outlook

We are pleased with the progressive reinstatement of the IVS visas in Mainland through Q3 2020 and we have seen a steady recovery post Chinese New Year. The Macau Government is working closely with the Mainland authorities toward resuming approval of the online IVS visa application process and the reintroduction of package tours.

The Macau Government has an outstanding track record on handling the challenging pandemic crisis. Their focus is not only to ensure the health and safety of the community, but also ensuring that Macau is well positioned as a quality destination to attract visitors, support economic recovery and maintain the social stability of Macau. We believe that when Mainland and international tourists make future travel plans, health and safety will be foremost in their minds.

We look forward to the launching of the public consultation on the proposed amendments to Macau’s gaming law in the second half of this year. Additionally, the Macau SAR Legislative Assembly election will take place on 12 September 2021.

Recently, the Central Government announced that it was exploring a Digital Currency Electronic Payment (DCEP) project and a further discussion of using RMB digital currency. We are encouraged by this concept and support this government initiative, and we look forward to learning more about their plans.

From 1 March 2021, a new criminal law was introduced in Mainland China. We expect the new law to have significant impact on the VIP business and junket players. GEG is fully compliant with the laws and regulations of the locations where it has commercial activities. The Central Government has stressed that it wants the gaming industry of Macau to have a healthy development and diversify. GEG supports a more transparent and regulated operational environment that will benefit the development of the industry in the longer term.

GEG is ready to capture future growth with our substantial development pipeline. These include the ongoing development of Cotai Phases 3 & 4 which are specifically designed to capture a larger share of the Mass business. We continue to renovate our existing properties, reconfigure and introduce new products into our resorts to ensure they remain highly competitive and appealing to our valuable guests.

These projects will support Macau’s economy in both the near and longer term. We remain engaged in our international expansion plans including Japan. We understand that due to the impact of COVID-19, Japan has revised their timeline of Integrated Resorts licenses and we remain interested in introducing our brands to Japan. We have great confidence in Macau and we will continue with our development program. Whilst we remain confident, we are conscious that potential future flare ups of COVID-19 could impact the rate of Macau’s recovery. GEG remains committed to support the Government’s vision to develop Macau into a World Center of Tourism and Leisure.

– END –

About Galaxy Entertainment Group (HKEx stock code: 27)

Galaxy Entertainment Group (“GEG” or the “Group”) is one of the world’s leading resorts, hospitality and gaming companies. It primarily develops and operates a large portfolio of integrated resort, retail, dining, hotel and gaming facilities in Macau. The Group is listed on the Hong Kong Stock Exchange and is a constituent stock of the Hang Seng Index.

GEG is one of the three original concessionaires in Macau with a successful track record of delivering innovative, spectacular and award-winning properties, products and services, underpinned by a “World Class, Asian Heart” service philosophy, that has enabled it to consistently outperform the market in Macau.

GEG operates three flagship destinations in Macau: on Cotai, Galaxy Macau™, one of the world’s largest integrated destination resorts, and the adjoining Broadway Macau™, a unique landmark entertainment and food street destination; and on the Peninsula, StarWorld Macau, an award winning premium property.

The Group has the largest undeveloped landbank of any concessionaire in Macau. When The Next Chapter of its Cotai development is completed, GEG’s resorts footprint on Cotai will double to more than 2 million square meters, making the resorts, entertainment and MICE precinct one of the largest and most diverse integrated destinations in the world. GEG is also progressing plans for its Hengqin project and we are also expanding our focus beyond Hengqin and Macau to potentially include opportunities within the rapidly expanding Greater Bay Area. These projects will help GEG develop and support Macau in its vision of becoming a World Centre of Tourism and Leisure.

In July 2015, GEG made a strategic investment in Société Anonyme des Bains de Mer et du Cercle des Etrangers à Monaco (“Monte-Carlo SBM”), a world renowned owner and operator of iconic luxury hotels and resorts in the Principality of Monaco. GEG continues to explore a range of international development opportunities with Monte-Carlo SBM including Japan.

GEG is committed to delivering world class unique experiences to its guests and building a sustainable future for the communities in which it operates.

For more information about the Group, please visit www.galaxyentertainment.com

1 The primary difference between statutory gross revenue and management basis gross revenue is the treatment of City Clubs revenue where fee income is reported on a statutory basis and gross gaming revenue is reported on a management basis. At the Group level the gaming statistics include Company owned resorts plus City Clubs.

2 Gaming statistics are presented before deducting commission and incentives.

3 Reflects junket rolling chip volume only.

4 Mass table drop includes the amount of table drop plus cash chips purchased at the cage.

5 Total GGR win includes gaming win from City Clubs.

6 Gaming statistics are presented before deducting commission and incentives.

7 Reflects junket rolling chip volume only.

8 Mass table drop includes the amount of table drop plus cash chips purchased at the cage.

9 Gaming statistics are presented before deducting commission and incentives.

10 Reflects junket rolling chip volume only.

11 Mass table drop includes the amount of table drop plus cash chips purchased at the cage.

12 NEG represents negative margin.

13 NEG represents negative margin.

14 NEG represents negative margin.

15 Gaming statistics are presented before deducting commission and incentives.

16 Mass table drop includes the amount of table drop plus cash chips purchased at the cage.

17 Gaming statistics are presented before deducting commission and incentives.

18 Reflects junket rolling chip volume only.

19 Mass table drop includes the amount of table drop plus cash chips purchased at the cage.

Samsung Galaxy Unpacked 2021 Brings Fashion And Efficiency To S21 Smartphones And Buds Professional Earbuds

S21 series

Samsung

Galaxy Unpacked is always an exciting event for Samsung fans and especially industry analysts like me. Samsung is using the event as its own platform to share its latest corporate and consumer smartphones, tablets and many different wearable solutions. Last year’s event brought us the Note20 and Note20 +, Galaxy Z Fold 2, Galaxy Tab S7 and S7 +, and Galaxy Buds Live. Topping last year’s Galaxy Unpacked event will be tough, but I don’t think that will stop Samsung from trying.

Let’s dig into the announcement. I’ll do a B-to-B analysis later.

Galaxy S21 5G and Galaxy S21 Ultra 5G

The first announcement I want to bring up is in an all too familiar category. Ultra-premium smartphones are not a new market for Samsung, and it shows. I spent a lot of time using this last year Galaxy S20. At this year’s Unpacked, I was curious to see how the Galaxy S21 series could build on the successes of the previous generation. For strangers, the S20 and Note20 series smartphones represent the ultra-premium smartphones that are the best of the best smartphones Samsung can offer. These phones come with bright, responsive displays, lightning-fast chips, and long battery life.

S21 Ultra

Samsung

The star of Galaxy Unpacked were the three new configurations of the Samsung Galaxy S21 5G and Galaxy S21 Ultra 5G, which use the latest Android 11 operating system. The three arrangements of the device are the Galaxy S21 5G with a 6.2 “FHD (2400 x 1080), a 6.7” FHD (2400 x 1080), and a single 6.8 “(3200 x 1440) WQHD Galaxy S21 Ultra 5G model. All of the Galaxy S21 5G systems have an adaptive 120Hz display. I’ve used the 120Hz display on the last Galaxy S20 models and it was extremely responsive, so I expect a similar experience You really need to use a 120Hz display to see how different the experience feels.

Each of the systems comes standard with a Snapdragon 888 5 nm 64-bit octa-core processor. Both Galaxy S21 5G models are equipped with 8 GB LPDDR5 RAM and can be purchased with 128 GB or 256 GB of internal storage. The RAM and storage is one area where the Galaxy S21 Ultra 5G represents a huge step forward over the other models. The Galaxy S21 Ultra 5G is available in two configurations: the first has 12 GB of LPDDR5 RAM with 128 GB or 256 GB of storage and the second has 16 GB of LPDDR5 RAM with 512 GB of storage. I think it’s great that we live in a world where a premium smartphone can hold almost as much RAM and SD as a gaming PC. The 6.2 “S21 5G model is equipped with a 4000 mAh battery, the 6.7” S21 5G model with a 4800 mAh battery and the S21 Ultra 5G with a 5000 mAh battery.

S21 Ultra

S21 Ultra

Samsung

The cameras Samsung can put in these smartphones are always the front runners in the smartphones category, including photo and video performance.

Galaxy S21 5G cameras –

The Galaxy S21 5G uses a unique front camera and a rear-facing three-camera system for photo and video.

  • Front camera: 10MP Dual Pixel AF, F2.2, 80 degree field of view
  • First reversing camera: Ultra-wide 12MP, F2.2, 120 degree field of view
  • Second reversing camera: Wide angle 12MP, F1.8, Dual Pixel AF
  • Third rear view camera: Tele 64MP, F2.0 phase detection AF, hybrid optics 3.0
  • In addition to these specifications, the Galaxy S21 5G supports 30x space zoom.

S21

S21

Samsung

Galaxy S21 Ultra 5G cameras –

The Galaxy S21 Ultra 5G is a good boost in camera performance compared to the Galaxy S21 5G. The Galaxy S21 Ultra 5G uses a unique front camera and quad rear camera system.

  • Front camera: 40MP phase detection AF, 80 degree field of view, F2.2
  • First reversing camera: Ultra-wide 12MP Dual Pixel AF
  • Second reversing camera: Wide angle 108MP phase detection AF, F1.8
  • Third reversing camera: Tele 1: 10MP Dual Pixel AF, optical 3x, F2.4
  • Fourth reversing camera: Tele 2: 10 MP Dual Pixel AF, optical 10x, F4.9

A major difference to the Galaxy S21 5G compared to the Galaxy S21 Ultra 5G are the better camera solutions, including 100x room zoom, laser AF sensor and two telephoto lenses. Another distinguishing feature of the Galaxy S21 Ultra 5G is the use of the S Pen via Wacom technology. The S21 Ultra 5G is also one of the first smartphones to support Wi-Fi 6E. The smartphones will be available in Phantom Black, Phantom Titanium, Phantom Navy and Phantom Brown. Pre-orders for the systems will begin on January 14th.

Galaxy Buds Pro

Samsung claims that the new Galaxy Buds Pro are the highest quality earbuds it has ever released. I have to say after reading the specs and watching the promotional video, I first have to agree. The new design of the Galaxy Buds Pro looks a bit slimmer than the last generation, but retains a design of similar quality. I didn’t think the design needed to change much, but it appears that the internals of Galaxy Buds Pro have been upgraded from Galaxy Buds Live. In my opinion, a set of wireless earbuds can boast significant noise cancellation, great highs and lows, and a reliable microphone.

Galaxy Buds Pro

Galaxy Buds Pro

Samsung

The new earphones have an 11-millimeter woofer for enhanced bass and a 6.5-millimeter tweeter for more powerful highs. What that plaintively means is that this audio experience will have better bass, clearer, and louder audio. With a large workforce still working remotely or in a hybrid environment, a good microphone for earphones is essential. In general, earbuds are historically poor in microphone quality, so I wasn’t expecting a significant improvement in the Galaxy Buds Pro over Samsung’s Galaxy Buds Live. Samsung added some new features to improve the microphone quality of the new earbuds. The additions include three microphones and a voice pickup unit (VPU). The external microphones also use a signal-to-noise ratio of SNR, which also reduces background noise. In addition, Samsung has incorporated its new Wind Shield technology, which is intended to address some issues with using the earbuds outdoors.

What’s interesting is that the earbuds can tell when a user is talking and that the earbuds automatically override the noise cancellation functions and switch to ambient noise. The device allows the user to keep the earbuds when talking to someone. I could have used this feature at the post today when someone called me on a different line and my noise-canceling earbuds prevented me from hearing the person behind me alerting me.

With the new Galaxy Buds Pro, you can expect 5 hours of battery life on a single charge with ANC enabled. You can also add an additional 13 hours of battery life to the charging case, so effective that 18 hours of operating time would charge the charging case. The new Galaxy Buds Pro will be available in three color waves, including phantom purple, phantom black and phantom silver. Starting January 14, the earbuds start at $ 199.

Wrap up

With Galaxy Unpacked officially behind us in 2021, a lot of devices have been launched that I can’t wait to get my hands on. Samsung doubled in size and pushed more chips into the table by launching its new S21 range of 5G-enabled devices. The smartphones have incredible displays and I can’t wait to test out the new camera options with this lineup. The Galaxy Buds Pro couldn’t come at a better time. With audio and video conferencing still prevalent while navigating Covid-19, the need for top quality noise-canceling earphones and a great microphone remains constant. Starting at $ 199, I could see these Apple Airpods Pro earbuds have been replaced for many users, especially at 20% cheaper prices. But it has to work because I’m willing to pay more for better. We will see.

Galaxy Unpacked 2021 was another exciting event that was well done by the Samsung team. I’ll follow up on more of a B-to-B take later.

Note: The authors and editors of Moor Insights & Strategy may have contributed to this article.

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