Galaxy Entertainment Group’s Phase 3 Galaxy Macau development is now headed for a late 2020 launch – delayed from mid-next year – with the new 1,500-room hotel pushed back to 2021, the company revealed on Tuesday.
Providing a progress report during a media event in Hong Kong to announce the company’s 2Q19 earnings results, Galaxy placed a late 2020 or early 2021 opening date on its 400,000-square foot MICE facility and 16,000-seat arena.
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The company is “building as much as the government allows,”said Galaxy CFO Robert Drake, indicating that the pace of construction is limited by official procedures and permissions.
Galaxy Macau Phase 3 will also include additional F&B and retail outlets, with Deputy Chairman Francis Lui stating the company continues to adapt to the government’s diversification policy.
“The mid-market is what the government wants,” he said.
Phase 4 remains on track to open in 2022, Lui added, with piling work now complete and the company completing final preparations for construction.
Asked about a recent directive from Macau’s gaming watchdog, the Gaming Inspection and Coordination Bureau, banning VIP operators from conducting any of its cross-border activities on local soil, Lui said Galaxy “understands the government policy” and welcomed the change.
As to Galaxy’s own VIP policies given that group-wide VIP turnover declined by almost 38% in 2Q19, Lui said, “We will not compete in offering rebates to VIP, because it would be a vicious circle. We will compete in service.”
