Inside Asian Gaming

DECEMBER 2018 INSIDE ASIAN GAMING 11 Macau junket workers added to list of employees banned from casino floors Galaxy Phase 3 launch to be delayed until mid-2020 Macau junket workers have been added to the list of employees to be banned from entering the city’s gaming floors under a law currently being revised by the Legislative Assembly. The latest update to the law was revealed by Ho Ion Sang, Chairman of the 1st Standing Committee of the Legislative Assembly, after legislators made the decision to include junket workers during a meeting on Tuesday. The bill, which was given preliminary approval in July but is still being examined by a working committee, aims at preventing problem gambling among employees – primarily dealers but also cage staff, cleaners and some food and beverage workers. The amended law would see those gaming workers impacted banned from entering Macau’s casino floors outside of work hours, with the exception of three days during the Lunar New Year or for special duties such as training. The launch of the first stage of Galaxy Macau’s Phase 3 development will likely be postponed until mid-2020 due to delays in acquiring various government approvals, according to Union Gaming analyst Grant Govertsen. In a note, Govertsen revealed that construction work on Phase 3 has “largely maxed out for the time being” pending the approvals. As a result, it is unlikely that Phase 3, including the first batch of new hotel rooms, will come online until mid-2020, with the project having previously been expected to open in stages from late 2019. Govertsen added that design work on Phase 4 continues as usual. Despite the delay, Union Gaming maintains Galaxy as “the best operator in the market today” and well placed to ward off any headwinds in the coming years as it waits to add to its Cotai presence with the addition of Phases 3 and 4. Galaxy saw its net revenue grow 6% year-on- year to HK$13.0 billion and Adjusted EBITDA 10% to HK$3.9 billion in 3Q18, with both mass and VIP performing strongly.