Casino Giant Galaxy Ent to Spend $5.54 Bn on 3rd & 4th Phase Development

Galaxy Macau CotaiThe 3rd and 4th Phase development of Integrated Resort Project of Galaxy Macau in Cotai will see an investment of HKD43 Billion or US$5.54 Billion from the Galaxy Entertainment Group. The news was confirmed by Francis Lui Yiu Tung who is the Deputy Chairman of the Company.

Lui spoke to a media outlet in Hong Kong where he has said that new developments will have an important array of attractions for young people and their families. He has further added that he has high hopes for this project and it will definitely surprise people.

Lui has made the following statement in public:

For Phase 3 and Phase 4, it [the investment] will be definitely no less than that figure [HKD43 billion].

According to Lui, the non-gaming facilities in Phase 3 will include a live performance venue and convention centre. The Phase 4 development will be dedicated towards middle-class tourists, millennials and families apart from MICE segment that comprises of meetings, incentives, conferences and exhibitions.

Millenials are actually those people who are born at the end of the 20th century between 1980 and 2000. The Deputy Chairman says that the company is targeting these group of people for increasing the customer base in their casinos.

According to Lu, the Millenials are very much interested in innovation, technology and leading a stylish lifestyle. The traditional form of gambling is often described as not attracting this customer segment. At the time of releasing the 2016 financial results, Galaxy Entertainment has said that the construction work for the next phase is likely to commence by the end of first quarter of 2017 or second quarter.

As per the reports published by Hong Kong media outlet, Lui is optimistic there will be a stable growth in both VIP as well as mass gaming segment in spite of the fact that China and other countries across the globe are facing uncertain economic scenario. The Deputy Chairman has made a speculation that revenue growth will be in the range of high single digit up to low teens.

He further points out that the company is trying to increase its market share and there is a rise in revenue from its key projects in Macau – Galaxy Macau Phase 1 and Phase 2, Broadway Macau situated in Cotai and StarWorld Macau located on Macau peninsula. The casino industry of Macau has been experiencing a high growth in the last few months in spite of suffering from a steady decline in revenue for the past 2 years.

In order to renovate the existing facilities, a seven-digit budget in terms of Hong Kong Dollars was set aside. This report was confirmed by Lui. The company is committed to looking forward to opportunities in foreign lands based on the comments made by Lui. Japan’s newly opened market is a particular area of focus due to its potential as an important casino market.

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