Galaxy targets completion of new Cotai hotel in 2024

Within the next year, Galaxy Entertainment Group Ltd, the operator of Galaxy Macau casino resort on Cotai, intends to finish building a significant portion of a new hotel as part of its 2024 investment program.

The hotel facility, called “Phase 3D,” will have less than 100 room keys available and be managed by a well-known company. With a focus on upscale guests, Galaxy Entertainment hopes to position the hotel as a distinctive offering in Macau.

Francis Lui Yiu Tung, the deputy chairman of Galaxy Entertainment, said that construction was well underway but was unable to provide an opening date for Phase 3D. Galaxy Entertainment currently advertises eight hotel chains in Macau.

The company’s investment plan for 2024 calls for hosting the Women’s Volleyball Nations League in April of that year as well as the World Cup of table tennis singles for men and women. Galaxy Entertainment plans to keep making hardware investments, with Phase 3D being a top focus.

According to Lui, the Macau government would increase the amount of reinvestment in the near future since the city’s total gaming revenue from casinos exceeds MOP180 billion (US$22.37 billion) annually. The government may insist that casino operators boost their investment when the threshold is reached.

For its current 10-year concession, Galaxy Entertainment has invested a total of MOP28.4 billion, with a significant portion going into non-gaming and investigating international client markets. The government has the authority to require an additional investment of up to 20% under the concession framework.

Original story by: GGRAsia