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Asian casino operator Galaxy Entertainment Group Limited has reportedly announced that it eventually intends to bring eight new hotels offering a total of at least 3,000 rooms and villas to its giant Galaxy Macau development.
According to a report from Inside Asian Gaming, the Hong Kong-listed firm’s Vice-Chairman, Francis Lui, detailed that the coming facilities are to be primarily marketed towards high-end mass-market visitors and be complemented by the simultaneous premiere of multiple restaurants and an amphitheatre as well as new casino and retail spaces. The executive purportedly told the source that these hotels will be constructed as part of the upcoming third and fourth stages of the Cotai Strip venue’s expansion that is to additionally involve the debut of the adjacent Galaxy International Convention Center.
Rapid rise:
Galaxy Entertainment Group Limited opened the $1.9 billion first phase of its 2,200-room Galaxy Macau in May of 2011 before going on to add a trio of new hotels some four years later so as to take the mammoth property’s aggregated room count beyond 3,450. The development is reportedly expecting to finish the third stage of its expansion later this year via the opening of the Galaxy International Convention Center and subsequently hopes to have completed its remaining enlargement in time for the start of 2026.
Wider concerns:
Lui reportedly proclaimed that his firm is moreover still hoping to win the right to build and operate one of the three integrated casino resorts being planned for Japan and additionally believes that the global casino market will improve over the course of the next few years following its recent year-long devastation at the hands of the coronavirus pandemic.
Improving financials:
In related news and Inside Asian Gaming used a second story to report that Galaxy Entertainment Group Limited, which is similarly responsible for the impressive StarWorld Macau and Broadway Macau venues, saw its earnings before interest, tax, depreciation and amortization for the final three months of 2020 rise by 207% quarter-on-quarter to hit almost $128.97 million. Although this result was purportedly some 75% lower than the around $528.77 million recorded for the same three-month period in 2019, it nevertheless bested the previous quarter’s disappointing $121.61 million loss.
Continuing the good news and the casino firm also reportedly proclaimed that its net fourth-quarter revenues had surged by 229% quarter-on-quarter to approximately $657.75 million as its aggregated gaming receipts swelled by an astonishing 435% to reach in the region of $598.42 million.
Source: Worldcasinodirectory, Worldcasinonews
