Galaxy Entertainment Aims For 2024 To Open New Hotel

Macau Casino Operator Galaxy Entertainment has announced its plans to complete a significant portion of a new hotel at the Galaxy Macau casino resort on Cotai within the next year. The project, known as “Phase 3D,” is part of the company’s 2024 investment program and aims to bring a unique and innovative hotel product to Macau.

With the addition of the new hotel, Galaxy Entertainment Group will promote a total of 10 hotel brands in Macau. According to Francis Lui Yiu Tung, the deputy chairman of the company, the new hotel will be run by a world-renowned brand and is expected to offer a hotel experience that has not existed in Macau before.

The exact opening date for Phase 3D has not been specified, but it is anticipated to be a significant addition to the market with its exclusive positioning and estimated less than 100 room keys. Lui believes that this unique offering will attract high-end consumers to the resort.

During an official opening ceremony for the already completed portions of Galaxy Macau Phase 3, several key elements were introduced in stages. These include the 16,000-seat arena at the Galaxy International Convention Center, which launched in the spring and has already hosted performances by popular K-pop group Blackpink.

Other facilities within Phase 3, such as The Raffles at Galaxy Macau hotel and Andaz Macau, opened their doors to selected guests and the public in the summer and September respectively. The development of Phase 4, which will consist of additional hotel space and a theater, is already well underway.

Galaxy Entertainment Group’s 2024 plan aligns with its gaming-concession commitment to the Macau government. Lei Wai Nong, the city’s Secretary for Economy and Finance, confirmed that all six Macau operators, including Galaxy Entertainment, have submitted their respective concession-related investment execution plans for 2024.

According to Lui, the company’s 2024 investment plan involves a range of entertainment and sports events. Galaxy Entertainment is set to host the World Cup of men’s and women’s singles in table tennis in April 2024, as well as the Women’s Volleyball Nations League in the same year. In addition, the company plans to host over 50 major concert nights and 250 MICE (meetings, incentives, conferences, and exhibitions) events in 2024.

Galaxy Entertainment Group is committed to ongoing reinvestment in Macau. Lui expects the Macau government to increase the reinvestment threshold in the market as the city’s annual casino gross gaming revenue (GGR) reaches a certain level. Once the threshold of MOP180 billion (US$22.37 billion) is reached this year, the government may require additional investment from casino operators.

Lui mentioned that the company will consider how to address this top-up investment, including refreshing existing hotels, after the new year. Galaxy Entertainment has already pledged an overall investment of MOP28.4 billion for its current 10-year concession, with the majority going towards non-gaming activities and exploring foreign customer markets.

Under the concession framework, the Macau government has the authority to increase the investment in non-gaming and exploration of foreign customer markets by up to 20 percent, or approximately MOP5.5 billion. Galaxy Entertainment remains committed to meeting these requirements and contributing to Macau’s continued growth and development.