The third phase of Galaxy Macau will open in the second half of the year!
Galaxy Entertainment (00027) held an online performance press conference on Thursday (25th) and revealed that it plans to add 8 hotel brands to the third and fourth phases of Macau Galaxy Hotel, with approximately 3,000 rooms.
Vice Chairman Lu Yaodong said that it will provide about 3,000 family rooms and holiday homes for the high-end market and family customers.
Although due to the ongoing coronavirus, the completion time of all new development projects is difficult to determine. However, Lu Yaodong made it clear that in addition to the Galaxy International Convention Center, Variety Arena, new shopping malls, casinos and restaurants, GEG "needs to plan 8 new hotels."
He said: "With regard to our target of 3,000 hotel rooms, we are targeting our high-end, midfield customers."
"So we hope that these 3,000 rooms can meet the needs of families who come to Macau for vacation and provide the standard of rooms they require."
"We plan to gradually put the third phase of this year into use in the second half of this year. The fourth phase has already begun. We hope to open the fourth phase in the next three to four years, but it is difficult to determine."
Vice Chairman Lu Yaodong revealed that the third phase of the company's Galaxy Macau property in Cotai will be opened in the second half of this year. As for the fourth phase, the construction works are in progress, and the exact opening date is unknown. At this stage, it can only be said that it will continue to open in the next two or three years.
Galaxy Phase III may host a six-person theater
Earlier, Lu Yaodong said that he hoped that the new project could combine technology and leisure elements to attract customers.
According to news, most of the first phase of Phase 3 of Cotai is entertainment facilities. In addition to the casino, there is also a theater that can accommodate 16,000 people. The fourth phase of non-gaming elements reached 97%. The two new projects strive for excellence and bring new attempts to meet the needs of guests in the next five to ten years.
As for market analysis, even taking into account the use of the new crown pneumonia vaccine this year, Macau's gaming revenue this year can only recover to about 60% before the 2019 epidemic. Lu believes that the relevant analysis has underestimated the potential explosive power of Macau's gaming industry. He also believes that as long as everyone is vaccinated and the epidemic is under control, the market will definitely return.
Chairman Lu Zhihe has confidence in the vaccine and believes that if the government continues to promote injections, the epidemic will decrease if it continues and will stabilize in 6 to 7 months. The company will continue to look for opportunities in the Greater Bay Area, especially in Hengqin, and revealed that the company "has already spent a lot of time" in the region.
In addition, he also mentioned the issue of Macau's new gaming license. He believed that the mainland government's views on Macau's gaming industry are "how different" than in the past. He hopes that the gaming industry can be normalized, adding elements of entertainment for the whole family, instead of relying solely on gambling. He also pointed out that the equipment currently being built by the company is going in this direction.