More focus on MICE, tourists
No Macau recovery? No problem.
That’s the word from Galaxy Entertainment Group Vice Chairman Francis Lui Yiu Tung, who says his company is going full-speed ahead with plans for Phases III and IV of development at the company’s resort in the city, which is now in the third year of an historic downturn.
Lui told the Macao Daily that Galaxy will develop the two new projects on their original schedules, with Phase III starting by the end of this year and Phase IV starting next year. He said 97 percent of the expansion projects would be devoted to non-gaming facilities, with a focus on MICE and mainstream tourists and families, the Macau Business Daily reported. He said the total investment cost will be about HK$40 billion (US$5.16 billion) to HK$50 billion.
He added that the number of gaming tables is less important in the evolving market, which has lost much of its VIP trade due to a government crackdown on graft and money laundering. Galaxy opened Phase II and Broadway in May 2015 with just 150 gaming tables.
