Concession due to expire the following year
Francis Lui, deputy chairman of Macau casino operator Galaxy Entertainment Group, says stage one of Phase III of the company’s Galaxy Macau casino resort could be ready by the end of 2019.
On the sidelines of a press conference in Hong Kong, Lui told reporters the company is willing to invest up to HKD50 billion (US$6.4 billion) on Phases III and IV of the integrated resort, which opened in 2011.
The firm, which will see it current Macau gaming concession expire in 2022, posted annual profit up 67 percent year-on-year, reported GGRAsia.
Phases III and IV will include additional casino space and more than 4,500 extra hotel rooms, said Lui, along with “a large-scale arena that can house 16,000 seats, like those that you see in Hong Kong and elsewhere in Macau.” The IR will also host a “highly-anticipated” convention and meeting facility.
“For Phase IV, that we are also starting works on, we hope that we can bring more novel, technology and leisure elements that can help us to expand our presence,” said Lui. He added that Phase IV would be largely focused on non-gaming attractions.
Lui also talked about the group’s plans for a casino resort on the Philippine island of Boracay. Galaxy announced in December that it would partner on the investment with Philippines-based Leisure and Resorts World Corp. Lui described the proposed resort as an “eco-friendly, low-density” tourism project, with an investment budget of US$500 million.
“Galaxy Entertainment is successful because we have been more engaged in Macau, but at the same time we feel that with our financial strength, our influence and customers’ demand, we can expand our businesses. Following the warming of relations between Philippines and China, there are business opportunities, and Boracay is our first try,” Lui said.
The company also has Japan in its sights and has opened an office in Tokyo. “We have been incessantly working on market research, promotions, and contacts building. This year, the Japan government may speed up so we are also stepping up our preparation, in hope that if this year the government has started the bidding process, we are fully prepared for it,” said Lui.
