There were 18 hotel projects under construction in Macau and 25 projects undergoing government approval at the end of the first quarter of 2015, official data from the local government show.
They would together provide close to 25,600 new hotel rooms to Macau. The data don’t give estimated completion dates for the new hotel projects.
Macau had about 28,400 hotel rooms at the end of March, show data from the city’s Statistics and Census Service.
The number of hotel guests in Macau however declined for the fourth consecutive month in March judged against year prior periods. A total of 796,900 guests were recorded in March, down by 16.1 percent from a year earlier, according to official data.
The number of hotel guests in the first three months of 2015 fell by 11.5 percent year-on-year to 2.36 million. Total visitor arrivals in the first three months of 2015 fell by 3.6 percent from the prior-year period to 7.41 million.
Macau has emerged as the destination with highest hotel rates in the Asia-Pacific region, according to a report published earlier this month.
The HRS Hotel Price Radar for the three months to March 31 found that Macau topped the list with an average rate of about US$202, 64 percent higher than in the same period last year. Sydney, in Australia, was second, while Hong Kong completed the top three.
The Macau government data show the majority of the new hotel room supply will be located in Cotai, where the city’s six casino operators are all developing new large-scale casino resorts featuring hotels with hundreds of rooms each.
Galaxy Entertainment Group Ltd is opening the HKD19.6-billion (US$2.5-billion) Galaxy Macau Phase 2 on May 27. The company will also open on the same day the Broadway at Galaxy Macau, located across the road from Galaxy Macau, in Macau’s Cotai district.
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”The upswing in visitation and gaming revenue is likely to aid Fitch-rated casino operators with a presence in Macau in reducing their debt levels”