Jan 23, 2015 Newsdesk Latest News, Macau, Top of the deck
The second phase of casino resort Galaxy Macau (pictured in an artist’s rendering) will open on May 27, Macau-based gaming operator Galaxy Entertainment Group Ltd announced on Friday.
The company will also open on the same day the refurbished Grand Waldo complex, located across the road from Galaxy Macau, in Macau’s Cotai district. The property will be rebranded ‘Broadway at Galaxy Macau’.
Galaxy Entertainment said in a press release the two new developments together would cost HKD43 billion (US$5.5 billion), part of “a planned HKD100 billion commitment to Macau”.
The press release included no mention to extra allocation of gaming tables or slot machines linked to the two new developments. Prior to its closure for refurbishment in mid-2013, Grand Waldo included a casino with 45 gaming tables.
The company acquired the Grand Waldo in July 2013 at a consideration of HKD3.25 billion from third party investors. The property’s casino was already operating under Galaxy Entertainment’s gaming licence.
Galaxy Entertainment has scheduled a press conference for Friday afternoon (Macau time), where it is expected top management will unveil more details about these new developments.
In a note after the Galaxy Entertainment announcement, Deutsche Bank AG analyst Karen Tang wrote: “Management said they are still in discussion with the government on table allocation.”
Ms Tang said the announcement “should relieve investor concerns on delays”.
She added: “We see this as a clear catalyst for a pre-opening rally… Phase 2 will feature plenty of non-gaming elements, including multi-purpose arena for shows and exhibitions, 50 restaurants and over 200 retail shops. We think the Beijing government would be happy that Galaxy is helping Macau to diversify its tourism offerings.”
Phase two of Galaxy Macau also includes the world’s first all-suite Ritz-Carlton hotel and Asia’s largest JW Marriott, with over 1,000 rooms, said Galaxy Entertainment in the press release.
Broadway at Galaxy Macau will include a 320-room hotel and a theatre with 3,000 seats, the release added. It “will be a family oriented integrated resort”, linked to Galaxy Macau via an air-conditioned sky-bridge.
“We are now taking our vision even further by doubling the size of our resort and presenting unlimited experiences,” Galaxy Entertainment vice chairman Francis Lui Yiu Tung was quoted as saying, in reference to phase two of Galaxy Macau and Broadway.
He added: “Together these add a further 550,000 square metres [5.9 million sq feet] to our existing developments in Cotai, which will increase our footprint to over 1.1 million square metres of spectacular attractions.”
In December 2012, Galaxy Entertainment outlined its concept for phases three and four of its Cotai landbank, an investment of at least HKD55 billion, according to the figures included in today’s press release. The firm has previously said it expects to commence site investigation works in early 2015.
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