Part of Phase 3 for Cotai casino resort Galaxy Macau can be in operation by 2019, Lui Che Woo (pictured), chairman of its promoter, Macau-based casino operator Galaxy Entertainment Group Ltd, told Hong Kong Chinese-language media on Thursday.
It was not clear from media reports what elements would be operational in the earliest stage of Phase 3, which Mr Lui referred to as “Part A”.
The firm is now speeding up the development of Galaxy Macau Phases 3 and 4, the chairman told media on the sidelines of his firm’s annual general meeting. The group would like to see the other parts of Phase 3 and the whole of Phase 4 be operation within two to three years starting from 2020, Hong Kong newspaper Ming Pao cited Mr Lui senior as saying. Galaxy Entertainment’s current Macau gaming rights are due to expire in 2022.
In February Francis Lui Yiu Tung, deputy chairman of Galaxy Entertainment, had said Phase 3 of Galaxy Macau would feature 1,500 hotel rooms, some casino space, a large-scale arena that could hold 16,000 seats. There would also be a centre for meetings, incentives, conferences and exhibitions, a business segment commonly referred to in the industry as “MICE”. Phase 4 of Galaxy Macau, which has been flagged as having a non-gaming focus, is designed to supply approximately 3,000 rooms.
“Capital expenditure for Phase 3 and Phase 4 projects in the first quarter was approximately HKD700 million, [and] total capex budget of HKD45 billion has not been changed,” brokerage Sanford C. Bernstein wrote in a Thursday note, following the first-quarter results announcement of Galaxy Entertainment.
The brokerage had mentioned in a February 28 note – citing information provided by Galaxy Entertainment – that Phase 3 and Phase 4 were to have casino space.
When speaking to media on Thursday, Galaxy Entertainment senior management also made brief remarks regarding the group’s Japan ambitions. The deputy chairman said the firm was looking to expand its Japan-based team, which is now headed by former Melco Resorts and Entertainment Ltd executive, Ted Chan Ying Tat.
On Friday the group confirmed in a filing to the Hong Kong Stock Exchange that Michael Mecca has been appointed as a non-executive director with effect from May 4. Mr Mecca moves to the board from a previous role as president with responsibility for international development, a job he had held since 2015, before which he was group president and chief operating officer.
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“We see that basically the ‘golden’ periods [for Macau's casino industry] are all concentrated in the second half of this year”
Lei Wai Nong
Macau’s Secretary for Economy and Finance