Galaxy Entertainment Says Galaxy Macau Phase 3 Opening Likely In Early 2023

Summary

• Galaxy Macau Phase 3 opening delayed
• Likely to open to the public in early 2023
• COVID-19 responsible for delayed opening

Lui Che Woo, founder and chairman of Hong Kong based Galaxy Entertainment Group Ltd. said that Phase 3 of Galaxy Macau casino resort in Cotai might open at the end of 2022, or in early 2023.

Previously, the group had mentioned in August 2021 that Phase 3 was on track for an opening in the early part of 2022.

Galaxy Entertainment has now said that the current market condition is the reason for the unclear timetable.

COVID-19 Restrictions Made Opening Date Hard to Pin

Woo discussed the Phase 3 opening during a web conference held on 23 February to discuss Galaxy’s full-year and fourth-quarter revenue. The executive said that Phase 3 is eager to open for business by the end of 2022 or early 2023. Woo stated that the company would confirm the date in due course of time. He referred to the current travel restriction for tourists inbound to Macau due to COVID-19, as something Galaxy couldn’t control.

Galaxy vice-chairman, Francis Lui Yiu Ting also acknowledged the travel restrictions as a challenge to determining a tentative date for the Phase 3 opening. In August 2021, Galaxy had hinted at opening the hotel Raffles, a property within Phase 3, in the early part of 2022.

However, in their filing to the Hong Kong Stock Exchange on 23 February, the company said that the hotel would open to align with the prevalent conditions of the market. Other Phase 3 elements like the Andaz Macau hotel and the Galaxy International Convention Center would follow suit after the Raffles-branded hotel opens.

Yiu Ting also confirmed that the construction of the proposed structures in Phase 3 is complete. Galaxy is also taking delivery of the completed construction work. Currently, the company is working with the concerned departments of the Macau government to obtain the required permits for the casino resort in a timely fashion.

More Details On Phase 3 and 4 of Galaxy Macau

Galaxy Entertainment released a presentation document outlining Phases 3 and 4 of the Galaxy Macau casino resort which will include about 3,000 high-end villas and family rooms.

Other constructions would be a multipurpose arena spanning 500,000 sq. ft. that will accommodate 16,000 people and a space for meetings, incentives, conferences, and exhibitions (MICE) of 400,000 sq. ft. Food and drink outlets, casinos, and various shops are also a part of the expansion plans.