Galaxy Entertainment Group said Thursday that it will start progressively opening Galaxy Macau Phase 3 in 2Q23 – more than a year after construction was effectively completed.
Providing a development update as part of its FY22 and 4Q22 results release, GEG said both Galaxy Arena and Raffles at Galaxy Macau would open during the June quarter, although the launch of its new luxury lifestyle hotel Andaz Macau would remain dependent on market conditions.
As part of the property’s progressive opening, Phase 3 will host its first MICE event in April, followed by concerts K-Pop TREASURE and BLACKPINK’s world tour at Galaxy Arena.
“We are now firmly focused on the development of Phase 4, which is already well under way,” the company explained. “We see the premium market evolving with this segment preferring higher quality and more spacious rooms. We continue to proceed with the construction of Cotai Phase 4, our next generation integrated resort, which will complete our ecosystem in Cotai.”
In a note, Jefferies analyst Andrew Lee said news of the launch is “is a positive sign as management had previously noted that Phase 3 opening would depend on recovery outlook, hence reflects their positive outlook.”
GEG did, however, reveal that it still needs to hire an additional 700 new staff for non-gaming at Phase 3 as it battles a Macau-wide labour shortage.
Nevertheless, the company said it remains confident in the development of Macau, having recently committed a further investment of MOP$28.4 billion (US$3.5 billion) over the next decade, “of which over 96% of the investment will be used for non-gaming projects and exploring overseas customer markets over the next decade.
“Our further investment will have a particular focus on themed amusements, entertainment and performances, MICE, sporting events, culture and art,” GEG said.
“We will work with the Macau Government and are currently finalizing our investment plans which will be submitted to the Government by the end of March. We continue to review the Greater Bay Area and Hengqin for opportunities, but our current priority is focused on Macau.”
