Wednesday, August 17, 2022

Galaxy to get less tables than hoped, UBS says


Macau’s Galaxy Phase 2 may only be granted up to 150 new gaming tables, far less than what it can accommodate, USB analysts argue.

“There have been rumors that Galaxy [phase two] can accommodate 500 [new gaming tables]. The management [of the resort] hopes that they can have 300 [new gaming tables]. The market predicts that they get 200, and it is possible that ultimately they only get 100 to 150. The result will come out as soon as March or April,” said UBS Securities Asia analyst Anthony Wong, quoted in the media.

The analyst quoted Macau government policy which has set a three percent target for the annual growth of gaming tables in the next decade, meaning the six new casino projects that are set to open in the coming years will share a total of 1,800 tables. Table allocation will be depend on how many operators already have and the extent their non-gaming facilities.

Wong predicts that year-on-year gaming revenue in February will slump 37 to 42 percent.

Comment: AGB has argued that while table count is a calculating factor, labour is a far greater issue facing the local operators.     

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