Galaxy Entertainment Group opened Macau’s first major resort since 2012 with its expanded Galaxy Macau resort and Broadway Macau.
Opening with a carnival featuring street dance, acrobats and troops marching, The Galaxy Phase II and Broadway mark HK$43 billion of a HK$100 billion planned investment by the group in Macau.
In four years the resort has doubled in size, currently standing at 1.1 million square meters, the company said in a media release.
“We have a firm commitment to contribute to the diversification of the region’s leisure and entertainment industry. We also promised to develop and nurture local talent and promote local culture to support the economy. Rooted in Macau...” said Lui Che-woo, chairman of GEG.
Galaxy Macau is now the first and only resort in Macau to offer six hotels, including The Ritz-Carlton with over 250 suites and Asia’s largest JW Marriott with over 1,000 rooms, providing close to 4,000 rooms in total.
The whole expanded resort will feature 120 food and beverage outlets, 200 retail stores, live entertainers and street-style vendors serving local cuisine and souvenirs. The new 3,000 seat Broadway Theatre will showcase music and other live performances.
The Promenade will connect Galaxy Macau Phase 1 and Phase 2 and feature over 200 luxury and lifestyle retail brands including over 30 first-to-Macau brands, the company said.
However, Galaxy’s expansion comes at a time when, what Sterne Agee analyst David Bain describes as, an environment the government has created of “increasing unease amongst operators and investors as it interprets mainland directives and offers knee-jerk reactions to Macau citizen whims.”
“The Government’s table allocation procedure of “finish your multi-billion resort and we will decide later” is one of several locally created market uncertainties.”
Bain added that the government’s allocation of 150 gaming tables for Phase II is a “negative indicator for other slated openings.”
“Macau stock reaction has been muted given Galaxy’s table allocation was expected, but property openings at table levels lower than 400 puts consensus estimates at risk and has operators concerned”
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