Andaz Macau is to open all 700 rooms by Chinese New Year 2024, according to a note from CBRE Securities.
Macau.- According to CBRE Securities, Andaz Macau, the second of the two new hotels in Phase 3 of the Galaxy Macau casino resort, is expected to open all of its 700 rooms by Chinese New Year in 2024.
The hotel is owned by Galaxy Entertainment Group Ltd and was launched on September 15. It is directly connected to the Galaxy International Convention Center (GICC) and the 16,000-seat Galaxy Arena, which were both launched earlier this year.
CBRE analysts John DeCree and Max Marsh wrote that the company should begin to see return on investment accelerate from recently-opened projects, including GICC, Galaxy Arena, Raffles at Galaxy Macau, and Andaz Macau. The Raffles at Galaxy Macau Hotel Tower had a soft opening to the public in mid-August.
Galaxy’s mass-market gross gaming revenue in the fourth quarter to date is at 110 to 120 per cent of 2019 levels, according to the CBRE analysts. CBRE forecast that Galaxy Entertainment’s net revenue would reach HKD10.76bn in the fourth quarter, with adjusted EBITDA of nearly HKD3.37bn.
Galaxy Entertainment has recently shared its financial results for the third quarter of the year and posted net revenue of HK$9.7bn (US$1.24bn). The figure was up by 11.4 per cent sequentially and 374.4 per cent from the prior-year period. The company also posted adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of HK$$2.8bn (US$354.2m).