The casino operator has signed a subcontract with a unit of China State Construction Development Holdings Ltd for the façade work on Galaxy Macau Phase IV.
Macau.- Galaxy Entertainment is making progress with the construction of its Galaxy Macau casino Phase IV. The company has confirmed that it has awarded a HK$2.24bn (US$285.4m) subcontract to Far East Facade (Macau) Ltd, a wholly-owned subsidiary of China State Construction Development Holdings, to build the façade of the complex.
The news comes after Francis Lui Yiu Tung, deputy chairman of Galaxy Entertainment Group, announced that Galaxy Macau phase IV could open in 2024.
Galaxy Entertainment had already signed a MOP13.01bn (US$1.6bn) preliminary contract in February 2021 with a local unit of China State Construction International Holdings for the development of Galaxy Macau’s Phase 4.
Together with Phase III, the complex will add 3,000 high-end and family rooms and villas, and a 16,000-seat multi-purpose arena.
There will also be space for meetings, incentives, conference and exhibition (MICE) businesses, food and beverage outlets, and shops, as well as casino facilities. Both phases III and IV focus on non-gaming facilities. Galaxy Macau’s Phase III is expected to open by the end of this year depending on market conditions.
Galaxy Entertainment revenue down 20% for Q1
In May, the casino operator shared its financial results for the first quarter of the year. It reported that revenue was down 20 per cent year-on-year to HK$4.1bn (US$520m). The figure was also down 13.7 per cent when compared to the fourth quarter of the year 2021.
Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) came in at HK$575m (US$73.3m), down 33.1 per cent year-on-year and down 44.9 per cent quarter-on-quarter. Net gaming revenue plunged 24.8 per cent to HK$2.90bn when compared to last year and 10.9 per cent sequentially.
For VIP rolling chip results, Galaxy Entertainment posted HK$17.9bn, down 67.6 per cent year-on-year and 30.5 per cent when compared to the fourth quarter of 2021. Mass-market results were down 18.3 per cent year-on-year and 17.4 per cent sequentially at HK$9.46bn.
Electronic gaming volume stood at HK$4.38bn, up 4.4 per cent when compared to last year but down 1.4 per cent from the prior quarter.