Operator still aiming for original opening of early 2021 but could see that slip back to mid 2021 as a result of the Covid-19 outbreak.
Macau.- The Galaxy Macau casino resort on Cotai is planning to open Phase Three of its development, which includes a luxury hotel tower, an Andaz-branded luxury hotel and a conference centre, in “mid-2021″.
The confirmation came during a conference call regarding parent company Galaxy Entertainment Group Ltd’s first-quarter earnings report.
The casino firm said it would “’try its best to meet the original target of early 2021″, but added it would “’not [be] unreasonable to see it slipping into mid-2021″.
Galaxy Macau Phase 3 has faced several setbacks this year, including disruptions due to the Covid-19 pandemic.
In addition, there was a local-government-mandated suspension of activity at the development after three people died and four were injured in an incident in late March.
According to JP Morgan analysts, Galaxy Entertainment is still giving guidance for a HKD50billion (US6.45billion) aggregate budget for Galaxy Macau Phase 3 and Phase 4.
“There’s still no comment on the split, but our guess is about HKD15billion for Phase 3 and approximately HKD35 billion for Phase 4,” the brokerage said in a note.
“That said, Galaxy continues to fine-tune its project plan and design with increasing focus on high-end and larger units; the number of rooms is expected to be 3,500 (old: about 4,000), with the split likely at 1,400 to 1,500 [rooms] for Phase 3 and 1,900 to 2,000 for Phase 4.”