Galaxy Macau Phase III unlikely to open this year
In February, GEG chairman Dr Lui Che Woo had said that the Galaxy Macau Phase III could open by the end of the year.
Macau.- Goldman Sachs (Asia) LLC has predicted that Galaxy Macau Phase III will not open until 2023. They note that the opening depends on a sustainable market recovery in Macau since it makes no sense to incur opening costs before visitor numbers and GGR become steady.
While sharing Q4 financial results in February, GEG chairman Dr Lui Che Woo had said Galaxy Macau Phase III could open by the end of this year. However, he didn’t give an opening date in later meetings.
Cotai Phase III includes 1,500 hotel rooms, casino space, a 16,000-capacity arena and 400,000 square feet (37,161 square metres) of meetings, incentives, conferences and exhibitions space. Meanwhile, for Phase IV, the company 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.
Goldman Sachs also offered an outlook for Macau in the upcoming months, forecasting visitor arrivals and daily gaming revenue in excess of 40,000 and MOP300m (US$37.1m) respectively upon the return of electronic IVS visas and package tours.
