Phase III will help Galaxy Macau expand market share – JP Morgan
According to JP Morgan Securities, Galaxy Macau Phase III will make the resort “an even more appealing holistic destination”.
Macau.- JP Morgan Securities (Asia Pacific) has suggested that Galaxy Macau Phase III will expand the resort’s market share, especially in the premium mass segment. The analysis by DS Kim and Mufan Shi notes that Galaxy Entertainment expects to require only 700 more non-gaming employees to staff the third phase of Galaxy Macau.
That would take the total number of workers at Galaxy to between 18,000 and 19,000 versus 22,000 in 2019. The analysts said this would allow the company to optimise its cost/margin structure.
The analysis comes after Galaxy Entertainment Group released financial results for Q4 and full-year 2022. The company’s chairman Lui Che Woo confirmed that Cotai Phase 3 was effectively completed and is scheduled to progressively open in Q2 2023.
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. In April, the venue will host its first MICE event and its first concert.
It also includes two hotels: the Raffles tower, with 450 rooms, will open in the second quarter, while Andaz Macau, with 700 rooms, will open “when appropriate” as Galaxy Entertainment continues to assess market conditions.