Galaxy Entertainment says its total spend on phases 3 and 4 of the Galaxy Macau casino resort remains between HK$40bn and HK$50bn.<\/p>\n\n\n\n\n\n\n\n
Macau.-\u00a0Galaxy Entertainment Group (GEG)<\/strong>\u00a0has said that its combined capital expenditure for phase 3 and 4<\/strong> of the Galaxy Macau casino resort remains between HK$40bn (US$5.1bn) and HK$50bn. It told analysts from Morgan Stanley that it has spent between HK$12bn and HK$15bn\u00a0<\/strong>to date.<\/p>\n\n\n\n Francis Lui Yiu Tung<\/strong>, vice chairman of Galaxy Entertainment, said Galaxy Macau’s phase 3 opening had been delayed due to the Covid-19 pandemic but could launch in early 2022. Phase 4 is slated for 2024.<\/p>\n\n\n\n The two phases will have approximately 3,000 rooms, casino space<\/strong>, a large-scale arena with 16,000 seats, and 400,000 square feet (37,161 sq metres) of space for meetings and conventions. <\/p>\n\n\n\n <\/p>\n\n\n\n Galaxy Entertainment has shared its financial results for the first half of the year, reporting net revenue of HK$10.7bn (US$1.38bn), up 71 per cent when compared to H1 2020.<\/strong><\/p>\n\n\n\n Gross Gaming Revenue (GGR)<\/strong> reached HK$9.48bn, up 65.8 per cent from HK$5.71bn in the prior-year period. Revenue from non-gaming operations<\/strong> improved from HK$679m to nearly HK$1.39bn, up 104.6 per cent year-on-year<\/p>\n\n\n\n Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) came in just under HK$2bn,<\/strong> compared to negative adjusted EBITDA of HK$1.1bn during the first half of 2020.<\/p>\n\n\n\n For the first six months of the year, the casino operator’s net gaming revenues were up 81.9 per cent\u00a0<\/strong>compared to the first half of 2020.<\/p>\n","protected":false},"excerpt":{"rendered":" Galaxy Entertainment says its total spend on phases 3 and 4 of the Galaxy Macau casino resort remains between HK$40bn and HK$50bn.<\/p>\n","protected":false},"author":176,"featured_media":17858,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Galaxy Entertainment Group reaffirms its HK$40bn-HK$50bn capital expenditure for Galaxy Macau phases 3 and 4, with phase 3 targeting an early 2022 launch and phase 4 in 2024. The company reported robust H1 2021 financial results, including a 71% increase in net revenue to HK$10.7bn and a significant turnaround in Adjusted EBITDA to HK$2bn, driven by strong GGR and non-gaming growth.","focusai_entities":"Galaxy Entertainment Group, Morgan Stanley, Francis Lui Yiu Tung","focusai_location":"Macau","focusai_target_profile":"ceo_executive (0.95), regulator (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Macau Market Recovery","query":"What is the projected timeline for Macau's GGR recovery to pre-pandemic levels, considering GEG's H1 2021 performance and ongoing expansion projects?"},{"label":"Capex ROI Analysis","query":"How does Galaxy Entertainment Group anticipate the ROI and payback period for the HK$40bn-HK$50bn investment in Galaxy Macau phases 3 and 4, particularly concerning the mix of gaming and non-gaming amenities?"}],"footnotes":""},"categories":[157,16338,158],"tags":[22935,23907,23906],"class_list":["post-22302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","category-slider-home","tag-galaxy-entertainment","tag-land-based-casino","tag-macau-casinos"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22302","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=22302"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22302\/revisions"}],"predecessor-version":[{"id":22310,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22302\/revisions\/22310"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/17858"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=22302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=22302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=22302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Galaxy Entertainment revenue up 71.1% for H1<\/h2>\n\n\n\n