Galaxy Entertainment Group says it’s committed to a wide range of non-gaming offerings in Macau.<\/p>\n\n\n\n\n\n\n\n
Macau.- Galaxy Entertainment Group chief operating officer Kevin Kelley says the operator will host 50 major concerts and 250 MICE (meetings, incentives, conferences, and exhibitions) events in 2024.<\/p>\n\n\n\n
Speaking at the MGS Entertainment Show & Summit, Kelley said: \u201cThe Macau SAR Government has the right idea with this objective to evolve Macau from a heavily gaming-centric tourism model to becoming a highly diversified world centre for entertainment and tourism.\u00a0<\/p>\n\n\n\n
\u201cAs we move forward into the future, we have to embrace the reality that the success of our past does not necessarily guarantee the success of our future.\u201d<\/p>\n\n\n\n
According to Macau Business, Kelley emphasised the need for operators, manufacturers and the government to align efforts. During his speech, he predicted a rise in the popularity of slot machines and electronic table games due to a market transition in gaming jurisdictions worldwide and citing daily observations on Galaxy’s gaming floor.<\/p>\n\n\n\n
The MGS Entertainment Show & Summit’s theme was “The Asian Pioneer Returns.” Organised by the Macau Gaming Equipment Manufacturers Association (MGEMA), it’s hosting approximately 35 exhibitors across a 3,000-square-meter exhibition floor.\u00a0The two-day event features a conference program addressing post-Covid challenges, industry innovations and regional opportunities.<\/p>\n\n\n\n
GEG posted net revenue of HK$9.7bn (US$1.24bn)<\/a>\u00a0for the year’s third quarter. The figure was up by 11.4 per cent sequentially and 374.4 per cent from the prior-year period. EBITDA was HK$$2.8bn, a rise of 576 per cent when compared to last year and 12 per cent in quarter-on-quarter terms. Gross gaming revenue (GGR) was HK$8.75bn (US$1.12m), up 853 per cent year-on-year and 14.2 quarter-on-quarter.\u00a0<\/p>\n\n\n\n The government of Macau’s economic diversification plan for 2024 to 2028 aims to bolster the economy by\u00a0expanding non-gaming sectors<\/strong>\u00a0and diminishing the historical dependence on casinos for employment and tax revenues. The \u201c1+4 model\u201d focuses on four industries: healthcare, finance, technology and events in the fields of sports, culture and business.\u00a0<\/p>\n\n\n\n The government expects the non-gaming sector to contribute approximately 60 per cent of gross domestic product (GDP) by 2028. In 2019, the gaming industry represented just over 50 per cent of Macao\u2019s GDP.<\/p>\n\n\n\n The six Macau casino operators have collectively pledged\u00a0to invest a minimum of MOP108.7bn (US$13.48bn) in non-gaming initiatives<\/a>\u00a0and explore overseas markets. The companies will be required to\u00a0increase their non-gaming investment<\/a>\u00a0by\u00a0around 20 per cent\u00a0of their initial pledge if Macau\u2019s annual gross gaming revenue reaches MOP180bn (US$22.45bn) by 2027.<\/p>\n","protected":false},"excerpt":{"rendered":" Galaxy Entertainment Group says it’s committed to a wide range of non-gaming offerings in Macau.<\/p>\n","protected":false},"author":176,"featured_media":25861,"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 is actively aligning with the Macau SAR Government's economic diversification strategy, committing to substantial non-gaming investments and events to transform Macau into a diversified entertainment hub. This strategic pivot, supported by significant financial pledges from operators, aims to reduce reliance on gaming revenue and bolster sectors like MICE, culture, and technology, as evidenced by GEG's strong Q3 financial performance and future event plans.","focusai_entities":"Galaxy Entertainment Group, Kevin Kelley, Macau SAR Government, Macau Business, Macau Gaming Equipment Manufacturers Association (MGEMA)","focusai_location":"Macau","focusai_target_profile":"ceo_executive (1.0), regulator (1.0), compliance_legal (0.7), operator_casino (1.0), tech_data (0.7), investor_analyst (1.0), supplier_vendor (0.9), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Non-Gaming ROI?","query":"What are the projected ROI metrics and timelines for the substantial non-gaming investments pledged by Macau operators, particularly in the context of the 2027 GGR target?"},{"label":"Regulatory Framework Evolution?","query":"How will the Macau SAR Government's regulatory and licensing frameworks evolve to support the \"1+4 model\" and ensure effective governance across the new non-gaming verticals?"}],"footnotes":""},"categories":[157,16338],"tags":[23959,23907,23906],"class_list":["post-777011104","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-galaxy-entertainment-group","tag-land-based-casino","tag-macau-casinos"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777011104","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=777011104"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777011104\/revisions"}],"predecessor-version":[{"id":777040967,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777011104\/revisions\/777040967"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/25861"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777011104"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777011104"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777011104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Macau’s diversification plans<\/h2>\n\n\n\n