The Galaxy Entertainment Group Ltd is betting on theme parks, a more family-friendly endeavour.
Macau.- Multi-billionaire and chairman of the Galaxy Entertainment Group Ltd, Lui Che-Woo is investing on a HK$86 billion (US$11 billion) project to build an Avatar themed park.
After President Xi Jinping ordered the city to diversify from gambling, Macau’s casino owners and operators are under pressure to come up with ways to attract tourists with a more diverse offer. Lui isn’t the only one looking for new ideas as Melco Crown Entertainment Ltd. opened a Hollywood-themed Studio City last October.
“Theme parks are a great idea and Macau is desperate for more non-gaming attractions,” explained Aaron Fischer, a CLSA Ltd. analyst. “These investments are in line with government demands so this will further strength relations and reduce the risk of the license not being renewed.”
On its part, Lui Che-Woo expressed: “Nowadays, you already see that all these theme parks all have different special ideas. So we’re thinking of how to compete against them.” The casino mogul also commented that in comparison with theme parks such as Walt Disney Co.’s $5.5 billion Shanghai park, due to open in June, “our park will be smaller but unique,” adding that the project will be “something special and high-tech similar to the movie ‘Avatar’.”