In spite of falling revenue all around them, Galaxy Entertainment Group Ltd is bursting forward with the opening of?Galaxy Macau Phase II and Broadway Macau on the same day next week on the Cotai Strip.
Galaxy Macau first opened in May of 2011 next to the Grand Waldo complex, where Galaxy held the casino license. In 2012 they doubled profits and in May 2013 announced they were purchasing the 320,000 square foot hotel, casino and spa next door for HK$3.25 billion ($419 million). The purchase set the stage for next week’s opening of Broadway Macau at the former Grand Waldo location.
The second phase of Galaxy Macau came with a price tag of nearly HK$20 billion and creating Broadway cost another HK$5 billion, bringing their total investment so far to HK$43 billion. In January, when they announced the opening date for the properties they revealed that they plan to invest some HK$100 billion in the Macau and Hengqin area. The company’s footprint on the Cotai Strip is now 1.1 million square meters.
As of press time there were still no confirmed numbers for table allocation at the properties. Galaxy Phase I has 600 tables and Grand Waldo had 45 in operation when closed with reports of another 50 allocated, according to Bloomberg at the time.
Most, but not all of the continuing decline in revenues in Macau is directly attributable to a loss in VIP gaming revenues due to the continuing “reshaping” of the local economy by Beijing. However, Galaxy was able to foresee the need for mass gaming and family entertainment opportunities in time to shape their strategy.
Galaxy Entertainment Group Vice Chairman, Francis Lui, stated in the January announcement that, “Since we founded Galaxy Entertainment Group our vision has been closely aligned to that of the Macau SAR Government. Now we’re taking our vision even further. These new developments deliver a more diverse set of experiences to meet visitors’ growing desire to enjoy a wider world of indulgence, style, fun and privilege.”
When Phase II opens there will be more than 3,500 guestrooms, suites and villas at 5 star hotels including Galaxy, JW Marriott Hotel, The Ritz-Carlton, Banyan Tree, and Hotel Okura. Broadway brings another 320 rooms.
Amenities awaiting the new trend of Macau visitors include a skytop wave pool and the world’s longest adventure river on the new Grand Resort Deck.?Retail shopping will be offered on over 100,000 square meters of floor space in over 200 shops at Galaxy with 20 more at Broadway. Broadway is connected to Galaxy by a climate controlled sky bridge for ease of access to either property.
Beyond the first hawker street market concept in Macau at Broadway with over 40 restaurants and around the clock entertainment there will also be a 3,000 seat theater to feature entertainment by Asian and international performers. The theater will also host cultural and MICE events. The multi-dimensional lobby lounge boasts an LED wall covering 26 square meters (279 square feet).
All six casino license holders in Macau have projects under?development with a total of 18 new hotels to be opened according to recent reports,?including Studio City, Louis XIII, Lisboa Palace, Wynn Diamond and Wynn Palace.