A Macau gaming market in need of some good news has gotten about $7 billion worth.
That’s roughly how much casino giant Galaxy Entertainment Group says it will invest in the Chinese gaming hub—HK$57 billion—over the next several years as the market eagerly awaits the debut of the second phase of the company’s flagship Galaxy Macau in May and start of the next spurt of resort growth centered on the Cotai tourist district (US$1 = HK$7.77).
In all, Galaxy has committed HK$100 billion to fully build out on Cotai, where it controls the largest developable land bank of the six casino concessions, all of which are building new resorts in the district.
The company said Phase 2, priced at $2.6 billion in total, will see the adjoining Grand Waldo casino hotel, purchased in 2013 and subsequently closed, converted into a Broadway-style entertainment complex as part of an array of tourist-focused attractions that will include a 3,000-seat theater for live performances and shows and 120 bars and restaurants.
The expanded Galaxy Macau will offer 1,400 additional hotel rooms of its own and more than 200 retail outlets.
“What we’ll do is make it more diverse, from entertainment, leisure, culture and art, we will continue to expand,” said Lui Che Woo, Galaxy Entertainment’s founder, chairman and controlling shareholder. “This is to meet the requests from the country and Macau.”
Francis Lui, deputy chairman and Lui Che Woo’s son, said he is in talks with the government on the number of gaming tables the expansion will be granted. Galaxy has said it has the capacity to add as many as 500 to the second phase.