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Galaxy Ent To Spend $5.54bn On Phase 3 & 4 Developments

The Phase 3 and Phase 4 developments of Galaxy Macau’s integrated resort project in Cotai will see an investment in the range of HKD43 billion (US$5.54 billion) from the Galaxy Entertainment Group’s which was confirmed by the company’s deputy chairman Francis Lui Yiu Tung.

Speaking to a Hong Kong-based media outlet, Lui said that the new developments will have significant array of attractions for young adults and families. He added that he hoped that the project would deliver surprises to the people.

In a statement Lui, said,

For Phase 3 and Phase 4, it [the investment] will be definitely no less than that figure [HKD43 billion].

Lui stated that the non-gaming facilities in Phase 3 would include a convention center and a live performance venue. Phase 4 according to him would be more targeted towards families, millennials, and middle-class tourists, apart from the MICE [meetings, incentives, conferences and exhibitions] segment.

Millennials are typically defined to be people born between 1980 and 2000. Lui said that the company had been actively looking at ways to attract this particular segment to its casinos.

He described them as people preferring technology, innovations and a stylish lifestyle. This customer segment is often described as not being attracted to traditional forms of gambling. Galaxy Entertainment had mentioned at the time of releasing its 2016 financial results that construction work on the next phase would begin by late first quarter of 2017 or second quarter. The Hong Kong media outlet reported that Lui was confident of witnessing stable growth in both its VIP and mass gaming segments this year despite the uncertain economic scenario in China and across the globe. He has estimated the growth in revenue to be in the range of a high single-digit upto low teens.

He pointed out that the company had managed to increase its market share and was seeing rising revenue from all of its key projects in Macau – Galaxy Macau Phase 1 and 2, StarWorld Macau on the Macau peninsula and Broadway Macau located in Cotai. Macau’s casino industry has been witnessing a return to growth in the past few months after suffering from a steady revenue decline for the past two years.

According to Lui, a seven-digit budget (in HKD terms) was being set aside for renovating its existing facilities. The company is committed to looking for opportunities overseas based on Lui’s comments. The newly-opened market of Japan is a particular area of focus due to its potential as a major casino market.

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