Galaxy Macau’s continuing expansion is now in full swing and the enormous integrated resort at the Cotai strip is moving forward with phases three and four. According to Galaxy Entertainment Group’s annual report, the next two phases of Galaxy Macau will focus more and be “principally targeted at premium mass guests”.
The project is, to say the least, pretty extravagant. It will cover 1 million square meters of land and will include 5,500 hotel rooms, a 10,000-seat arena, a 1,500-seat multi-purpose showroom, a 50,000 square meter convention center, plenty of dining and entertainment options, and last but certainly not least, a gaming floor that will include 3,000 slot machines and 1,000 gambling tables.
“The planning for Phases 3 and 4 of the development is nearing conclusion. GEG intends to submit planning proposals to the government this year and targets to commence construction by the end of 2013/early 2014,” Galaxy Entertainment said in its annual report.
The company is preparing to spend HK$50 billion on the project, which is around $6.44 billion based on current exchange rates. The phase 3 and four expansions follow on Galaxy’s $HK16 billion ($2 billion) phase 2 expansion, which began a year ago and will add 1,300 more hotel rooms, retail and dining options, and 500 table games. Phase 2 is expected to open in the middle of next year, right around the same time when phases 3 and 4 begins its construction phase.
Galaxy Entertainment’s aggressive expansion could be taken as a sign that’s doing whatever it can to usurp Sands China as the second biggest market holder in the gambling destination. An unofficial market data reported by Macau Business Daily earlier this month showed Sands China holding 21 percent of the gaming market in Macau, a slim percentage lead over Galaxy Entertainment who has 18 percent of the market. Still tops on that list is SJM Holdings with 27 percent of the gaming market.