Lusa - Business News - Macau: Galaxy awards €1.3B luxury resort expansion contract

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Lusa - Business News - Macau: Galaxy awards €1.3B luxury resort expansion contract

Macau, China, Feb.22,2021(Lusa)-The Galaxy Entertainment Group, which operates six casinos in Macau, has announced the award of the fourth phase of the project to expand its integrated resort in the territory for 13 billion patacas (€1.3 billion).

In a communiqué sent to the Hong Kong stock exchange on Sunday, Galaxy estimated the project would take just over three years to complete.

The announcement comes despite significant losses in the gaming industry due to the Covid-19 pandemic and when the renewal of gaming licences in Macau is on the table.

With the group nearing completion of the third phase, Galaxy will double its presence in Cotai, the space in Macau where luxury resorts are located in the world's gaming capital.

With the third and fourth phases concluded, the US-owned company will add 4,500 more hotel rooms and a 16,000-seat arena in a bid to expand its offer in the non-gaming sector.

Earlier this month, the Las Vegas Sands group officially opened the first phase of the Londoner, a restructuring of the Sands Cotai Central integrated resort, costing $1.9 billion (about €1.57 billion) due to open progressively throughout the year.

Casinos ended 2020 with revenues of 60.4 billion patacas (€6.2 billion), a 79.3% drop from the previous year when they recorded 292.4 billion patacas (about €30 billion).

Macau, the world's gambling capital, is the only place in China where casino gambling is legal. Three concessionaires, Sociedade de Jogos de Macau, Galaxy and Wynn, and three sub-concessionaires, Venetian (Sands China), MGM and Melco, operate casinos in what is dubbed the Las Vegas of Asia but has long since surpassed casino revenues recorded in that US city.

JMC/IMYN // ADB.

Lusa

Agency : LUSA
Date : 2021-02-23 10:59:00

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