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Galaxy Entertainment Group Limited (OTCPK:GXYEF) plans to complete within the next year a large part of a new hotel at the Galaxy Macau casino resort on Cotai. The new phase including Galaxy International Convention Center, Galaxy Arena, Andaz Macau, and Raffles at Galaxy Macau
The new hotel and convention center are aimed at attracting high-end consumers, large corporate gatherings, as well as hosting large sporting events and major concert as the Galaxy Arena is now Macau’s largest indoor arena with 16K seats. Construction of Phase 4 of Galaxy Macau is already well under way, and is expected to include even more hotel space and a theater.
The large project should help Galaxy Entertainment (OTCPK:GXYEF) hit its target to increase its non-gaming investment to the required 20% over the initial pledged amount if gross gaming revenue in Macau hits 180B patacas this year.
For the first eleven months of 2023, Macau gross gaming revenue was up 325% year-over-year to $164.5B patacas, which is about 61% of the level seen for the first eleven months of the pre-COVID year of 2019. The return of live performances and industry conferences has boosted traffic in Macau over the last few months and the Macau hotel occupancy rate continues to improve. Macau GGR is on pace to top the expectation of industry analysts from the beginning of the year.
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