G3 INSIGHT - GALAXY ENTERTAINMENT
Galaxy forced to delay opening of Phase 3
Galaxy Entertainment said limitations on workforce access due to the COVID-19 pandemic has caused the delay to the project, that will include the Galaxy International Convention Center, several hotels, more shops and extra gaming space.
Galaxy Vice Chairman, Francis Lui, explained: “With the pandemic still not under full control, it is very hard to determine the exact date of the opening, because the pandemic to a certain extent determines our access to building materials and workers coming to Macau. Within our capabilities we are trying to manage it well and we hope that by early next year, part of the Phase 3 project can be commissioned and opened for business.”
For the first half of the year, Galaxy posted Adjusted EBITDA at $2bn compared to $1.1bn in 1H 2020. Galaxy Macau’s Adjusted EBITDA was $1.7bn, up from $848m in 1H 2020. StarWorld Macau’s Adjusted EBITDA was $305m compared to $202m in 1H 2020. Broadway Macau’s Adjusted EBITDA was $43m compared to $97m in 1H 2020.
Te Group’s total GGR was $9.7bn, up 62 per cent year-on-year as total mass table GGR was $5.9bn, up 100 per cent year-on-year and total VIP GGR was $3.5bn, up 26 per cent year-on- year. Total electronic GGR was $333m, up 27 per cent year-on-year.
Te company said it was also ‘pleased to report that our non-gaming performance improved in Q2 2021, due to a strong performance in retail, which bodes well for the overall recovery prospects for Macau. Further, our performance was also supported by continued effective cost controls measures across the Group.’
despite bounce back Whilst delighted that second quarter revenues were rebounding, Macau operator Galaxy Entertainment has confirmed that COVID has delayed the unveiling of Galaxy Macau Phase 3 until 2022.
Te group stated: “Te Macau market experienced its fourth consecutive quarter of GGR growth in Q2 2021 despite sporadic outbreaks of COVID-19 in Mainland and, most recently, in Macau. Te primary focus of the Macau Government as well as GEG continues to be the health and safety of the public as well
“We are proceeding with the
construction of Cotai Phase 4, our next generation integrated resort, which will complete our ecosystem in Cotai. As you can see, we remain highly confident about the future of Macau where Cotai Phases 3 and 4 will support Macau’s vision of becoming a World Centre of Tourism and Leisure."
Dr. Lui Che Woo, Chairman of Galaxy Entertainment.
as social and economic stability. Based on DICJ reporting, Macau’s GGR for Q2 2021 was $24.6bn, up 685 per cent year-on-year and up seven per cent quarter-on-quarter.
“Te IVS was progressively reinstated through the third quarter of 2020, but border entry restrictions for international and Hong Kong tourists remained in place impacting visitor arrivals. In Q2 2021, visitor arrivals to Macau
were 2.2m Vs 50,000 visitors in Q2 2020 and up 26 per cent quarter-on-quarter. Mainland visitor arrivals were 2m vs. 46,000 visitors in Q2 2020 and up 28 per cent quarter-on- quarter. In Q2 2021, overnight visitors were 1.1 million vs. 25,000 visitors in Q2 2020 and up 24 per cent quarter-on-quarter. We look forward to the easing of border controls for Hong Kong and international tourists. We would also welcome the progressively reinstatement of the electronic IVS and the resumption of group tours to Macau."
Dr. Lui Che Woo, Chairman of Galaxy added: “Moving on to our development update beginning with Cotai Phases 3 and 4 where we
P24 WIRE / PULSE / INSIGHT / REPORTS
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