MACAU BUSINESS
Galaxy Phase 3 to open gradually by 2021-end
S B T
cheduled to open gradually by the end of this year, Phase 3 of Galaxy Macau will face some challenges concerning available human resources and possible travel restrictions but management is confident the property will
not just have enough market available but will help revitalise the local MICE sector, the Galaxy Entertainment Group Senior Vice President for MICE Operations and Sales, Joey Pather, stated. The Galaxy International Convention Center (GICC) included in Phase 3 – which has already opened for event quotations – will include 500,000 square feet 16,000-seat multi-purpose Galaxy Arena, and will be directly connected to the future Hyatt Hotel Corporation 700 rooms Andaz Hotel. “We didn’t want this to just be a big box, we wanted it to
look iconic and stand out. Industry-wise people now also have large expectations for technology and immersiveness. We wanted to build a venue capable of delivering experiences so we have a lot of technology deployed in the building,” Pather stated in a talk held by the France Macau Chamber of Commerce. According to the centre’s brochure, the GICC will include 10,000 square meters of pillar-less space that can accommodate up to 7,000 delegates, a banquet event area that can hold corporate banquets up to 2,400, a grand ballroom for 1,000 guests, and a 650-seat auditorium. The project is scheduled to open in stages in the second half of this year depending on market response but with Pathon admitting Galaxy is aiming more for “the later part” of the second half.
Pansy Ho reduces stake in MGM Resorts
usinesswoman Pansy Ho has reduced her personal stake in MGM Resorts, Pansy Ho Chiu King, the parent company of MGM China. According to a dispatch by the Hong Kong
Stock Exchange, the MGM China Co-Chairperson and Managing Director sold 1 million shares in MGM Resorts at an average price per share of US$35.7, reducing her position from 1.86 to 1.66 per cent. The share sale took place on February 16 and taking
into account the average share price it would involve some US$35.7 million. MGM Resorts reported some US$1 billion in net
losses in the last quarter of 2020, with MGM China reporting US$194 million in Adjusted Property EBITDAR losses. After the departure of long-time CEO Grant Bowie on
June, 2020, Pansy Ho assumed a more direct role in gaming concessionaire MGM China Holdings, adding the role of managing director to her existing title as co-chair.
Gov’t collects 73 pct y-on-y less in gaming taxes in 2020
he Macau government collected MOP29.8 billion (US$3.7 billion) in gaming taxes in 2020, a 73.6 per cent year-on-year drop from the previous year, official data showed. According to data published on the Finance
Services Bureau (DSF) in 2019, revenue in gambling taxes reached MOP112.7 billion. By November last year, the Macau government had
collected MOP77 billion less in gaming taxes than the same period of 2019 due to the impact caused by the Covid-19 pandemic.
20 APRIL 2021
Casinos ended 2020 with revenues of MOP60.4 billion, a 79.3 per cent drop from the previous year when they recorded MOP292.4 billion. In the budget for 2021, approved last November by the Legislative Assembly, the government provided for the extraordinary injection of MOP26.6 billion from the financial reserve to counter the deficit. At stake are increased spending on public works and the loss of revenue from gambling tax, with operators recording millions of MOP in losses due to the pandemic’s economic impact on the territory’s economy.
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