Posted on: December 19, 2022, 10:35h.
Last updated on: December 19, 2022, 10:35h.
Galaxy Entertainment has pledged to build Macau’s “first-and-only high-tech amusement park” within the next ten years, Macau Business reports.
Galaxy vice president Francis Lui Yiu Tung told a press conference on Saturday that the proposed entertainment facility would occupy around 656,598 square feet and would incorporate “multimedia, interactive, and multi-sensory technologies to provide games and rides.”
The company would collaborate with “acclaimed international brands” to create an experience that targeted “families and leisure visitors,” he added.
The announcement came a day after Macau’s six concessionaires, or licensees, signed new ten-year gaming contracts. It’s the first retendering of their gaming licenses since Macau opened itself up to foreign operators in 2002. The new tenures will begin January 1, 2023.
Pressure to Diversify
As part of their applications, Macau’s operators were asked to demonstrate how they would attract more visitors from outside China and create more non-gaming amenities.
Collectively, the six operators have pledged to invest nearly US$15 billion into Macau over the next decade. The lion’s share of that – some $13.5 billion – will go on non-gaming amenities.
Galaxy said Saturday it would funnel almost 97% of its planned US$3.5 billion investment for the decade into non-gaming and exploring foreign consumer markets.
Other Galaxy attractions will include a 22,000 square-meter art museum and a 4,000-seat theater for music and the performing arts.
Additionally, the company hopes to open its long-planned Galaxy Arena in the coming year. The 6,000-seat arena is part of Phase 3 of Galaxy Macau, which has been delayed by the financial constraints of the pandemic. Galaxy plans to host world-tour concerts and large-scale sporting events at the venue.
And the company said it planned to target overseas markets by setting up offices in Singapore, Thailand and South Korea, while launching new promotional activities and travel packages in countries like Japan, Indonesia, Malaysia, India, the Philippines, and Vietnam.
Placating Beijing
Macau is eager to appease the politburo in Beijing, which has long demanded the gambling hub diversify its tourism sector. Beijing blames Macau’s gaming industry for encouraging capital flight and money laundering. All forms of gambling are prohibited in mainland China, apart from state-controlled lotteries.
In pre-pandemic 2019, 91% of visitors to Macau were from mainland China, Hong Kong, and Taiwan. Only 3.58% of its gaming revenues were estimated to have been generated by foreign visitors.
Other operators provided glimpses into their own plans for non-gaming over the next decade. Sands China, which is expected to be the biggest spender of the six, said it will add a glass conservatory to its garden at the Londoner Macau.
Meanwhile Wynn Resorts is also planning a new theater for the gambling hub, while Melco Resorts has pledged to build the region’s first year-round, indoor waterpark.
