Posted on: December 19, 2022, 10:35h.
Last updated on: December 19, 2022, 12:14h.
Galaxy Entertainment has pledged to build Macau’s “first-and-only high-tech amusement park” within the next 10 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. It 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 10-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 Jan. 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 nongaming 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 nongaming amenities.
Galaxy said Saturday it would funnel almost 97% of its planned US$3.5 billion investment for the decade into nongaming 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.
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.
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 nongaming 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.