While the COVID-19 pandemic has affected nearly every business around the globe, including the gambling industry, Galaxy Entertainment Group says existing expansion plans will continue. The company is still working on projects in Japan and Macau.
Development Update
The company recently provided a development update, when releasing the results of the third quarter. For Galaxy, the quarter resulted in an adjusted EBITDA loss of HK$943m ($121.6m). Galaxy claims its strong balance sheet has allowed it to continue with the plans for expansion. By the end of September, the company had HK$43.2bn ($5.57bn) in cash.
In a statement, officials of Galaxy said that the cash provides the company with the flexibility to manage operations and support its development initiatives. The funds will allow for continual investments into existing resorts as well as upgrades. Plans to proceed with the opening of the Galaxy Macau in Phase 3 and 4 will be able to go ahead as scheduled.
COVID-19 Impact
Of course, Galaxy Entertainment Group must factor in the COVID-19 pandemic. The company added during the report that it is working to maintain targets of development for the expansion of the Galaxy Macau. However, the timeline may be affected due to the pandemic. The company continues to work on plans and refine them as needed.
Phases 3 and 4 are scheduled to open in the middle of 2021. Originally, there was a target date of later this year, but it was pushed back. The expansion will include 3,500 hotel rooms and villas as well as MICE space at 400,000 square feet. An arena will also be located on-site, 500,000 square feet in size.
In Japan, plans to develop the first integrated resorts in the country continue to be pushed back due to COVID-19. The national IR application period has been pushed back from January of next year to October.
Galaxy Entertainment Group still plans to pursue a bid in Japan, and they understand the schedule has been extended through April 2022. The company has a team based in Japan that is continuing with the development efforts in the region while also dealing with the pandemic. The company sees Japan as an opportunity for long-term growth with operations complementing its facilities in Macau.
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