Francis Lui: New developments unaffected by downturn

By
Newsdesk

The downturn of the local gaming industry will not affect Galaxy Entertainment Group’s plans to develop its Phase III and IV projects, according to its vice chairman, Francis Lui Yiu Tung.
In an interview with Chinese language newspaper Macao Daily he claimed his company would develop the two new projects per the original schedule – with the construction of Galaxy Phase III kicking off by the end of this year, with Phase IV starting next year.
Declining to disclose the company’s detailed plans on the two new projects, the businessman, however, did say that 97 per cent of the two projects would be non-gaming facilities and would primarily target MICE and family guests, with total investment cost remaining at some HK$40 billion (US$5.16 billion) to HK$50 billion.
Mr. Lui also expected that the number of gaming tables in an integrated resort would not be a crucial element in the market anymore. He added that his company would need to consider what products the consumers want in the coming five years.
On the other hand, the company executive said Galaxy is still in discussion with Henqing authorities on the details of the company’s circa HK$20 billion leisure and sports project on the Mainland island.
Remaking upon the company’s business performance for the year, Mr. Lui claimed that the Galaxy’s gaming revenues from the mass market and the VIP market have already reached half-half for the first six months, adding non-gaming revenues also posted a year-on-year growth of 60 per cent.
Claiming he is still confident in the long-term development of Macau, the Galaxy vice chairman asserts that the future completion of the Hong Kong-Zhuhai-Macau Bridge will boost the local MICE industry in addition to diversifying the city’s tourist sources.