he company said during a Friday presentation of its annual financial results that the new phases of the massive project will mostly include family-friendly entertainment options and MICE (Meetings, Incentives, Conferences, and Events) facilities.
GEG revealed that it plans to spend up to $5.5 billion on the development of the two new phases. Construction work is slated to begin early in the second quarter of the year. As mentioned above, Phase 3 is expected to be completed in 2018 and Phase 4 will likely have its ribbon cut sometime in 2020. However, if the developer fails to complete construction work before the 2018 and 2020 deadlines and no extension is negotiated with Macau’s government, it may lose its right to operate the new facilities.
Phases 3 and 4 of the luxury complex located on the Cotai Strip will include a number of entertainment, food and beverage, and accommodation options. GEG said on Friday that both phases will offer family-friendly attractions as well as suitable environment for conference and exhibition activity.
The operator will thus further avert the course of its Macau operations away from gambling. The move came after city officials called for the six casino concessionaires and sub-concessionaires operating casino resorts in the hub to reduce their reliance on gambling offering. As a result, the new properties to have joined Macau’s rich skyline over the past year or so have been ones to feature different entertainment options beyond casino games.
Galaxy Macau has been gracing the administrative region’s skyline since 2011, when its first phase was finally launched after multiple delays. The integrated resort was expanded considerably in 2015, when GEG cut the ribbon on the lavish Phase 2. At present, the property offers more than 3,600 luxury hotel rooms and other accommodation options, over a million square feet of retail space, more than 120 restaurants and food outlets, and multiple gambling options, among many others. Phases 3 and 4 will add more than 10.7 million square feet of space.