Galaxy Finally Opens In Macau
The Galaxy Casino owned and operated by the Galaxy Entertainment Group has been trying desperately to open in Macau for the past two years or so. The hotel cum casino is a $2 billion project with as many as 50 restaurants, 2200 rooms and 450 gaming tables. The casino has been trying to open for business in Macau for the past two years but has not been able to due to credit problems it has been facing.
Macau: A Popular Destination For Gamblers
According to Donald Cheng, a Hong Kong bases analyst, the opening of the casino is coming at the right time when business is on the rise in Macau. He also stated that being the only new place to open in the city this year will give it a lot of added advantage. After Las Vegas, Macau is the second largest gambling city in the world, with its top class casinos attracting people from around the globe.
Macau rakes in huge amounts as gambling revenue every year. In fact, this year’s revenue showed an increase of almost 48 percent from what it was last year. Companies like Wynn and Sands China have earned huge profits in the past few years from their operations in Macau alone. These days, many casino companies consider opening a casino in Macau a better option than opening one in Las Vegas. Macau is very selective in giving away licenses and as of now only six companies have gained permission to operate casinos out of Macau.
Casino Resort Targeted At Middle Class
Galaxy has opened its casino resort in the Cotai region of Macau, which fast developing into a gambling paradise. Though Galaxy has two other casinos in China, the opening of this casino is a big milestone for the company. This is especially due to the credit crunch it has been facing in the recent past. With the opening of the casino in Macau, the company aims to achieve a turnaround in its diminishing fortunes and offset its financial problems. According to the company’s chief financial officer, the resort cum casino will boost the revenue of the company by as much as 20 percent in the first year of opening itself. The casino has set its eyes on the mass market and hopes to attract the middle class.
The attractions in the casino include world class spas, clubs, restaurants, shows, water theme park, private beach and special designer rooms made to suit the needs of guests.
Galaxy was originally scheduled to open sometime in the year 2009. The casino chiefs say the delay though a major setback has made it possible for the company to open its casino at a time when business is booming in Macau. The number of visitors to Macau is on the rise and most of them visit the city not to see the sights, but for a great gambling experience. Many experts feel that Macau will top Las Vegas in gambling revenue one day and opening a grand casino in Macau by Galaxy is expected to pay off.