Macau gaming operator Galaxy Entertainment Group’s daily casino decline and victory in the third quarter is “already 120% of 2019 levels,” a note from CBRE Securities LLC on Thursday said.
Analysts John DeCree and Max Marsh’s comments cited comments from Casino Group executives following their first-half results filed in Hong Kong.
“The pace is accelerating into the third quarter of 2023,” analysts added.
Galaxy Entertainment isn’t the only Macau casino operator claiming to have crossed 2019 casino declines during the third quarter. Craig Billings, chief executive of Wynn Resorts, parent of Macau operator Wynn Macau, noted in the group’s second-quarter earnings release a week ago that the daily volume decline of the two Macau properties in July reached 120% of the daily volume decline in 2019.
Jefferies Hong Kong analyst Andrew Lee cited a “strong start” to the third quarter observed by management on the back of a fall and rise in the trading outlook for Galaxy Entertainment.
Lee indirectly referred to Galaxy Entertainment’s leadership, saying that the opening of the third phase of the Galaxy Macao facility, the casino group’s Kotai flagship, had a “positive impact.”
This included the “New Horizon Premium Club,” an in-tower gambling facility that hosts the Galaxy Macao Hotel’s Raffles as well as the Galaxy Macao Hotel’s Raffles.
CBRE Securities cited some management comments on Galaxy Macao Phase 4.
“The fourth phase of construction is already well underway and the top of the four towers is expected by the end of the year.”
The agency added: “Step 4 will mainly focus on non-games such as MICE [conference, incentive, conference and exhibition], entertainment and family facilities, but will also include some games.”
Mr. DeCree and Mr. Marsh added, “Phase four will include six luxury hotels, a 4,000-seat theater, extensive food and beverage facilities, retail and non-gaming facilities, and a water resort deck. When Phase four is completed, the Galaxy’s Macau hotel capacity will be around 7,500 rooms.”