Gaming operator Galaxy Macau plans to host 50 concerts and 250 MICE events in 2024 as part of its pledge to diversify its non-gaming offerings.
During a keynote speech at the MGS Entertainment Show, Kevin Kelley, CEO – Macau at Galaxy, emphasized the need for industry stakeholders to align with the government’s objective of expanding non-gaming offerings and move away from gaming as the pillar of Macau’s economy.
Following the enactment of the city’s largest gaming law overhaul, gaming concessionaires have pledged to invest USD15 billion in bold projects, the majority of which will be spent on non-gaming projects. This aligns with the government’s call to diversify and shift the city’s reliance away from gambling into tourism and leisure for the coming decades.
The casino firms promised to spend 108.7 billion patacas – more than 90% of their total investment – on “exploring overseas customer markets and developing non-gaming projects.” For this reason, this year, gaming operators have begun holding international events, including sports events and large concerts.
According to Kelley, industry constituents including operators, manufacturers, and the government are working collaboratively to achieve this objective.
“Galaxy alone will provide over 50 major concert nights and 250 MICE events in 2024,” the executive said.
In a recent earnings call, Lui Che Woo, chairman of GEG, also revealed that the group is boosting its non-gaming offerings by continuing the construction of Phase 4, which will include “multiple high-end hotel brands, together with a 4,000-seat theater, extensive F&B, retail, non-gaming amenities, landscaping and a water resort deck.”
Phase 4, spanning approximately 600,000 square meters of development, is expected to be completed in 2027.
Electronic segment
gaining traction
Kelley forecasts that slot machines and electronic table games are “growing faster than many people think,” contrary to the popular belief that Macau is a table-centric market. It has been claimed that “slots and electronic gaming will never be as popular as table games in terms of revenue generation compared to table game.”
For the executive, Macau will not revert back to its former focus on VIP table gaming, instead focussing on the growing popularity of slot machines and electronic table games.
This projection is based on the observed trend on the gaming operator’s gaming floors and daily gaming revenues, according to Kelley.
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