GalaxyWorld Resort "on track”

At yesterday's annual general meeting in Hong Kong, the Galaxy Entertainment Group said the first phase of GalaxyWorld (the group's Cotai project) is on track and fully funded, despite rumors of delays.

The GalaxyWorld Resort’s phase one will feature twin hotel towers with an estimated 2,500 hotel rooms, suites and villas. Tower 1 will offer 1,500 rooms to be owned and managed by the Galaxy group.

An additional 1,000 rooms and suites in Tower 2 will be managed by two other hotel operators. Tower 2 will also feature shopping, dining, spa, rooftop garden, wave pool, cabanas and theaters. There will also be plenty of room left over for gaming: 250,000 square feet of gaming space with 350 tables and room for as many as 4,000 slots. An additional 70,000 square-foot VIP and high-limit gaming club will initially feature 70 VIP tables.

Meanwhile, back on the peninsula, Galaxy’s 505-room StarWorld property saw its market share rise to 11.2 per cent for April and May this year and is experiencing an average daily room rate of HK$1,019. Over the next two months, Galaxy plans to add 32 VIP tables, 35 additional mass tables on level one and 150 additional slots. StarWorld will also open a 6,000 square-foot presidential suite next month and a 500-seat ballroom in August.