Galaxy Entertainment Group’s Phase 4 expansion of Galaxy Macau is expected to open in 2028, with the Cotai development aimed at high-value customers from East and Southeast Asia.
The project is due to be completed in 2027 and open the following year, according to Hong Kong media reports citing an HSBC research note based on guidance from Galaxy management.
Phase 4 will include additional casino facilities, approximately 1,350 rooms and suites, a 5,000-seat theatre, water resort deck and new food and beverage and retail offerings. The expansion forms part of Galaxy Entertainment’s continuing investment in premium tourism, entertainment and non-gaming amenities on Cotai.
According to a separate Macquarie Capital note, the gaming element of Phase 4 is likely to favour ‘boutique’ casino venues attached to individual hotels rather than a single, large, centralised gaming floor. The model is designed to reflect premium customers’ preference for privacy.
The approach has already been adopted in high-stakes areas at Raffles at Galaxy Macau and Capella at Galaxy Macau, both part of the resort’s Phase 3 development.
Macau table allocations are typically announced around six weeks before a casino opening, and Macquarie said Galaxy’s base case for Phase 4 assumes the project may not receive additional gaming tables or require significant new hiring. Instead, the operator is expected to focus on reallocating resources from lower-yielding to higher-yielding areas, supported by technology-led operational changes.
The targeting of high-value consumers from Japan, South Korea and ASEAN markets reflects the broader shift in Macau’s post-pandemic premium customer base, with higher-value visitors increasingly travelling outside traditional peak holiday periods. But Macquarie also noted that Galaxy is seeking to broaden the appeal of its properties, including efforts to attract more female customers through property upgrades and younger consumers through enhanced entertainment offerings.
The Phase 4 strategy underlines the changing shape of Macau’s IR market. Growth is no longer only about adding gaming capacity and operators are increasingly focused on premium privacy, luxury retail, entertainment, international feeder markets and more efficient use of existing gaming assets.
