Galaxy Entertainment Group has confirmed continued progress on its Galaxy Macau Phase 4 development, reaffirming a 2027 completion target as fitting-out works at the approximately 600,000 square metre Cotai project move forward.
The update came through the company’s FY2025 results presentation, which provided the clearest picture to date of where the project stands ahead of what would be one of the largest integrated resort openings in Macau’s recent history.
Non-gaming at the core, casino included
The role of Phase 4 is primarily to serve as a non-gaming destination, and this is in line with the general trend in the gaming industry to move away from gaming-only destinations, a move that the Macau government has encouraged since the concession renewal process in 2022. Nonetheless, the facility will have a gaming segment.
Galaxy’s presentation put the company’s intentions plainly: “Our efforts are firmly focused on the development of Phase 4 which has a strong focus on non-gaming… and also includes a casino.“
The project’s scale alone signals its significance. At around 600,000 square metres, Phase 4 would add substantially to Galaxy Macau’s existing footprint on Cotai, the reclaimed land strip that has become the centre of Macau’s modern gaming industry.
A fixed table market
The casino component of Phase 4 will be conducted in one of the most regulated gaming capacities in the world. Under Dispatch No. 104/2022/DEEJ, which is now in effect since 1 January 2023, together with the current six operators concession system, the total number of gaming tables in Macau is set at 6,000 for all concessionaires.
Galaxy currently holds an allocation of 1,000 tables under its concession. Each table carries a minimum annual gross gaming revenue requirement of MOP 7 million, a condition designed to ensure productivity across the licensed estate.
Any changes to individual operator table allocations sit with the Gaming Inspection and Coordination Bureau, with final authority resting with Macau’s Chief Executive. No regulatory notices indicating an adjustment to Galaxy’s allocation were issued between 2024 and the date of the FY2025 presentation.
This means Phase 4’s casino will, at least at opening, operate within Galaxy’s existing permitted capacity unless a separate allocation decision is made by the relevant authorities ahead of completion.
The concession backdrop
The 2023 concession reset has significantly altered the way Macau’s six authorised operators plan their long-term capital deployments. Under the new system, concessionaires are now obligated to meet non-gaming investment commitments as a prerequisite for their concessions, with gaming development no longer being a key driver for resort differentiation.
Phase 4 follows that pattern. The emphasis on non-gaming facilities meets the expectations of the regulator and the business case to appeal to a broader demographic, especially from mainland China and Southeast Asia, whose premium leisure travel spend has been a major engine of Macau’s post-pandemic revival.
Galaxy is not alone in pursuing large-scale expansion in this period. Several of the other five concessionaires have announced or are advancing resort development projects tied to their concession obligations. But Phase 4’s scale places it among the most significant individual projects currently in progress on Cotai.
Where things stand
Fitting-out at the Phase 4 site is continuing, with the company describing progress as on track. “We are progressing well with the fitting out of the approximately 600,000 sqm Phase 4 development,” the presentation stated. “Phase 4 is targeted to complete in 2027.” The update confirms trajectory rather than announces new approvals or revised timelines.
As far as the general Macau gaming market is concerned, the eventual opening of Phase 4 will provide significant non-gaming product to Cotai and help to prove the viability of large-scale integrated resort development, undertaken in the context of concession obligations that emphasised diversification.
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