Hospitality group Accor SA announced on Monday that it has signed an agreement to open an all-suite Raffles-branded hotel at integrated resort Galaxy Macau, the flagship property of Macau casino operator Galaxy Entertainment Group Ltd. The new facility, referred to as “Raffles at Galaxy Macau” (pictured in a rendering), is scheduled to open in the second half of 2021, according to a press release.
The new luxury hotel at Galaxy Macau will feature approximately 450 suites, stated the release.
Raffles is to be located in two towers on Galaxy Macau’s east promenade, and will feature a glass-panelled connecting bridge on every floor, in order to connect the two towers.
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Macau casino operator Galaxy Entertainment Group Ltd reported adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of HKD1.01 billion (US$129.0 million) for the fourth quarter of 2020. It represented a 207.1-percent improvement compared to an adjusted EBITDA loss of HKD0.94 billion reported in the preceding quarter, said the company in a Thursday filing to the Hong Kong Stock Exchange announcing its full-2020 results.
In year-on-year terms, EBITDA for the fourth quarter was down 75.1 percent, the firm said.
Galaxy Entertainment reported a loss of HKD3.97 billion for full-year 2020. It had recorded a profit of HKD13.04 billion in 2019.
The firm posted negative EBITDA of HKD1.02 billion for the 12 months ended December 31, impacted by a negative EBITDA of HKD1.99 billion related to its gaming and entertainment segment. Galaxy Entertainment recorded overall positive EBITDA of HKD16.48 billion in 2019.