Hong Kong-listed AGTech Holdings Limited has announced a new strategic cooperation agreement with Galaxy ICC & Arena Limited, a subsidiary of Galaxy Entertainment Group Limited (GEG), and Beijing Damai Cultural Media Development Co Ltd to organize various live events at Galaxy Macau’s new international convention center.
According to a filing, GEG, Damai and AGTech will combine their respective resources to “organize live performance, concerts, immersive and interactive performances, livehouse and music festivals, musicals and theatrical performance in Macau; establish publicity and marketing cooperation and provide sales support and management of the ticketing system; organize local exhibition, awards ceremony and film festivals in Macau; and boost the cooperation in movies and bringing in talent to the cultural and entertainment industry in Macau.”
The strategic cooperation agreement is due to run from 8 February 2023 to 7 February 2026.
Due to open later this year, the Galaxy International Convention Center will cover 40,000 square meters of MICE space including a 10,000-square meter exhibition and conference hall. It will also be home to the 16,000-seat Galaxy Arena for concerts and sporting events, and an Andaz Hotel with more than 700 rooms and suites.
AGTech, which is a subsidiary of Alibaba Group Holding Limited, said the formation of the above strategic cooperation will allow the group “to participate in the cultural and entertainment market of Macau by relying on the convenience and inclusive development of the electronic payment of Macau Pass, and the advantages of experience in local marketing technology services in Macau, and by leveraging Galaxy’s infrastructure and resources, Damai’s leading online ticketing platform for live events in Mainland China and Alibaba Pictures’ internet-driven integrated platform for the entertainment industry to reach more customers and provide those customers with easy access to high-quality movies and/or events, and will be beneficial to the development of the Group’s businesses in non-payment areas.
“It is contemplated that such strategic cooperation could also allow the company and other parties of the Strategic Cooperation Agreement to leverage their respective strengths and market competitiveness and create synergies and provide full service for Macau residents and tourists to Macau, which will in turn generate long-term returns to the Company and its shareholders.”
GICC had been planned to open in 2021 but was delayed on multiple occasions due to the impact of COVID-19. Galaxy has since revealed that its Galaxy Phase 3 development, which incorporates GICC, will open depending on prevailing market conditions. Macau reopened its borders to the world on 8 January and subsequently recorded its highest gross gaming revenues for three years in January.
