Financial analyst UBS Securities Asia Ltd. believes that Macau casino operator Galaxy Entertainment could supplant SJM Holdings as the market leader in shares of gross gaming revenue (GGR) by the end of 2015. If UBS’s estimates prove to be correct, it would be the first time SJM goes through an entire year without being the market leader in the category.

According to its note, UBS is estimating that Galaxy Entertainment would see its market share in GGR shoot up to 22.7%, compared to 20.7% share it had in 2014, with its VIP share increasing to 27% for the year. That would beat out UBS’s GGR market share forecast for SJM of 22.4% in 2015.

The analyst cited the upcoming opening of Galaxy Macau’s Phase 2 project as a big reason in the expected jump in VIP business for the operator. “We expect around 150-200 net new tables will be granted to Galaxy Macau phase 2, with roughly 50-70 allocated to VIP and 100-130 to the mass floor,” UBS analysts said.

Apart from the opening of Galaxy Macau phase 2, UBS also indicated that Galaxy Entertainment is poised to take full advantage of its relationship with critical junket operators to help increase VIP turnout in its existing high-roller tables. Likewise, the expected opening of 300 Grand Waldo hotel rooms in the early part of the year could also boost turnout from the mass-market segment for the year.

UBS’s bullish forecast for Galaxy Entertainment comes at a time when the operator has steadily gained ground over its casino rivals in Macau. Back in September 2014, Galaxy became only the third operator to lead the shares lead in GGR, upending longtime champ SJM and perennial second-place finisher Sands China Ltd.

In related news, Galaxy Macau’s ongoing construction of the phase 2 development hit a temporary  snag when a fire broke out on the roof of an extension that was currently under construction.

According to the South China Morning Post, the fire began Thursday morning just as workers were carrying out welding work in the area. An investigation by the fire department revealed that sparks from the welding work “set alight construction materials on the roof of the building.”