Galaxy to increase budget for casino
Source: Bloomberg News |
June 4, 2013, Tuesday
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Print Edition
Print Edition
GALAXY Entertainment Group Ltd, the Macau casino operator founded by billionaire Lui Che Woo, said it will boost the budget for the second construction phase of its Cotai resort by HK$3.6 billion (US$464 million).
The company is raising the phase 2 budget for the Galaxy Macau to HK$19.6 billion from HK$16 billion, Vice Chairman Francis Lui said in Hong Kong yesterday.
Galaxy is competing with companies such as Sands China Ltd to expand in Cotai, Asia's equivalent of the Las Vegas strip. It agreed to buy the Grand Waldo casino hotel in the increasingly popular area last month to widen its footprint there as new attractions, hotel rooms and an improved rail connection are drawing more Chinese mainland visitors to the world's biggest gambling hub.
Casino revenue in Macau rose 14 percent to a record 304 billion patacas (US$38 billion) in 2012.
Galaxy had HK$14.4 billion of cash, cash equivalents and short-term investments as of December 31.
The company is raising the phase 2 budget for the Galaxy Macau to HK$19.6 billion from HK$16 billion, Vice Chairman Francis Lui said in Hong Kong yesterday.
Galaxy is competing with companies such as Sands China Ltd to expand in Cotai, Asia's equivalent of the Las Vegas strip. It agreed to buy the Grand Waldo casino hotel in the increasingly popular area last month to widen its footprint there as new attractions, hotel rooms and an improved rail connection are drawing more Chinese mainland visitors to the world's biggest gambling hub.
Casino revenue in Macau rose 14 percent to a record 304 billion patacas (US$38 billion) in 2012.
Galaxy had HK$14.4 billion of cash, cash equivalents and short-term investments as of December 31.
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