Tuesday, August 31, 2010

Galaxy Will Accelerate Casino Resort Project in Macau to Tap Gambling Boom

Galaxy Entertainment Group Ltd., the casino operator part-owned by Permira Advisers LLP, plans to invest an additional HK$800 million ($102.8 million) to speed up construction of a Macau casino resort to tap a gambling boom.

The money will be spent on raising the number of rooms ready when Galaxy Macau casino resort opens early next year by more than 50 % to 1,400, Chairman Lui Che Woo said in Hong Kong today. The new commitment will bring the total investment to HK$14.9 billion, according to a statement.

“What we have seen from Okura, Banyan Tree and the market in general, there is a demand to fill: We have the opportunity to open the rooms sooner, we are moving ahead to do so.” Chief Operating Officer Michael Mecca said. Revenue may increase 40 percent in the second half, he said.

Sales rose 61 % to HK$8.57 billion in the 6 months ended June 30, Galaxy said. Visitors from mainland China to Macau, the only city in the nation where casinos are legal, surged in the period. Gambling revenue in Macau climbed 67 % in the first six months of the year to 86 billion patacas ($10.7 billion), the Gaming Inspection and Coordination Bureau said last month.

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