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An expansion project of HKD 43 billion for Galaxy casino in Macao
Galaxy Entertainment Group has just finished its expansion project in Macau. The operator has invested nearly HK dollars 43 billion in this hotel and casino on the Cotai Strip of the town which as reminder is the second phase of the project in Macau. Following Beijing’s request to diversify Macao's economy following the fall of casino gaming revenue during the past 11 months, the extension of Galaxy Macau is oriented on tourism and recreation with its three hotels, two casinos and other place of entertainment. Indeed, Galaxy Entertainment built three new luxury hotels: Ritz-Carlton, JW Marriott and Broadway Macao five-star hotel. For entertainment, the hotel features two new game rooms, the largest theater in Macao and space for an aquatic adventure. The Galaxy asked to offer 400 new gaming tables in its extension project, but only 150 tables have been granted.
While the industry has declined over the past months, operators in Macau are already facing a new challenge, namely gaming license renewal. Six contracts expire between 2020 and 2022 while the local government has not yet provided information about the number of licenses to be granted. The central government could encourage local investment to reduce the influence of foreign capital in Macau. Of the six casino operators in Macau, SJM Holdings and Galaxy are local investors.
Source: James WILLIAMS
Thursday, 28 May 2015
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