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Galaxy's casino investment in Macao to top $687 mln
Last Updated(Beijing Time):2005-03-01 09:52
Hong Kong-invested Galaxy Casino and Resort announced on Monday its commitment of investment would top 5.5 billion patacas (687 million US dollars).

Speaking at a luncheon here, Galaxy's Director Philip Cheng said the company has boosted the investment from 4.4 billion patacas (550 million US dollars) to 5.5 billion patacas (687 million US dollars).

He said that Galaxy would keep its promises made at the time ofits bidding for a gaming concession in Macao, and actively comply with the Macao Special Administrative Region (SAR) government's policy of promoting the local economy to enhance the development of the SAR.

Galaxy was granted a concession by the SAR government to operate casino hotels in 2002. It launched the Galaxy Waldo Casinoand Waldo Hotel last July, which became the second casino in Macaowith investment from outside of Macao.

Cheng said that since the gaming market in Macao was liberalized in 2002, the industry has been booming considerablely,which has enhanced the attractiveness and competitiveness of the entertainment business here.

He cited the mainland's open-up of individual tours to Hong Kong and Macao as one of the main impetus in boosting Macao's tourism.

"The amazing growth of visitors will undoubtedly propel the tourism and entertainment industry toward a healthy and diversified development. We are confident to develop the infinite potential of the market," said Cheng.

Galaxy is working on several projects here including the GalaxyStarWorld Hotel with an investment of 2 billion patacas (250 million US dollars) and the Galaxy Cotai Mega Resort and Casino with 3 billion patacas (375 million US dollars).

Cheng said that with an extensive array of accommodation, catering, convention and entertainment facilities, Galaxy aims to provide an all-round service of attractive diversity and enhanced quality, which would help persuade tourists to stay longer in Macao.

Galaxy with its sub-concession of The Venetian from Las Vegas is one of the three licensed casino operators in Macao, as the other two concessionaires, namely the only local firm of the MacaoGaming Co. Ltd. owned by tycoon Stanley Ho and Las Vegas-based Wynn Resorts.

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