Galaxy upping the budget for Cotai Phase 2
Plans for phases 3 and 4 call for 5,500 additional hotel rooms and up to 1,000 table games and 3,000 slot machines.
Phase 2, meanwhile, is expected to be completed by the middle of 2015 and will be funded from the cash-rich company’s reserves. Galaxy entered the new year with us$ 1.54 billion of cash on hand after net income more than doubled to us$ 7.4 billion in 2012 on a 38% increase in revenues to us$ 56.7 billion. The bulk of that, us$ 33 billion, was generated by Galaxy Macau.
The company has approval from the Macau government this year to add 50 table games between Galaxy Macau and its StarWorld casino on the Macau peninsula. Deputy Chairman Francis Lui has said one-third of them will be allocated to VIP rooms and two-thirds to the public casinos.
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