Galaxy Macau enlarged its phase 2 budget
Lui was speaking after the company’s annual general meeting in Hong Kong. He said the budget for the second phase was now us$ 2,5 billion. He said the increase in the budget for the second phase was due to the company wishing to add more elements to the resort.
Work on the second phase has begun and is due to finish in 2015. Its casino floor will have 500 tables.
Galaxy Entertainment had us$ 1,8 billion in cash, cash equivalents or short-term investments on December 31, according to the Bloomberg news agency.
Galaxy Entertainment recently agreed to buy Grand Waldo casino, next door to Galaxy Macau. Once the deal is closed, the company will have a 65 % share in the property.
Galaxy Entertainment executives did not disclose their plans for the Grand Waldo yesterday. Lui said the deal is expected to be complete in the next quarter.
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