International edition
July 26, 2021

It includes a casino and three luxury hotels

Galaxy to finalize Cotai project funding within 30 days

(Macau).- Casino operator Galaxy Entertainment Group will finalize a plan to complete the financing for its us$ 18.1 billion flagship casino resort in Macau within 30 days, Chief Financial Officer Robert Drake said this week.

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rake told Dow Jones Newswires that the funding plan will cover the remainder of Galaxy's financing needs for the Cotai project, which includes a casino and three luxury hotels.

Galaxy said earlier it had already committed about us$ 6.5 billion to the project, known as Galaxy Macau.

"We are fortunate to have options to choose from" in terms of the type of financing, Drake said, but declined to elaborate. He said the company is on track to open the resort project in the first quarter of next year.

Galaxy, one of six companies licensed to operate casinos in Macau, delayed its Cotai project in November 2008 at the height of the global financial crisis, citing weak market conditions.

As the global economy recovered, however, Galaxy disclosed in November last year that it planned to complete the delayed project by the first quarter of 2011.

When completed, Galaxy's casino resort in Cotai -an area of reclaimed land between two outlying islands off the Macau peninsula- will have 600 gambling tables and 2,200 luxury hotel rooms, suites and villas.

Apart from Galaxy, rival Sands China Ltd. also said recently it plans to revive work on building hotels and casino complexes in Cotai.

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