Macau casino giant hopes $7.4 billion family-focused development will stop slide
Galaxy Entertainment Group plans to spend about HK$57 billion more to expand in Macau to woo visitors.
Galaxy Entertainment Group Ltd., the casino operator controlled by billionaire Lui Che Woo, plans to spend about HK$57 billion ($7.4 billion) more to expand in Macau and will recreate New York’s Broadway theater to woo more visitors.
The company will add a 3,000-seat entertainment theater in Macau, Lui said today at a press conference in Hong Kong. Galaxy said in a statement it has committed HK$100 billion to Macau’s Cotai strip, with a part of it already invested.
Galaxy joined casino operators including Melco Crown Entertainment Ltd. and Sands China Ltd. in shifting resources away from high-rollers to draw vacationing Chinese and other mass-market gamblers as Macau diversifies its economy that relies on casinos for more than 80 percent of government revenue. Melco announced last week it plans to open a family entertainment center with Time Warner Inc. that will have a Batman virtual reality ride.
“What we do is to make it more diverse, from entertainment, leisure, culture and art, we will continue to expand,” said Lui. “This is to meet the requests from the country and Macau.”
The second phase of Galaxy Macau and Broadway at Galaxy Macau, previously called the Grand Waldo complex, will be opened on May 27, the company said. Galaxy bought Grand Waldo in 2013.
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