According to the annual results published by Galaxy Entertainment Group, the mass market in Macau grew just 15% in 2006 compared to a 65% increase in VIP win. This, the company says, is the reason it will strongly focus on VIP gaming business. During 2006 Galaxy increased its gaming tables from just 63 to over 500 and its slot machines from 75 to over 800, and saw its market share rise from 9% in the first half of 2006 to 17% in the second half and 22% in the first quarter of 2007.
Following the opening of its flagship StarWorld in October 2006, and three more City Club casinos earlier in the year, Galaxy has established itself as a major player in the Macau market. The company also has a significant land holding on the Cotai Strip where the future mega resorts in Macau are being developed. Today Galaxy has demonstrated that along with a goal to become Macau’s leading one-stop leisure and entertainment destination, it has not overlooked its responsibility to the Macau community. Volunteers from the StarWorld Security Department have taken a donation, contributed from client tipping, to a centre run by the charity Macau Caritas.
Mr. Ciaran Carruthers, Chief Operating Officer of StarWorld Hotel & Casino, said: “With its rapid economic development, Macau is now a major international tourism and entertainment hotspot. However, there are people who still need help from society. As StarWorld has greatly benefited from the economic boom, we should therefore do our utmost in terms of corporate social responsibility. Besides being involved in Macau’s economic development, Galaxy also participates in its social development by actively supporting a number of charitable activities, and we are encouraging our staff to get involved in as many of these as possible. We were therefore very pleased to see how enthusiastic our staff are through their voluntary donation to Macau Caritas.”
According to a Reuters report, Galaxy is considering forming three joint ventures in its Cotai resort during its second phase. The first phase of the Galaxy Cotai Mega Resort is scheduled to open in 2008. Each of the possible three joint ventures could be worth around US$767.3 million. In its annual results announcement to the 31 December 2006, Galaxy claims that its bank deposits and cash flows from StarWorld, the City Club casinos and other operations provides it with sufficient financial resources to develop and commence operations of the first phase of its Cotai Mega Resort. (E-04.26.07)
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