Galaxy Entertainment Group Limited owns and operates StarWorld Hotel and Casino - a luxury 5-Star property located on the Macau peninsula, and operates four CityClub Casinos in Macau. The group also is developing a major resort in Cotai where completion of the building's exterior is imminent and internal fit-out will follow early in 2010 with opening in the first quarter of 2011.

The resort's gaming facilities will have a capacity of over 600 tables and 1,200 electronic gaming machines in five auspiciously themed areas. Above the gaming facilities a 52,000 square meter oasis resort is planned, water supplies permitting, with the world's largest sky wave pool, a beach comprising 350 tonnes of white sand, lush gardens and water falls.

Commenting on Galaxy Macau, Dr. Lui Che Woo, Chairman of Galaxy Entertainment Group said: "We are extremely excited about the opening of Galaxy Macau. As the first element in a multi-phase long-term development plan, this project is a clear statement of our confidence and conviction in the potential of Macau."

In today’s announcement that Galaxy had outperformed the market with fifth consecutive quarter revenue and EBITDA growth, Dr. Lui Che Woo stated, "Galaxy continued to demonstrate strong growth momentum during the third quarter, with StarWorld outperforming the market and recording its fifth consecutive quarter of revenue and EBITDA growth and reported market leading occupancy levels."

In the third quarter Star World’s VIP turnover was up 50% from the second quarter and occupancy at the StarWorld Hotel was 97%, up from 85% in the previous quarter. The City Club Casinos were reported to have had a ‘solid’ quarter. During the quarter Galaxy completed the acquisition of the Cotai site and strengthened its balance sheet through the repurchase of US$15 million of debt.

Commenting on the outlook for the fourth quarter Dr. Lui Che Woo, said: "We are cautiously optimistic about the outlook for the fourth quarter of 2009. The macro trends are good and we are expecting Macau to achieve healthy growth based on, the new Macau Chief Executive taking office; continuing progress of the Macau Gaming Chamber in cooperation with the Macau Government to maintain healthy sustainable growth in the market; and the celebration of 10th anniversary of Macau reverting to Mainland China." (E-11.11.09)

© Copyright 2009 CasinoCompendium



>>> return to archives
>>> return to frontpage