April 26, 2012 / 4:24 AM / in 7 years

Galaxy Entertainment plans $2 billion investment in Macau 2nd phase

A Galaxy Entertainment Group sign is displayed outside Galaxy Macau, the latest resort in Macau, during its opening May 15, 2011. REUTERS/Bobby Yip

HONG KONG (Reuters) - Macau casino operator Galaxy Entertainment Group Ltd (0027.HK) said on Thursday that it plans a second phase of its Galaxy Macau integrated resort in the world’s largest gaming destination, with a proposed investment of HK$16 billion ($2.06 billion).

The project would comprise two new luxury hotels, including the world’s largest JW Marriott, and expanded retail space to more than 100,000 sqm and more than 200 luxury stores, the company said in a statement.

It added that gaming capacity would be expanded by up to 500 tables and more than 1,000 slots.

For a statement, please click here

Galaxy, which has a market capitalization of $12 billion, was the only company to open a new casino resort on Macau’s developing Cotai strip last year, significantly increasing its market share over the past 12 months.

Galaxy Entertainment’s shares were up 2.6 percent on Thursday at the midday break, outpacing a 0.5 percent gain in the benchmark Hong Kong index .HSI.

Las Vegas mogul Sheldon Adelson’s Macau unit Sands China Ltd (1928.HK) opened a new casino, the Sands Cotai Central, a few hundred meters from Galaxy’s property in April this year.

($1 = 7.7598 Hong Kong dollars)

Reporting by Farah Master; Editing by Chris Lewis

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