Macau casino to gain Hong Kong listing in over us$ 2 billion deal

20.04.2005, Lesen Sie hier den Bericht über «Macau casino to gain Hong Kong listing in over us$ 2 billion deal».

The Lui family also plans to invest us$ 730 million in four new casinos

(Hong Kong).- Hong Kong´s tycoon Lui Che-woo is gaining a listing for its Galaxy casino in Macau through a us$ 2.35 billion deal with his family´s construction firm, capitalizing on investor interest in the former Portuguese colony´s gambling boom.


The company will become the first Hong Kong-listed casino operator after the deal.

The Lui family´s K. Wah Construction Materials Ltd. said on Tuesday it would buy Galaxy for us$ 2.36 billion and change its name to Galaxy Entertainment Group. The company will become the first Hong Kong-listed casino operator after the deal, which will nearly triple its value. Shares, which had been suspended since March 7, jumped 20 percent at the start of trade on Tuesday.

"This stock will turn into a real gambling stock -- not just a concept stock," said Castor Pang, strategist at Sun Hung Kai Research.

Macau has been in the throes of a casino-led investment and tourism boom since tycoon Stanley Ho´s 40-year casino monopoly lapsed in 2002. China´s relaxing of travel restrictions for mainland residents has also contributed to the tourism flood.

"Everyone wants to get into Macau´s gaming industry now,´´ said Andes Cheng, a Hong Kong-based analyst with South China Finance & Management Ltd. "Asian operators are up against Las Vegas competitors. They need to raise the money to build big casinos that could rival theirs.´´

The deal represents a reshuffling of assets by the Lui family, which controls the casino, K. Wah Construction and its parent K. Wah International. The group said it plans to spend us$ 730 million on four new casino projects over the next five years, including a flagship Galaxy Cotai Mega Resort that eventually would boast 6,300 hotel rooms and 41,000 square meters of gaming facilities.

Macau is the only place in China where casino gambling is legal. The competition in Asia to win gambling-related tourism has been stepped up this week with Singapore´s decision to clear the way for two integrated resorts that will include gaming halls.

Visitors from the mainland and nearby Hong Kong are arriving in droves to try their luck at Macau´s 17 casinos. Some analysts predict total gaming revenues this year will surpass those of the Las Vegas Strip.

Last year, the tiny city of about 465,000 people an hour´s boat ride from Hong Kong welcomed 16.7 million visitors, up 40 percent from 2003. Stocks related to its booming gaming and hotel businesses are among the most heavily traded in Hong Kong.

Galaxy opened its first casino in Macau last July, catering to high-rollers, and plans to open two more in the first quarter of 2006. The Galaxy casino generated profit last year of us$ 9.3 million.

Über Glücksspiele in Macau - Gambling in Macao:

Macau (englisch Macao) liegt rund 50 Kilometer westlich von Hongkong und ist das Glücksspiel-Paradies in Asien.

Macau hat rund 40 Spielcasinos. Die grössten Casinos sind The Venetian Macao, MGM Macao, Wynn Macao, Galaxy StarWorld, City of Dreams, Sands Macao, Casino Lisboa.

Neben den riesigen und farbenfrohen Casinobuildings ist eines der Wahrzeichen der Macau Tower (Fernsehturm mit 338 Meter) mit atemberaubenden Ausblicken auf die Stadt.

Macau erstreckt sich über eine Fläche von 115.3 km2 und hat rund 620'000 Einwohner.

--- Ende Artikel / Pressemitteilung Macau casino to gain Hong Kong listing in over us$ 2 billion deal ---


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