Galaxy to spend $7.4b on Macao expansion

Night view of the Galaxy Hotel of the Galaxy Macau Hotel Resort in Macao, May 11, 2011.[Photo/IC]

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 Macao and will recreate New York's Broadway theater to woo more visitors.

The company will add a 3,000-seat entertainment theater in Macao, Lui said on Friday at a news conference in Hong Kong. Galaxy said in a statement it has committed HK$100 billion to Macao'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 Macao diversifies its economy, which 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 to culture and art, and we will continue to expand," said Lui. "This is to meet the requests from the Chinese mainland and the Macao Special Administrative Region."