Robert Drake News
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Galaxy Entertainment Group Ltd., the Macau casino operator founded by billionaire Lui Che Woo, plans to spend as much as HK$60 billion ($7.7 billion) to expand operations on the increasingly popular Cotai strip.
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Sheldon Adelson is adding a fourth casino in Macau, the world’s largest gambling hub, drawing almost six times the revenue of the Las Vegas Strip. The billionaire’s rivals are cheering him on.
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Galaxy Entertainment Group Ltd., the casino operator founded by billionaire Lui Che-Woo, posted a 46 percent gain in third-quarter profit as Chinese gamblers spent more at the resort it set up last year. The stock rose.
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Galaxy Entertainment Group Ltd. , the casino operator part-owned by Permira Advisers LLP, expects Macau’s gaming revenue growth this year will be “similar to” that of last year, Deputy Chairman Francis Lui said.
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Sands China Ltd., the Asian unit of Sheldon Adelson’s U.S. casino operator, expects growth to pick up next year in Macau and said it has followed regulations in its home territory and Las Vegas.
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Galaxy Entertainment Group Ltd. , part-owned by Permira Advisers LLP, plans to raise 1 billion yuan ($150 million) by selling bonds in Hong Kong, making it the first casino operator to access the market.
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Hong Kong demand for yuan-denominated bonds is so hot that Galaxy Entertainment Group Ltd. , a casino operator, was able to sell notes at yields lower than in Shanghai and below those on gaming debt in the U.S.
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Macau home prices, which have recovered to pre-global credit crisis levels, may rise as much as 20 percent this year as the city’s economy benefits from an expanding casino industry.
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Galaxy Entertainment Group Ltd. , part-owned by Permira Advisers LLP, opens its HK$14.9 billion ($1.9 billion) casino resort in Macau today after an almost two- year delay because of the credit crisis.
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Galaxy Entertainment Group Ltd. posted annual profit that missed analyst estimates and said it won’t pay a dividend as it boosts spending on casino development. The shares fell.
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