Asian casino operator Galaxy announced this weekend that it plans to complete arrangements for the financing of its $1.8 billion Macau Cotai Strip project within the next 30 days.
In a statement to Dow Jones Newswires, a Galaxy official said the funding plan will cover the remainder of Galaxy’s financing needs for the Cotai project, which includes a casino and three luxury hotels.
The project with compete with Las Vegas Sands Corp.’s Cotai Strip destination resort that CEO Sheldon Adelson said will be partially funded with proceeds from the Sands China initial public offering completed in December.
Galaxy’s spokesman declined to identify the funding sources but said the Cotai Strip project is on line to be completed in the first quarter of 2011.
According to a story in the Macau Daily Times, Galaxy Vice Chairman Francis Lui said last November that raising funds through a share placement wasn’t among the options being considered.
Bank of America-Merrill Lynch has been identified as the financial advisor to the Galaxy project.
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