Galaxy Ent. Group to purchase Cotai Strip hotel

May 6, 2013 7:08 PM

 

Hong Kong-based Galaxy Entertainment Group Ltd. the company that shared its Macau license with Las Vegas Sands Corp. (LVS), announced Sunday it would buy the assets of a Cotai Strip hotel in which it already operates the casino.

The purchase price for the Grand Waldo Hotel was given as $419 million.

Galaxy’s Macau connection helped double the company’s  profit during the 2012 operating year.

Macau’s Cotai Strip is where all licensed casino operators have announced plans to build additional facilities.  Grand Waldo has been described by analysts as “strategically located” on the reclaimed land that leads to the Taipa Islands.

 

Ray Poirier is the longtime executive editor at GamingToday.

Contact Ray at [email protected].

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