Macau casino operator Galaxy Entertainment Group Ltd announced the setting up of a charitable foundation with an initial HK$300 million (US$38.7 million). The company will allocate HK$100 million to the foundation each year for the next 10 years, amounting to HK$1.3 billion (US$168 million), Lui Che Woo (pictured), Galaxy Entertainment chairman, said on Friday.
Mr Lui said the foundation is committed to giving back to the society, including supporting young people in entrepreneurship and in attempting new endeavours.
“We hope that we can continue to work collaboratively with all sectors of Macau to mutually develop our city and to ensure that it remains a great place of prosperity and stability,” Mr Lui said in a speech to mark the tenth anniversary of Galaxy Entertainment.
Mr Lui also said that Phase 2 of the company’s Galaxy Macau resort on Cotai is on target to open in mid-2015. In recent comments about the expansion of Galaxy Macau, Mr Lui said he expected the company net profit to grow in 2015 by as much as 50 percent year-on-year thanks to the opening of Phase 2. It is spending HK$19.6 billion on Galaxy Macau Phase 2.
Construction of Phases 3 and 4 is expected to start “as early as the end of 2014”, with a total investment of HK$60 billion, Mr Lui said.
In previous reports, the company had said the project would “target premium mass guests, with non-gaming amenities representing approximately 95 percent of the total floor area…”
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"This decision [regarding the concession extension] strengthens our capacity to finance the business. We have a whole series of different scenarios we are now working through"
Chief executive of Macau casino operator MGM China Holdings