Galaxy, owned by Lui Che-woo, is a Hong Kong shareholder of Macau casinos, which is planning to upgrade the company by adding to its stocks roulette tables and slots. After the big loss of Stanley Ho’s 42-year long monopoly, Galaxy has come out on the surface as one of the three companies owning the gaming license in Macau.
The VIP market of Macau is founded on approximately 4,000 Chinese gamblers who spend about $1 million per casino visit. Last year, this totaled to 70 percent of their entire gambling profits. Though Macau’s VIPs have long been associated with money laundering and criminal sabotages, Galaxy, wholesomely relies on them for the revenue source. Moreover, it’s considering enlarging the market by launching a brand new casino with games of roulette and slots. The project is scheduled to take off at the beginning of next year.
In the first two month of 2005, Galaxy’s shares of Macau’s casino market dropped by 9.3 percent. Fearing of losing their gambling licenses, by 2009 Galaxy and Las Vegas Sands have to provide joined financial investment of 8.8 billion patacas ($1.1 billion) in Macau.
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