Portuguese bank is part of syndicate to grant loan to Galaxy Entertainment to finish resort in Macau

13 April 2010

Macau, China, 13 April – Macau-based bank, Banco Nacional Ultramarino (BNU), up Caixa Geral de Depósitos (CGD) is part of the banking syndicate that has granted a loan of US$1.13 billion (8.8 billion Hong Kong dollars) to Galaxy entertainment for the conclusion of its new resort in Macau.

The banking syndicate is also made up of the Bank of China, via its Macau subsidiary, the industrial and Commercial Bank of China (Macau) Ltd, HSBC Holdings PLC’s Asian unit, Hang Seng bank Ltd and the Guangdong development Bank.

Galaxy Entertainment Group slowed construction of its integrated resort, investment in which is estimated at US$1.77 billion (14.1 billion Hong Kong dollars) in November 2008 due to the world economic recession and a fall in number of tourists.

Galaxy’s new resort, which includes hotels, casinos, retail areas and restaurants as well as other facilities such as an artificial beach, is due to be opened at the beginning of 2011.

Once it is finished the casino resort will have 600 gaming tables and 550,000 square metres of entertainment area.

In the Macau gaming and gambling market, which in the first quarter of the year generated revenues of 40.9 billion patacas (US$5.12 billion), Galaxy Resorts has maintained its fifth place in the ranking of operators in terms of revenues and ended March with a market share of around 12 percent. (macauhub)