Macau’s casino operators tumbled 3 percent on Tuesday after the Chinese currency regulator announced extra requirements for citizens to buy foreign exchange.
Galaxy Entertainment Group was founded in 1988 by Lui Che-Woo. It was awarded a concession to operate casinos in Macau in 2002 and entered the market in 2004 with the opening of the first of four City Club Casinos -- the Casino Waldo.
The company owns the five-star StarWorld Hotel and Casino on Macau Peninsula, opened in 2006, and opened the first phase of its Galaxy Macau integrated resort on Cotai in May 2011. The company opened the expansion to the resort, Galaxy Macau Phase 2 and the Broadway Macau in 2015, marking the first new resorts to open in the territory since 2012. It has plans for Phases 3 and 4 of the property for a total investment of HK$100 billion ($12.8 billion). Site works are expected to start in 2016.
In addition, the Group has also entered into a framework agreement with the Hengqin authority to develop a 2.7 square kilometer land parcel for a world class destination resort in Hengqin Island.