Galaxy Entertainment Group has received a HK$8.8bn ($1.13bn) loan to finance the construction of a new resort in Macau.
A consortium of Asian banks provided the funding, which will be used to complete the HK$14.1bn Galaxy Macau project in Cotai, which is scheduled to open in 2011.
"The terms of the club loan are significantly more favorable than the group’s existing bonds," the company said. "This proposed agreement significantly lengthens the group’s debt-maturity profile as well as enhancing its financial efficiency and flexibility."
