Galaxy Entertainment Group has announced that it is to buy the Grand Waldo casino resort in Macau.
The company said in a filing to the Hong Kong Stock Exchange it would pay US$419m for the property. The casino inside the hotel is already run by Galaxy, which holds one of Macau’s six gambling licences.
The reclaimed land that joins the Cotai and Taipa islands in the former Portuguese colony is being built into Asia’s equivalent of the Las Vegas Strip.
Casino operators from Sands China to Melco Crown Entertainment are adding shopping malls, spas and shows to their resorts, competing for casino revenue that is estimated to grow to $44.5bn billion this year.
