The Macau Metro Monitor, May 22, 2013
GALAXY TO INVEST UP TO HK$60 BILLION IN COTAI EXPANSION Macau Business
Galaxy's CFO Robert Drake said that he expects 2013 casino revenue for the city to increase by “mid-teens,” while VIP revenue will expand by “high single digit." He added that the company is considering a “golf course” or “some other non-gaming amenity” if it is successful in acquiring a piece of land on Hengqin Island and the development of facilities complementary to what it has across the water at Galaxy Macau on Cotai.
EX-SANDS EXECUTIVES TO HELP MANAGE BAHAMAS CASINO WSJ
Sarkis Izmirlian, CEO of resort company Baha Mar Ltd., said he selected Global Gaming Asset Management, LLC—led by former longtime LVS president William Weidner—to manage the gambling operations of his project, partly because he believes the team understands China better than anyone else. The Baha Mar resort, currently the largest tourism development in the West, is being built by China State Construction Engineering Corp. and primarily financed by the Export-Import Bank of China. The selection of Mr. Weidner's team further solidified China's role in the project.
The beachfront Baha Mar project in Nassau will have a 100,000-square-foot casino with more than 150 gambling tables and 1,500 slot machines as well as luxury hotels, dining and shopping, a golf course and a convention center. It is set to open in December 2014.
Once the resort opens, Izmirlian said he expects it will account for 10% to 15% of the Bahamian economy. While the Bahamas has historically relied on the U.S. for 90% of its business, Izmirlian said he hopes Baha Mar can help to broaden its appeal, including to Chinese visitors.
Weidner, whose company is also managing the casino operations of Philippine ports magnate Enrique Razon Jr.'s recently opened Solaire Resort & Casino in Manila, said he plans to engage junket operators to bring Chinese customers to Baha Mar. He said he also plans to reach out to high-rollers directly. However, the current absence of direct flights between China and the Bahamas could complicate the process.