Galaxy Entertainment Group Ltd., the Macau gambling operator part owned by Permira Advisers LLP, posted a wider first-half loss after writing down the value of its casino license.

The company’s loss widened to HK$7.43 billion (US$955 million), or HK$1.89 a share, from HK$267.8 million, or 8.1 Hong Kong cents a share, a year earlier, it said in a Hong Kong stock exchange filing today. Sales declined to HK$5.39 billion from HK$6.33 billion.

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Galaxy Entertainment Group have entered into agency agreements with Hong Kong companies Leo Burnett Limited and TBWA Limited, to manage advertising and related activities. According to a company statement, Galaxy concluded agreements with Leo Burnett and TBWA to manage advertising and related activities of its Galaxy Mega Resort and StarWorld Hotel and Casino accounts, respectively.

“First phase of its Galaxy Mega Resort, which forms the largest land bank in Cotai, is currently under construction and will be the jewel in the crown of the Galaxy Entertainment Group property portfolio,” the statement read.

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This is an interesting interview listening to a local about the Macau casino business from a Chinese perspective, after all this is their home turf!

Q. Naysayers back in the 1990s said the same about Las Vegas — that few would splurge on fancy meals or expensive hotel rooms. But the big casinos in Las Vegas now earn more than half their revenues from non-gambling sources.

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Galaxy Entertainment Group Limited yesterday announced it had entered into an agreement with Hotel Okura Co., Ltd. Hotel Okura will open a 5-star hotel in the Galaxy Mega Resort located in Cotai, Macau, scheduled for opening 2009. Galaxy finalised the agreement with Hotel Okura to manage, operate and market one of the three luxury hotels in the first phase development of its Galaxy Mega Resort, Cotai.

Hotel Okura operates hotels outside Japan including Amsterdam, Guam and China. It has recently expanded its joint marketing agreements to extend its service network with Banyan Tree Hotels & Resorts and Taj Hotels and Palaces. In its overseas hotel operations, Hotel Okura has long focused its efforts on high growth Asian markets and its opening of a hotel in Macau will further accelerate the Hotel Okura’s Asia strategy, a statement from the company said.

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Galaxy Entertainment Group announced a third quarter drop in revenue for the company as a whole and for its flagship casino Galaxy StarWorld yesterday.

Gross earnings at the StarWorld Casino Resort fell from HKD2,209 million in the second quarter to HKD,2096 in the three months to September 30 this year.

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Galaxy Entertainment Group has sold 20% of its business to the private equity firm Permira for about US$840 million, as it wishes to take a stake in what is now the world’s largest gambling arena.

The equity firm has said it will be paying HK$6.5 billion for a 20 percent stake in Galaxy Casino’s company, which now is building the second largest casino in the world, the GalaxyWorld Resort.

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Galaxy Entertainment’s CFO, Nigel Morrison, discusses the flagship StarWorld property and the company’s strategy for capitalising on Macau’s booming gaming market.

Nigel Morrison joined Galaxy Entertainment as chief financial officer earlier this year, attracted by the opportunity of a lifetime to be at the forefront of the industry, work with new technology, grow market share and build new businesses.

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Significant Milestones Achieved
Opens 4 Casinos Including Its Flagship StarWorld, Captures 22% Market Share, and Tops Out Galaxy Mega Resort Tower at the Cotai Strip.

Galaxy Entertainment Group Limited (”Galaxy”) today announces its full year financial results for the year ended 31 December 2006. Galaxy has capitalized on the fast growing gaming market in Macau to position itself as one of the dominant Casino Operators within the Macau gaming market.

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