The acquisition of Macau-based Galaxy Entertainment Group from its chairman, Lui Che-woo, for $18.4 billion was completed in July, making K Wah Construction the only Hong Kong-listed gaming operator. K Wah Construction will change its name to Galaxy Entertainment Group later this year to reflect its new status.
Galaxy Entertainment's results will be included in those of K Wah Construction in the second half of this year.
'We have done well over the last six months with a market share of 10 per cent in Macau, for only 5 per cent of tables,' said Galaxy Entertainment chief executive Anthony Carter. Galaxy Entertainment currently operates the Galaxy Casino at the Waldo Hotel, but it will open three casinos with more than 420 tables and 300 slot machines in the next seven months. The three projects will require investments of about $5.7 billion.
'We are making good progress on our $3 billion financing for the investment of three new casinos,' Mr Lui said.
Property developer K Wah International cut its stake in K Wah Construction Materials, to below 20 per cent, by distributing shares in the subsidiary as part of its interim dividend.