Galaxy Entertainment Group Ltd announced yesterday that it would buy the Grand Waldo casino resort. Galaxy Entertainment said in a filing to the Hong Kong Stock Exchange it would pay HK$3.25 billion (US$419 million) for the property. Get Nice Holdings, which has a majority stake on the project, also confirmed the deal. Grand Waldo’s casino already operates under Galaxy Entertainment’s gaming licence. Last year, Get Nice failed to sell its share in the loss-making property to an unidentified “international group”. Galaxy Entertainment said the acquisition “is a strategic investment and is expected to have synergistic effect” on the group’s development in Cotai. Grand Waldo is located across the road from Galaxy Macau, in Cotai.
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