Galaxy to invest HK$50 billion in phase III

Galaxy Entertainment Group Ltd is planning to invest HK$50 billion (US$6.25 billion) in the third phase of Galaxy Macau resort, Hong Kong newspaper Ming Pao, reports citing deputy chairman Francis Lui Yiu Tung. Mr Lui said the company plans to begin construction of the project in the Cotai area by the end of 2013 or early 2014, according to Bloomberg. The construction of the 4,000-room project is expected to be completed as early as 2016. The HK$16 billion-phase II project is currently in progress and will be completed in mid-2015. Following the completion of Galaxy Macau Phase II, the entire complex will occupy roughly 50 percent of the total parcel owned by the company, suggesting room for another two large-scale integrated resorts on the site.