Galaxy Casino Macau Owner
- Galaxy Casino Macau Owner Name
- Galaxy Casino Macau Owner
- Galaxy Casino Macau Owners
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The Asian gambling behemoth Galaxy Entertainment has found their brand associated with several online casino scams perpetrated in Macau, considered to be the foremost gambling location in the world.
- To that end, K.Wah has hired Merrill Lynch and Morgan Stanley to sell about US$300 million of bonds to help finance additions to Galaxy's lone casino in the Waldo Hotel on the Macau peninsula.
- Galaxy Entertainment has been working on Phase 3 of the casino operator’s Galaxy Macau venue for some time and the initial completion deadline for the phase had already been pushed back once.
In these scams, the culprits claim to be connected to Galaxy Entertainment and entice punters to join their gambling or betting websites under the pretense that the sites are legitimate.
Along with its neighboring family-friendly Broadway Hotel, Galaxy Macau presently features 3,770 occupancies, and a casino floor measuring 400,000 square feet. GEG Privilege Club is an incredible joint offering from Galaxy Macau™ and StarWorld Macau. As a member, amazing benefits like dining, travel, shopping and more will come your way.
Galaxy Entertainment recently published a statement on their website that categorically denied their association with a number of online gambling and betting sites.
The company also asked individuals with knowledge of the perpetrators to contact local authorities.
With their statement, Galaxy Entertainment hopes to decrease the success of the scammers and decrease any negative publicity associated with their brand due to them. Galaxy Entertainment has affirmed that they will not be responsible for any losses or damages suffered by punters fooled by fake websites with their brand.
Scams Proliferating in Macau
While the COVID-19 pandemic wreaked havoc on the live gaming industry in Macau, many unscrupulous characters have tried to take advantage by enticing punters with fake online gaming sites, ostensibly linked to big time Macau brands such as Galaxy Entertainment.
The Macau scams emerged just as the Chinese government announced they will be cracking down on illegal gaming outfits.
Gambling is outlawed across China, except for the special administrative region of Macau. While the underground Chinese gambling industry has long been an open secret, China has made moves in recent weeks that showed they plan on taking illegal gambling more seriously, launching a number of programs explicitly focused on curbing the gambling black market.
Some industry analysts believe that the Chinese crackdown could help explain why scammers in Macau are using names of established gaming brands—such as Galaxy Entertainment to boost their credibility with wary punters craving gambling action.
Since many Chinese punters are wary of running afoul of the government’s renewed drive against illegal gambling, black market operators may feel that affixing the name of a legitimate brand on their website could allay those fears.
Galaxy Casino Macau Owner Name
Chinese Crackdown, COVID-19 Eyed as Catalysts for Scams
Macau’s status as the world’s gambling capital has made it one of the hotspots for scams targeting punters flush with cash.
Galaxy Casino Macau Owner
While Macau has seen its fair share of scams over the years, industry observers believe that the COVID-19 pandemic and the Chinese illegal gambling crackdown may serve as catalysts for even more scams.
China is currently offering generous financial rewards for whistleblowers that will help to flush out illegal gambling operations.
Carolyn is our legislation expert, with a background in law she is able to cover the current state of gambling around the world
Galaxy Casino Macau Owners
The Galaxy Entertainment Group Ltd. chairman Lui Che-Woo said that the next two phases of the HK$86 billion ($11 billion) Galaxy Macau project will include “something special and high-tech” similar to the movie “Avatar.”
Compared with larger theme parks such as Walt Disney Co.’s $5.5 billion Shanghai park that’s due to open in June, “our park will be smaller but unique,” he said in an interview in Hong Kong.
“Nowadays you already see that all these theme parks have different special ideas,” said 86-year-old Lui, who made his first fortune in construction before entering the casino industry in his 70s. “So we’re thinking of how to compete against them.”
The Galaxy Macau Phase Two and Broadway Macau projects started operations last May incorporating a 3,000-seat theater that’s meant to broaden its appeal to families and tourists. The two properties boosted Galaxy’s market share in the mass-market segment, helping its fourth-quarter earnings beat analysts estimates.
Construction of the third and fourth phases of Galaxy Macau, which will cost as much as HK$50 billion to build, were originally planned to start by end-2013, according to the company’s 2012 annual report. The expansions were delayed as Galaxy re-evaluated the plans amid Macau’s casino downturn, deputy chairman Francis Lui, son of the chairman, said in a briefing last month. Site investigation on the new phases is expected to start this year, the younger Lui said.
Galaxy makes up three-quarters of the elder Lui’s $7.3 billion wealth according to Bloomberg Billionaires Index, making him Hong Kong’s 10th-richest. As Macau’s gambling business tumbled, Lui’s wealth more than halved since the peak in 2014, when he was at one point Asia’s second-richest person. Wynn and Adelson’s fortunes both declined about 30 per cent as their Macau units struggled.
Lui, who has transferred $1 billion worth of his companies’ shares to charitable foundations last September and set up a “Lui Che Woo Prize” for contributions to areas such as food safety and medicines, said he’s circumspect about the current state of Macau’s gambling market, calling the recent decline “reasonable” after a decade of rapid growth.
“We continue to invest in Macau,” he said. Another of Galaxy’s non-gaming resort will include water sports facilities located on Hengqin, an island that’s part of mainland Zhuhai city neighbouring Macau, with details to be announced in the second half of this year, Lui said.
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(macaunews/bloomberg)