from the South China Morning Post via Hotels newsline(9/17):
South China Morning Post
September 18, 2007 Tuesday
Galaxy Entertainment raises stakes in Macau;
US$3b mega project on Cotai Strip to challenge the Venetian
Neil Gough
"Galaxy Entertainment Group yesterday unveiled plans for 12 casino hotels and serviced apartment blocks totalling 8,500 rooms on Macau's Cotai Strip, a project expected to cost more than US$3 billion.
Galaxy said its 4.7 million square foot plot next to Las Vegas Sands Corp's newly opened Venetian complex would be developed to include 1.4 million sqft of retail space - twice the size of Pacific Place - and 750,000 sqft of convention and meeting space, equal to the total rentable area of the Hong Kong Convention and Exhibition Centre in Wan Chai.
The company's planned 700,000 sqft of total casino space on Cotai compares with the Venetian's 546,000 sqft gaming floor, the world's largest single casino.
Las Vegas Sands is developing an additional 13 hotels on Cotai, where its own projects will total 20,000 hotel rooms, three million sqft of retail and three million sqft of convention space and cost between US$11 billion and US$14 billion.
The first section of Galaxy's four-phase Cotai project was set to open in stages from 2008-09 and was budgeted at US$1.1 billion including land costs, executives said yesterday.
Named GalaxyWorld Resort, it will initially include three hotels with 2,500 rooms, 420 gaming tables and 1,200 slot machines.
Based on GalaxyWorld's cost per square foot of floor area, the company's investment on Cotai is likely to exceed US$3 billion." ...
for the complete story see:
http://www6.lexisnexis.com/publisher/EndUser?Action=UserDisplayFullDocument&orgId=616&topicId=12552&docId=l:671327758&start=1&nid=3457
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