The Chip Board
Custom Search
   


The Chip Board Archive 16

OK Don, try this....
In Response To: "Where's Waldo?" ()

Here is a Press Release/New story blurb from a 2004 Internet link...

Galaxy Waldo starts operating with 23 gaming tables for common gamblers, eight gaming tables for high-rollers, and 83 slot machines

Hong Kong-owned Galaxy Resort and Casino opened its first casino in Macau on Sunday, the 14th casino to operate in the former Portuguese enclave, which is reputed to boast the world's most profitable gaming industry.
The Galaxy Waldo Casino-Hotel was officially opened at 2:56 pm, when its director, Francis Lui Yiu-tung, the Macau government's secretary for economy and finance, Francis Tam Pak-yuen, and the vice-director-general of Beijing's Liaison Office in Macau, He Xiaowei, triggered a noisy confetti explosion in its lobby.
The relatively small casino, which initially only comprises 83 slot machines, 23 gaming tables for the general public and eight gaming tables for high-stakes gamblers, is the first of three projects by the company, which in 2002 won one of Macau's three rival gaming concessions in an international tender that terminated a casino-monopoly system originally set up in 1937.
Speaking at the brief opening ceremony, Lui stressed the point that "Galaxy is a Chinese-based company with profound understanding of Asian culture. With its Chinese background, Galaxy is best positioned to meet the needs of the Chinese customers." The 48-year old son of octogenarian Hong Kong property, hotel and construction-materials tycoon Lui Che-woo also underlined his company's "Chinese background and know-how about the local culture."
Galaxy's concession agreement with the Macau government includes an independently managed sub-concession held by Las Vegas gaming mogul Sheldon Adelson's The Venetian, which opened its first casino, Sands, in Macau on May 18, when it was swamped by an officially estimated 15,000 people drawn by false rumours that they would be given free opening-day gaming chips. In reaction to the pandemonium that surrounded the opening of the Sands Casino, Lui said last week he had opted for a "relatively low-key opening" in order to allay public security concerns. He also repeatedly told the media that he would not offer gamblers complimentary gaming chips on the opening day.
The opening of the Galaxy Waldo Casino-Hotel, known in Cantonese simply as "wah dou" ("Chinese capital"), included traditional Chinese dragon dances and the din of fire crackers, as well as Las Vegas-style Caucasian revue dancerettes. The ceremony, which only attracted a small crowd of curiosity seekers, was closely watched by several dozen uniformed and plainclothes police officers and private security guards. However, there were markedly fewer police constables on duty outside the casino than during the chaotic opening of the rival Sands Casino.
The hotel-casino is a converted residential building, which had been vacant for several years, opposite the Mandarin Oriental Hotel and close to the much bigger Sands Casino, which comprises 277 gaming tables and 405 slot machines in its first phase.
On its opening day, scaffolding still surrounded part of the Galaxy Waldo. Lui, who has no previous experience in casino management, took the ceremony's several dozen guests and invited journalists on a quick tour of the heavily decorated, low-ceiling casino on three floors. Representatives from Macau's other casino operators were among the guests.
Lui, who is a vice-chairman of his family's K Wah Group in Hong Kong, also said his company planned to employ up to 10,000 people and invest at least 5.5 billion patacas in Macau's gaming industry this decade. He also said the Galaxy Waldo had a start-up staff of 1,500, including 200 non-locals workers from Australia, Southeast Asia and elsewhere. He stressed that his company would give priority to Macau residents when employing staff.
Galaxy plans to open the first phase of its second project, the two billion pataca, 33-storey Galaxy Star World Casino-Hotel at the end of next year. The third project, the tentatively termed Cotai Mega Resort, is planned to cost 3 billion patacas and to be completed in four phases in 2009. Cotai is the Portuguese acronym for a land reclamation development area between Macau's two off-shore islands, Taipa and Coloane. Lui said last week the Cotai development was planned to include four "giant casinos" and five luxury hotels.
Macau has now two casino operators from Las Vegas - The Venetian and Wynn Resorts - and two Hong Kong Chinese operators, the Lui family's Galaxy and veteran gaming mogul Stanley Ho Hung-sun's Sociedade de Jogos de Macau (SJM). Wynn Resorts, which is headed by Las Vegas gaming legend Steve Wynn, broke ground on its 5.6 billion pataca casino-hotel tower in Macau last month. SJM now operates 12 casinos, 11 of which were previously run by Ho's former casino-monopoly company, Sociedade de Turismo e Diversoes de Macau (STDM), which now functions as his umbrella company in Macau. SJM has said it is negotiating a casino sub-concession agreement with MGM-Mirage from Las Vegas. Once concluded, MGM-Mirage will become Macau's third American casino operator.
Under Macau's liberalised gaming regime law, the government has granted three rival casino-operating concessions - Galaxy, SJM and Wynn Resorts. However, each of the three concessionaires may, subject to government approval, grant casino sub-concessions to other operators. Each concessionaire and sub-concessionaire may, subject to specific licensing requirements, operate as many casinos, gaming tables and slot machines as market conditions allow.
Several dozen invited gamblers from Macau, Hong Kong and elsewhere, most of them appearing to be regular high-rollers, started playing Galaxy's tables after the what Lui described as a "simple but solemn" opening ceremony. The casino's minimum bet amounts to 200 patacas or Hong Kong dollars. The table games on offer include baccarat, blackjack, Caribbean stud poker, big-and-small, and roulette.
Baccarat is Macau's most popular game of chance, reportedly generating around three quarters of the local gaming industry's total gross revenue, which last year generated some 10 billion patacas in tax revenue. Macau's casinos pay 35 per cent of their gross revenue as direct tax to the government.
Lui said last week he expected some 5,000 gamblers to visit the Galaxy Waldo every day.
Macau is the only city in China where casinos are legal. Macau's first casinos were licensed by its then Portuguese rulers back in 1847. Monaco and Macau are the world's oldest existing gaming destinations.

Here is the URL: http://www.pontofinalmacau.com/modules.php?op=modload&name=News&file=article&sid=4826&mode=thread&order=0&thold=0

Jim

Messages In This Thread

A double of International chips...
"Where's Waldo?"
Don, here is a link....
OK Don, try this....
Macau's casinos pay 35 per cent of their gross....
Higher than Nevada, Lower than Florida

Copyright 2022 David Spragg