Permira to Buy Macau Casino Stake
Submitted by admin on Fri, 10/12/2007 - 06:59.
HONG KONG (Reuters) - Private equity firm Permira has agreed to buy a fifth of Macau hotel and casino operator Galaxy Entertainment Group <0027.HK> for nearly $840 million (420 million pounds), staking a claim in the world's largest gambling arena.
Permira said on Thursday it would pay HK$6.5 billion (412 million pounds) for a 20 percent stake in Galaxy, which plans to build the world's second-largest casino.
Macau, the only city in China where gambling is legal, has attracted billions of dollars in investment in past years from the likes of the Las Vegas Sands and Wynn Resorts , after the government abolished a decades-old gambling monopoly enjoyed by tycoon Stanley Ho.
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