Galaxy Entertainment Group Ltd. led gains in casino shares after the government of Macau said in a statement it approved 150 new gaming tables for a gambling resort operator that’s set to open a new project.
While the statement did not identify the operator, Galaxy had said it was applying for new gaming tables for its new properties, Galaxy Macau Phase 2 and Broadway Macau, which are scheduled to start running on May 27.
“The new hotel project set to open allows participation by Macau small and medium businesses, and helps enrich the city’s tourism elements -- the government is very supportive of this,” Lionel Leong, Macau’s Secretary for Economy and Finance, said in the statement late on Thursday.
Galaxy won’t comment further on the government’s statement on Thursday about gaming table approval, the casino operator’s spokeswoman Joyce Fung said by phone.
Galaxy shares ended up 1.5 percent at HK$39.50 by the close of trading in Hong Kong, extending a 4.6 percent rise a day earlier. Sands China Ltd. and Wynn Macau Ltd. both gained 0.9 percent. Melco Crown Entertainment Ltd., which is hoping the government will allow it more gambling tables for its new Studio City project, increased 0.4 percent.
Macau’s government had approved 150 new gaming tables for the Galaxy Macau Phase 2 project, Jefferies analyst Leon Liao wrote in a note on May 19, citing local newspaper MacauNews which didn’t say where it got the information.