Casino operator Galaxy to build China resort

Macau gambling company Galaxy Entertainment (0027.HKG) has signed a framework agreement to build a US$1.6 billion (RMB10 billion) resort on nearby Hengqin Island, The Wall Street Journal reported, citing a company statement on Wednesday. Unlike Galaxy’s megaresorts in Macau, a US$45 billion gambling market, this project would not have a casino, but would complement Galaxy’s business in Macau while helping develop the territory into a global tourism center. China has embarked on an ambitious plan to turn sleepy Hengqin Island into a diversified hub to augment the world’s casino capital.