Galaxy concludes Macau casino financing plan

Galaxy Entertainment Group (0027.HK) has concluded its financing plan for its US$1.82 billion flagship casino resort in Macau, the Wall Street Journal reported. The company had come under some scrutiny after it missed its end-2009 deadline for announcing its financing plan for Galaxy Macau. One of six companies licensed to operate casinos in Macau, Galaxy delayed its project in Cotai in November 2008 due to weak market conditions at the time. In November last year Galaxy said it planned to complete the Cotai project by the first quarter of 2011. The casino operator said it has secured a six-year US$1.1 billion loan from a consortium of Asian banks.