The Galaxy Entertainment Group is buying a five per cent stake in Monaco casinos and hotels operator Societe des Bains de Mer et du Cercle des Etrangers a Monaco, as the company seeks to expand its interests beyond the volatile Macau market.
Galaxy, which is controlled by billionaire Lui Che-Woo, is buying five per cent of the shares in SBM from an independent third party, but did not name the seller or the sale price, reports Bloomberg.
“We see it as a potential to develop a strategic long-term partnership with them,” said Galaxy spokesman Peter Caveny.
