Macau casino operator Galaxy Entertainment is considering forming three joint ventures in its Cotai resort that could be worth up to HK$6 billion (US$789 million) each, an executive said on April 26.

“When we enter phase two of developing this project we could potentially bring in up to three partners,” group chief financial officer Nigel Morrison told Reuters during an investment forum in the former Portuguese enclave of Macau.

There are currently four planned zones for Galaxy’s Mega Resort complex on Cotai, with the first phase scheduled to open in the fourth quarter of 2008.

The additional three zones — which could include the new partnerships — would consist of a variety of retail and entertainment projects, Morrison said, although he declined to give details.

Galaxy — formerly K Wah Construction Materials Ltd — operates the five-star StarWorld Hotel and is developing the Galaxy Mega Resort on Macau’s Cotai Strip. The firm also operates the VIP-oriented CityClubs casinos.

“We’re happy with how our four CityClubs are performing,” Morrison said. “But we won’t rule out opening one or two more.”

Last week the firm posted a HK$1.53 billion loss in net profit for the year ended December, exceeding the average forecast of HK$1.04 billion from eight analysts polled by Reuters Estimates.

The expected loss was due to low gaming margins, a HK$1 billion amortisation charge for its gaming licence and HK$522 million in interest expenses, according to Credit Suisse.

Morrison said the firm’s losses would decrease each year as its biggest projects got off the ground.

Galaxy said its share of Macau’s rapidly expanding gaming market grew to 22% in January 2007, with gross gaming revenue reaching HK$3.7 billion.

“We certainly don’t expect to go backwards, and we would be happy if we maintained just over a 20% share of the market by the end of 2007,” Morrison said.

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