Hot on the heels of speculation about the future of Galaxy’s currently loss-making CityClubs, comes news that Hong Kong-listed Get Nice Holdings Ltd is increasing its stake in the vehicle that controls the Grand Waldo site on the fringes of Cotai.
Get Nice, a financial services dealer, brokerage and property developer incorporated in the Cayman Islands, said in a statement to Hong Kong Exchanges and Clearing Ltd that it had entered into a preliminary agreement to buy an additional 3 percent stake in Great China Co Ltd. The latter company holds a lease on the site granted by the Macau government.
Get Nice currently holds 45 percent of Great China and the additional stake will lift its total exposure to 48 pct.
Get Nice said the consideration is to be calculated based on the fair value of the 36,640-square meter plot of land on which the hotel stands, the hotel and “other projects” that are to be developed on the site, without specifying what the other projects would be.
The Grand Waldo, which opened in May 2006, is one of four CityClubs operated by Galaxy in Macau and aimed principally at VIP players. In Q3 ’08 the CityClubs unit collectively recorded a HKD4 million loss on fee income stream.
