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K. Wah plans to open three new casinos by Mid-2006

Wednesday, Sept. 14, 2005 | 11:05 a.m.

K. Wah Construction Materials Ltd., which owns one of three gaming concessions in the Chinese city of Macau, plans to open three more casinos with more than 400 tables by mid-2006, Vice Chairman Francis Lui said in Hong Kong today.

K. Wah, which will change its name to Galaxy Entertainment Group Ltd. this year, today reported first-half net income of HK$14.3 million, or 1 HK cent a share, up from HK$11.3 million, or 0.8 cent, a year earlier. The profit doesn't include earnings from the casino unit, acquired after the half ended.

The company bought Galaxy from its Chairman Lui Che Woo, who won a Macau license in a venture with Las Vegas Sands Inc. after gaming tycoon Stanley Ho lost his monopoly in 2002. Galaxy and Sands have since separated and are pursuing different strategies in Macau, the only place in China where casinos are legal.

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