Galaxy to acquire Grand Waldo for HKD3.25b

It has 316 hotel rooms.

According to Maybank Kim Eng, Galaxy will acquire Grand Waldo situated on Cotai from units of Get Nice Holdings Ltd (64 HK, Not Rated) for HKD3.25b.

Here's more:

Grand Waldo has 316 hotel rooms, 23 gaming tables and 15 VIP gaming tables as well as a shopping mall and spa.

The disposal of its business in Macau was due to the poor financial performance that contributed to a net loss of HKD 356 million for the financial year of 2012. The Group is estimated to realise a gain on the disposal before taxation worth approximately HKD 311 million.

Implication: The property has been recently valued at approximately HKD 3.0 b, resulting in an acquisition premium over fair value that is estimated to be about 8.3%.

The acquisition will further boost Galaxy’s footprint on Cotai, where it is currently in works to further expand Galaxy Macau phase 2 as well as future plans for a further phase 3 and 4 expansion.