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K. Wah, Harrah's in Talks

1 Jun 2006

HONG KONG – As reported by Reuters: "Mid-sized property developer K.Wah International is talking with investors including Harrah's Entertainment Inc. about selling some or all of a stake in Macau casino operator Galaxy Entertainment, a senior executive said.

"Market speculation that K.Wah is shopping for buyers for part or all of its 18.7 percent stake in Galaxy has sent the gaming firm's shares soaring nearly 30 percent in the last week to its highest level in over a year.

"But K.Wah had not disclosed names of potential investors until Thursday.

"…Lui would not say whether K.Wah intended to sell all or part of its stake.

"Harrah's, the world's largest casino operator by revenue, lost a golden opportunity to burst into the exploding Asian gambling market last week when Singapore picked Las Vegas Sands Corp. to build the country's first casino…"

 
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