Casino Ups Project Budget in Macau

HONG KONG (TheStreet) -- Galaxy Entertainment is upping its budget for its Macau project by 40%, according to several reports.

The casino operator, one of the six that holds a gambling license in the Chinese casino hub, said it now expects the project on the Cotai Strip to cost $1.8 billion, according to several media outlets.

As a result, the paper reported that it is seeking new funding for the project. Galaxy expects the project to open in the first quarter of 2011, after it delayed construction last year.

Sands Seeking Macau IPO: China Watch

Macau has been a hot-button topic for casino operators, as earlier this week rival Las Vegas Sands(LVS Quote) said it now believes it can raise more than $3 billion for its initial public offering of its Macau assets.

Sands has put the breaks on several projects in the area to conserve cash, but its IPO could raise money to help fund these developments.

Melco Crown Entertainment(MPEL Quote) is also working on developments on the Cotai strip.

Other casino operators with licenses in the area include Wynn Resorts(WYNN Quote), SJM Holdings, and MGM(MGM Quote) Grand Paradise.

-- Reported by Jeanine Poggi in New York

Follow TheStreet.com on Twitter and become a fan on Facebook.