Galaxy Entertainment Group Ltd., the casino operator that doubled its profit last year, is buying the Grand Waldo resort in Macau for HK$3.25 billion ($419 million) to lure more Chinese tourists.

Galaxy will buy Grand Waldo land and buildings, including a 29,700 square-meter hotel, from units of Get Nice Holdings Ltd., according to statements from the two companies today. A casino within the Grand Waldo complex is already run by Galaxy, which holds one of Macau’s six gaming licenses.

The property, which is based on Macau’s Cotai Strip, would boost Galaxy’s presence in the area that is being built into Asia’s equivalent of the Las Vegas Strip. Casino operators from Sands China Ltd. to Melco Crown Entertainment Ltd are adding new attractions, gambling tables and resorts to draw more Chinese tourists to Cotai.

Mainland Chinese visitors propelled casino revenue in the world’s largest gambling hub to a record 304 billion patacas ($38 billion) in 2012. Galaxy, founded by billionaire Lui Che- Woo, in March reported annual profit that more than doubled.

Its 2012 net income rose to HK$7.4 billion from HK$3 billion a year earlier. Galaxy, based in Hong Kong, said in December it would invest as much as HK$50 billion to expand a separate Macau resort.

The casino operator has received approval from the government to add 50 tables between its Galaxy Macau and Starworld properties, Deputy Chairman Francis Lui said at a press conference in March. Macau is the only place in China where casino gambling is legal.

Galaxy shares have climbed 13 percent this year compared with a 0.2 percent gain for the benchmark Hang Seng Index.

Editors: Anjali Cordeiro and Mike Harrison.

To contact Bloomberg News staff for this story: Simon Lee in Hong Kong at slee650@bloomberg.net. To contact the editor responsible for this story: Stephanie Wong at swong139@bloomberg.net.

Tags: gaming, macau
Photo Credit: The Galaxy is one of several over-the-top casinos on Macau's Cotai Strip. B. McEwan / Flickr