Galaxy Entertainment takes stake in Monte Carlo casino

• Galaxy Entertainment (OTCPK:GXYEF, OTCPK:GXYEY) is taking a stake in a Monte Carlo casino in a move that will help it diversify from being a pure-play Macau business.
• The company will invest $43.9M for a 5% stake in Societe des Bains de Mer et Cercle des Etrangers.
• Shares of Galaxy (ADRs) are down 19.6% YTD.