the company, known formerly as k. wah construction materials , disposed of its construction material business and became the only hong kong-listed company to hold an operating licence in macao in 2005 by acquiring a 97.9 per cent stake in galaxy casino sa. the deal was described as like "a snake trying to swallow an elephant". galaxy and venetian macao had originally planned to run their gaming license in macao jointly, but the two had since split and decided to run their gaming business separately.