The HK$600-million Greek Mythology opened just before Christmas in the New Century Hotel on Taipa island with 228 gaming tables after a breakneck construction drive. As recently as a month ago, company officials said that by the Lunar New Year, they would open a second phase with 272 tables, the casino's first six VIP rooms and 100 slot machines.

But spokesman Angus Ho said this week the opening of the second phase has been pushed back until sometime early next month as construction is not complete and management believes the first phase provides adequate capacity to handle current traffic.

As evidence of the flood of new gaming space by Macau's casino barons, the Sands Macau casino and Sociedade de Jogos de Macau (SJM), which operates Greek Mythology, each added about 40 new gambling tables February 7. By comparison, few of the SAR's casinos even hold 40 tables.

Hong Kong-listed A-Max Holdings announced Thursday it had doubled its stake in Greek Mythology to 13.8 percent after the casino exercised an option requiring A-Max to issue a HK$640 million convertible bond for the shares.

Greek Mythology's operators doubled the planned capacity of the second phase soon after unveiling the project in November. At that time, officials said they would open a third phase, consisting of a 38-story tower with five floors of gaming space and 450 hotel rooms, by the end of this year.

Greek Mythology is controlled by businessman Ng Man-sun. In addition to more gaming, the second-phase expansion would expand the size of the casino's innovative childcare center by 10 times.

The casino draws strongly on mainland tour groups and features a Parisian-style showgirl revue, performed on a stage in the middle of the new gaming floor.

zach.coleman@globalchina.com