Macau’s Galaxy Entertainment Group is testing the European waters with a “relatively small investment” of $42.3 million in Monaco’s Societe des Bains de Mer et du Cercle des Etrangers a Monaco, also known as SBM.

Galaxy Entertainment Group is expanding beyond Macau. The gaming operator announced it’s acquiring a 5 percent stake in Monaco’s casino firm Societe des Bains de Mer et du Cercle des Etrangers a Monaco, also called SBM.

In a statement, the company said it is making a “relatively small investment” of $42.3 million in SBM.

“This is a minority strategic investment into SBM shares and we are not seeking to purchase more shares,” Galaxy Entertainment Group said. “This is the first step in an exciting partnership with SBM, and we look forward to working closely with SBM for our mutual benefit.”