In the presence of (dpp‐bian)Ga–Ga(dpp‐bian) (1) and [dpp‐bian(Ph)C=C(H)]Ga–Ga[(H)C=C(Ph)dpp‐bian] (2) {dpp‐bian = 1,2‐bis[(2,6‐diisopropylphenyl)imino]acenaphthene}, phenylacetylene reacts with 1‐naphthol to give 2‐(1‐phenylvinyl)naphthalen‐1‐ol (3). In solution in the presence of complexes 1 or 2, compound 3 undergoes further dimerization to give 2‐[4‐methyl‐2,4‐diphenyl‐3,4‐dihydro‐2H‐benzo[h]chromen‐2‐yl]naphthalen‐1‐ol (C36H28O2), whose diastereomers 4 and 5 were isolated in crystalline form. Diastereomer 4 is the kinetically favored product, which, however, undergoes conversion into diastereomer 5 in solution at elevated temperature. The structures of 4 and 5 were determined by single‐crystal X‐ray analysis. The catalytic activity of complexes 1 and 2 in the hydroarylation reactions of phenylacetylene and some other alkynes with different arenes has been investigated. By the reaction of phenylacetylene with 3,5‐di‐tert‐butylphenol, 5,7‐di‐tert‐butyl‐4‐methyl‐2,4‐diphenyl‐4H‐chromene (7) has been prepared for the first time.