A commercial decision of the company
Galaxy pushes back Macau casino opening to 2010
(Macau).- Galaxy Entertainment Group will delay the opening of its new casino in Macau to 2010 from the middle of next year because of a difficult market, the firm said last week.
2008-11-20
Reading time 27 seg
Some analysts have speculated that work on the Galaxy Macau casino could be stopped because of problems financing the project, following a move by troubled US rival Las Vegas Sands to halt its projects in the territory. However, in a statement, Galaxy said it was “well capitalized” with about us$ 774.2 million in cash.
"’Construction work on Galaxy Macau continues and we have revised the development schedule to better align the opening with market conditions as they improve,” the statement said. “This is in no way a change in our strategy for Cotai. It is a commercial decision motivated by our objective to achieve a balance between development and the optimization of shareholder returns,” it concluded.
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