alaxy Entertainment Group Ltd. lost nearly us$ 1.5 billion last year compared to a us$ 60 million loss in 2007, the company said Friday. It wrote down the value of its gaming license by us$ 1.5 billion as the southern Chinese territory's gambling industry cooled amid tighter visa rules and a slowing economy.
Revenues fell almost 20 % to us$ 1.3 billion from us$ 1.6 billion. The company says it has enough cash - about us$ 645 million at the end of last month - but continues to talk with banks about expanding its credit facilities.
If economic conditions worsen and its cash flows weaken, the company could end up further slowing development of its 2,200-room Cotai Mega Resort. Galaxy said in November it would push back the hotel-casino's opening from this year to 2010 due to the financial crisis and lower demand in Macau.