Galaxy Entertainment May Delay Macau Casino Opening

Just a couple of short years ago Macau was considered to be the up and coming casino gambling capital of the world. Then the economy took a turn for the worst, and Macau has felt the effects much like Las Vegas and Atlantic City.

Now, the global economic mess is threatening another new casino from being opened. This time it is Galaxy Entertainment Group Ltd. that claimed on Friday they are considering delaying the opening of their Macau casino resort.

The company is currently working to increase credit options after revenue fell steeply in the past year. In 2008, net loss for the company almost tripled what it was in 2007, and that has caused concern within the company.

The Chinese government had a part in the delay of the Cotai Mega Resort back in November. Galaxy postponed the opening by a year, until 2010. The Chinese government had tightened visa laws which made it tougher for its residents to leave the mainland and head to Macau.

The government has since discussed loosening those visa restrictions. Before the restrictions, Macau had already passed Las Vegas in gaming revenue, and it was a widespread opinion that expansion would only further advance gaming in the area.

Las Vegas Sands was in the process of building a new casino in Macau, but scrapped the plans because of the credit crunch. The company recently expressed that they would now begin the project once again.

April 25, 2009
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
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