Galaxy The Latest To Delay Casino Opening In Macau

Macau has not had a good couple of months in the news department. They have seen their revenue numbers slip, and have also had to endure the Las Vegas Sands Corp.'s decision to stop their project in Macau.

Now the news has gotten worse for the casino industry in Macau. Galaxy Entertainment Group has delayed the opening of their new Macau casino until 2010. The move comes in response to the slow market.

The company has not altogether stopped the project like Sands did. they are continuing construction on the casino, they have just slowed their pace. They now plan on opening in 2010, under better financial conditions.

"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," Galaxy said in a statement.

The slowdown does not come as a surprise. It is not only in Macau that company's have slowed their casino projects. The United States has had several projects put on hold, some indefinitely, because of the global credit crunch.

Still, Galaxy, is moving forward to complete their casino. "Construction work on Galaxy Macau continues and we have revised the development schedule to better align the opening with market conditions as they improve," said the statement.

November 20, 2008
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
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