Casino News

"Market conditions" see Macau Galaxy casino delayed

2008-11-21 12:12:25

The Galaxy Entertainment Group has announced that it will delay the opening of its latest casino resort in Macau until 2010 "to better align with market conditions".

A date of summer 2009 had been set for the new Cotai Strip gaming venue, but its development schedule has now been modified in order to meet the new deadline, Reuters reports.

The company insisted that GalaxyWorld Resort will not be halted indefinitely and claimed to be having no problems with capitalisation, unlike fellow operator Las Vegas Sands which was forced to abandon its next Macau project earlier this year.

"This is in no way a change in our strategy for Cotai," Galaxy stated. "It is a commercial decision motivated by our objective to achieve a balance between development and the optimization of shareholder returns."

Galaxy owns the StarWorld Hotel and Casino in Macau along with the Grand Waldo Hotel.

Grand Waldo recently hosted the Macau leg of the Asia Pacific Poker Tour, while StarWorld was the venue for the Asian Poker Tour event held the week before.