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Macau Biz: AMAX Ripple Effect?

Just a little quickie from CNNMoney. S&P Ratings have put the brakes on Galaxy Entertainment - changing its outlook from 'positive' to 'stable.' They didn't change Galaxy's credit rating, which is still a respectable B+.

The change was made to take into account...

...stronger-than-expected competitive pressure in the Macau gaming market, both in the mass and VIP segments.

S&P said competition among operators, which currently own a total of 29 casinos, will continue to increase significantly. Competition will be particularly intense in 2009, when more casinos are due to open -- either before or after Galaxy's integrated casino and entertainment resort, Galaxy Cotai Mega Resort opens on Macau's Cotai strip.

Galaxy Cotai Mega Resort is scheduled to open in May 2009.

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Comments & Discussion:

Interesting...

I think the point is AMAX is a very strong collaborator that has been growing rapidly and is continuing to eat away market share from other operators such as Galaxy. Beyond that, I think they are saying with AMAX on MPEL's side, CoD is predicted to do better than Galaxy Cotai Mega Resort, which are expected to open at around the same time.

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