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.