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Bad news for Galaxy

Posted At : September 16, 2008 04:55 PM | Posted By : D McKee
Related Categories: Macau,MGM Mirage,James Packer,Steve Wynn,Sheldon Adelson

Macanese casino operator Galaxy Entertainment Group is taking a writedown on the value of its gambling license. Despite being early and often into the Macao casino fray, Galaxy has only about 10% of market share in the enclave, and it has seen other entrants do comparably well (MGM Mirage) or better (Melco Crown, Las Vegas Sands, Wynn Resorts) with fewer properties.

The least experienced (by far) of the Macao operators, Galaxy never seemed to find its footing. Is it time to start floating Galaxy-buyout talk again? If so, they've chosen a devil of a time to sell.

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