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Galaxy pushes back Macau casino opening to 2010

HONG KONG, China -- As reported by Reuters: "Galaxy Entertainment Group will delay the opening of its new casino in Macau to 2010 from the middle of next year because of a difficult market, the firm said on Thursday.

"Some analysts have speculated that work on the Galaxy Macau casino could be stopped because of problems financing the project, following a move by troubled U.S. rival Las Vegas Sands to halt its projects in the territory.

"But in a statement, Galaxy said it was 'well capitalised' with about HK$6 billion ($774.2 million) in cash.

"'Construction work on Galaxy Macau continues and we have revised the development schedule to better align the opening with market conditions as they improve,' the statement said.

"'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...'"

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