Moody's: Poor view for Asia Pacific gaming

Moody's Investors Service said it is maintaining its negative outlook for Asia Pacific's gaming sector over the next 12 to 18 months and for each of the three casino and resort centers of Australia, Malaysia and Macau.

Since the publication of its most recent sector outlook in November 2008, Moody's said it has taken one rating action when it downgraded Galaxy Casino in January by two notches from B1 to B3, with a negative outlook, on concerns over pressures to its cash flow and financial position after its decision to postpone the opening of its Galaxy Macau Resort.

Although month-on-month revenues in each of the region's three markets have remained relatively stable, Moody's said it sees no material positive developments that would change the outlook.

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