Moody's: No change for Galaxy Casino

Moody's Investors Service said it does not expect any immediate impact on Galaxy Casino SA's B3 corporate family rating and senior unsecured debt rating after the company said that it had accepted the terms of the final draft concession contract to acquire a piece of land at Cotai, Macau, for 2.92 billion in Macau pataca.

The outlook remains negative.

The amount of the cost of the land is largely in line with Moody's expectations, and such a level of outlay has already been factored into Galaxy's existing ratings, Moody's said.

Galaxy's estimated debt-to-EBITDA ratio remains modest and positions the company at the low B rating level, the agency said.

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