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Galaxy gets training help; Macau Open finds new sponsor; Wynn Resorts shares tipped to shine

TAGs: Galaxy Entertainment Group, Macau, macau open, Venetian Macau, wynn macau, Wynn Resorts

slowdown in macauGalaxy Entertainment Group has signed a training agreement with a reputable government backed firm. The one-year contract with Macau Productivity and Technology Transfer Centre (CPTTM) is the first of is kind and will give workers at Galaxy access to around 350 hours worth of computer based training courses. The two have been working together since 2008 and represent a firm agreement between the two.

Golf’s Macau Open has a new sponsor after Sands China’s Venetian Macau resort signed a naming rights deal with the tournament. The one-year deal sees the Venetian become title sponsor of the Open, which offers a top prize of MOP6 million (US$750,000). It will be played from October 11 to 14 at the enclave’s Macau Golf and Country Club and is part of the Asian Tour calendar. The event first took place in 1998 and champions in the past have included the likes of Lee Westwood, Colin Montgomerie and last year Chan Yih-shin.

Analysts are predicting that Wynn Resorts shares could rebound by as much as 40 percent as a result of an upturn in the Macau market. Istockanalyst.com report that the opening of the Wynn Cotai in conjunction with the market gaining traction in the coming months will push up the stick. RBC Capital Markets analyst John Kempf told the site: “Longer term, we like the Macau story, and believe penetration into China remains low. As the premium market leader in Macau, we believe WYNN is best able to withstand near-term volatility”. He then added: “Given our projections for slightly higher EBITDA in 2012, we estimate free cash could approach $1.2 billion at this entity”.

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