Operator News
Philippines – Galaxy to build $500m casino resort on island of Boracay
By Phil - 8 December 2017
Macau casino group Galaxy Entertainment wants to open a US$500m casino resort in the central Philippine island of Boracay in partnership with Philippines-based Leisure and Resorts World Corp.
Boracay is a small island in the central Philippines famed for its beach resorts, white sands, palm trees, bars and restaurants.
Francis Lui Yiu Tung, Vice Chairman of Galaxy Entertainment, said: “Galaxy is excited about the possibility of teaming with Leisure and Resorts to develop a world class beach resort for our players in Boracay which was just rated the number 1 island in the world in 2017 by Conde Nast Traveller readers. China’s relationship with the Philippines has been improving. K Wah Group and Galaxy would like to play a role in the One Belt One Road initiative and we strongly believe the Philippines has great potential and offers attractive opportunities.”
Mr. Lui has already met with the Philippines President Rodrigo Duterte to earmark ‘potential business opportunities in the Philippines.’
Philippine Amusement and Gaming Corp (Pagcor) President Alfredo Lim added: “It will further improve our tourism sector. The project is intended for foreigners, junket operators and high-rollers.”
The Philippines casino industry saw GGR increase 15.7 per cent toUS$1.5bn during the first half of 2017. Galaxy’s Macau rival Melco operates City of Dreams Manila in Entertainment City.
RWC is engaged in retail gaming through its bingo and eCasino outlets (AB Leisure Exponent and Total game Zone Extreme), online gaming based in Cagayan (First Cagayan Leisure and Resorts Corp., First Cagayan Converge Data Center Inc. and LR Land Developers Inc.), casino operations in Midas Hotel and Casino (Prime Investment Korean Inc. and Hotel Enterprises Philippines Inc.) and property and investments in City of Dreams via leasing payments from Belle Corp.
