Tourists pose for photographs in the sea at White Beach in Boracay
Galaxy Entertainment Group (GEG) confirmed its wholly-owned subsidiary has been granted a provisional gaming license by the Philippine Amusement and Gaming Corporation (PAGCOR) to develop a USD500 million casino on the resort island of Boracay, Philippines.
“We are very excited about the prospect of investing up to US$500 million into a proposed premium quality, low rise, eco-friendly resort located in Boracay, the world’s premier beach destination,” commented Francis Lui, vice chairman of GEG.
“We will contribute positively to the local economy and actively partner with the Boracay community. We are confident that we will raise the bar in both resort quality and service and generate significant job opportunities in both construction and resort operations. This exciting project also clearly demonstrates GEG’s commitment to support China’s One Belt, One Road initiative,” he added.
Galaxy is developing the project together with a local partner, Leisure & Resorts World Corporation. According to a statement issued yesterday, the company “continues to assist in the land acquisition process for the planned development of a premium quality eco-friendly resort in Boracay, Philippines, which will include a GEG casino.” The land where the resort will stand measures over 20 hectares, including beaches.
Galaxy Group, which operates three casinos in Macau, stated that the proposed resort is “very accessible and convenient to the Asian market.”
The company added that the “expansion of the Caticlan airport makes Boracay a more conveniently accessible destination and enhances GEG’s ability to attract more of our affluent customers from China, Hong Kong and Macau, among others.”
As the Times reported in December, Francis Lui met with Philippines President Rodrigo Duterte “to discuss gaming opportunities.”
Duterte was mentioned again by Francis Lui in yesterday’s statement: “We are pleased to support President Duterte and the Philippine government’s initiative for the managed and sustainable development of Boracay,” Lui said.
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