Galaxy-LRWC secures gaming license for $550-M casino resort in Boracay
Macau-based Galaxy Entertainment Group (GEG) and its listed local partner Leisure and Resorts World Corp. (LRWC) was granted Wednesday a provisional gaming license to operate Boracay Philippines Resort and Leisure Corp., a $550-million integrated casino resort in the popular tourist destination.
The Philippine Amusement and Gaming Corp. (PAGCOR) chair and CEO Andrea Domingo and officials from the gaming company signed the contract for the license, paving the way for the commencement of the project.
Construction would take three years starting in 12 months and operations are expected to commence soon after that or as early as 2021, said Katrina Nepomuceno, LRWC vice president for legal.
The project is touted as the biggest casino project in Boracay, with gross gaming revenues projected to reach at least $100 million annually.
“We at LRWC are elated and proud to be GEG’s local partner in this momentous endeavor. We thank PAGCOR chairperson Andrea Domingo and the entire PAGCOR board for giving GEG the chance to contribute to the booming Philippine tourism and gaming industry by granting BPRL a provisional gaming license,” he said.
She said GEG has started preparatory works for the 23-hectare, eco-friendly resort project in Boracay.
“We’re confident GEG will positively contribute to the local economy and work market, and adhere to Boracay’s managed and sustainable development envisioned by President Duterte,” he added.
Aware of Boracay’s environmental concerns, Reynaldo Bantug, LRWC chairman, said LRWC would do its best to ensure that the Boracay project would preserve and maintain the natural beauty of the island-paradise.
“GEG’s resort will follow a strict master plan and employ global best practices in construction. We shall work hand-in-hand with local and national officials, regulatory agencies and the entire Boracay community for a managed and sustainable development of Boracay so it may be enjoyed by all for generations to come,” he said.
Boracay is under heavy government scrutiny due to environmental issues. The island, which attracted two million tourists last year, is facing impending closure of six months to one year.
But Bantug assured they would comply with all the environmental laws.
“We’re confident that GEG will raise the bar in both resort quality and service, and generate considerable job opportunities in both construction and resort operations,” Bantug said.
GEG vice chairman Francis Lui said the license paves the way for establishing their wider presence in Asia.
The Galaxy group is one of the world’s leading resorts, hospitality and gaming companies. It primarily develops and operates a large portfolio of integrated resort, retail, dining, hotel and gaming facilities in Macau. It is listed on the Hong Kong Stock Exchange and is a constituent stock of the Hang Seng Index.
GEG is one of the three original concessionaires in Macau with a successful track record of delivering world class properties. It operates three flagship destinations in Macau: on Cotai, Galaxy Macau, one of the world’s largest integrated destination resorts, and the adjoining Broadway Macau, a landmark entertainment and food street destination; and on the Peninsula, StarWorld Macau, also an award winning premium property.