Macau-based operator Galaxy Entertainment has been granted a provisional gaming license by the Philippine Amusement and Gaming Corporation (PAGCOR) giving it the green light to develop a premium quality, eco-friendly, US$500m casino resort in Boracay.
Francis Lui, Vice Chairman of GEG, said: “We would like to thank PAGCOR for their vote of confidence in granting GEG a provisional gaming license in the Philippines and the opportunity to strategically expand our brand into overseas markets. We are very excited about the prospect of investing up to US$500m into a proposed premium quality, low rise, eco-friendly resort development located in Boracay, the world’s premier beach destination. We are pleased to support President Duterte and the Philippine government’s initiative for the managed and sustainable development of Boracay. Further, 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.”
Galaxy’s partner in the project, Leisure & Resorts World Corporation, recently bought a 23-hectare land in Boracay to build the integrated resort and casino.
Katrina Nepomuceno, Corporate Secretary of Leisure & Resorts World, said: “We recently acquired approximately 23 hectares of land in Barangay Manoc-Manoc, Boracay Island, Malay, Aklan.”
GGalaxy has been exploring numerous opportunities to expand its “World Class, Asian Heart” brand and philosophy beyond Macau, and the Philippines offers an ideal opportunity to develop a premium quality eco-friendly resort in Boracay. We believe that by combining the natural beauty of the Philippines with GEG’s long standing record of developing world class resorts, and leveraging upon the Philippines renowned hospitality culture is a formula for success. The people of the Philippines are recognized throughout the world for their friendliness and impeccable service standards, and we look forward to working with them and welcoming them as team members. Further, 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.
Mr. Lui added: “Our local partner, Leisure & Resorts World Corporation, 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 water front land parcel is in excess of 20 hectares and includes beaches. The proposed low rise resort will rival any “must visit” beach destination in the world. We believe the demand for Asian tourism will continue to experience significant growth in the years ahead and the proposed Boracay resort is very accessible and convenient to the Asian market.”