Group eyes casino resort in Boracay [Philippine Daily Inquirer]
December 12, 2017
Read story, click here http://business.inquirer.net/242370/group-eyes-casino-resort-boraca
By: Doris Dumlao-Abadilla / @philbizwatcher Philippine Daily Inquirer / 05:02 AM December 12, 2017
Gaming firm Leisure and Resorts World Corp. (LRWC) is in talks with Hong Kong-listed Galaxy Entertainment Group Ltd. (GEG), one of the three original gaming concessionaires in Macau, to build a world-class integrated beach resort and casino on Boracay island.
The project is estimated to cost between $300 million and $500 million, according to LRWC director Willy Ocier.
Ocier said the prospective casino-resort on Boracay island would be located somewhere “facing east.”
GEG and LRWC executives paid a courtesy call on President Duterte last week to discuss the project, the two companies said in a statement yesterday. The GEG team was led by its chair Lui Che-woo, vice chair Francis Lui Yiu Tung and other senior managers.
“Galaxy is excited about the possibility of teaming with LRWC to develop a world-class beach resort for our players in Boracay, which was just rated the number one island in the world in 2017 by Conde Nast Traveller readers,” Yiu Tung said.
He added that with improving China-Philippines relations, GEG and its mother company K Wah Group were hoping to play a role in China’s One-Belt-One-Road initiative and were wishing to explore what they deemed to be “attractive” business opportunities in the Philippines.
Galaxy operates three flagship destinations in Macau: Galaxy Macau, one of the world’s largest integrated destination resorts, on Cotai; the adjoining Broadway Macau, a unique landmark entertainment and food street destination, and StarWorld Macau, a premium property on the peninsula.
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