LRWC in talks for Boracay casino, resort [Business World]
December 12, 2017
Business World/ Arra B. Francia/ December 12, 2017
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LEISURE and Resorts World Corp. (LRWC) disclosed on Monday negotiations with a gaming firm based in Macau on a possible partnership for a beach resort and casino in Boracay island.
LRWC said it is in talks with Galaxy Entertainment Group Limited (GEG) for the resort and casino, noting that representatives from the firms, led by GEG Chairman Lui Chee-woo and Vice-Chairman Francis Lui Yiu Tung, paid President Rodrigo R. Duterte a courtesy call to discuss the project last week.
“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,” Mr. Lui Yiu Tung was quoted as saying in a statement.
GEG is listed on the Hong Kong Stock Exchange, which has three flagship destinations, namely Cotai, Galaxy Macau, Broadway Macau, and Peninsula StarWorld Macau, according to its Web site. Its international presence comes in the form of a strategic investment in Société Anonyme des Bains de Mer et du Cercle des Etrangers à Monaco, an owner of luxury hotels and resorts in Monaco.
LRWC, meanwhile, operates over a hundred bingo parlors in the country as well as a number of leisure properties held by its subsidiaries. The company dubbed the potential project with GEG as a “game changer” for the resort and tourism industry.
“We look forward to working with GEG in bringing a world class resort to the island-paradise of Boracay. If the project materializes as envisaged, it’s going to be a game changer in the Philippine resort and tourism landscape,” LRWC Vice-President for Legal and Corporate Secretary Katrina L. Nepomuceno said in a statement.
The possible partnership comes amid improving relations between China and the Philippines, given the president’s friendlier attitude toward the former.
Mr. Lui Yiu Tung added that GEG, along with its mother company K Wah Group, looks to take part in the One Belt One Road initiative and explore the potential and attractive business opportunities in the country.
Shares in LRWC added 25 centavos or 5.68% to close at P4.65 each at the stock exchange on Monday.
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