Galaxy Entertainment Confirms a New Casino Plan in Boracay

Galaxy Entertainment GroupThe renowned Macau based casino operator, Galaxy Entertainment Group, recently held a press release where it confirmed plans for opening a new casino resort in the Philippines. According to the casino operator, they will be doing the investment partnering with Leisure & Resorts World or LRWC which is a Philippines based company.

According to Leisure & Resorts World company, they are planning to open the new casino in the neighbourhood of Boracay which is a popular tourist destination. Francis Liu Yiu Tung, the Vice Chairman of Galaxy Entertainment, has high praise for the island resort and he is pleased and excited that a new casino is going to be built near Boracay which is a world-class tourist destination. The Vice-Chairman further commented that their company and K Wah Group are jointly going to explore the new business opportunities in the country of Philippines.

Earlier, there have been talks to build and develop casino resorts in Boracay, but nothing fruitful came out of the negotiations. The plan to create a new gambling facility in the area met with a lot of opposition and criticism from the religious groups and other people residing over there. But this time, Galaxy Entertainment is quite confident that the gaming regulators will give them the license to open a new casino resort in Boracay.

United News International

The Philippines Amusement and Gaming Corporation head, Andrea Domingo, said in an interview that Galaxy Entertainment wants to invest in the tune of US$300 to US$500 million for building the new casino resort at Boracay in the Philippines. The head of the gaming regulator further commented that LRWC is also applied for a casino gaming license. PAGCOR, in the past, has received several applications from different casino operators for opening new casino resorts outside Manila which is the capital city of Philippines.

The globally recognised casino operators have expressed their excitement and willingness to open a new casino resort in Manila which for them is the ideal destination for gambling in the Philippines. To avoid any market cannibalisation, the gaming regulator has pushed casino resort development opportunities outside the capital city of Philippines.

PAGCOR has reported that if Galaxy Entertainment invests in a new casino resort at Boracay, there will be a steep increase in the Gross Gaming Revenue for 2017 as compared to last year. PAGCOR head said there was a GGR of $1.5 billion in the first six months of 2017 which is 15.7% growth on a Y-O-Y basis.

Rodrigo Duterte, the President of Philippines, received a courtesy call from Galaxy Entertainment and LWRC to discuss the casino project at Boracay. There has not been an official timing given for the completion of the project but it is speculated that the Boracay casino will be completed in a time span of 3 years once it gets the necessary approval from the gaming regulator.

If the new casino is developed at Boracay, it will boost the foreign tourists in the Philippines and will cater to the gaming requirements of all foreigners, VIP gamblers and junket operators.

Jay Stevens

Jay Stevens

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