“A game-changer in the Philippines”
Macau gaming concessionaire Galaxy Entertainment Group Ltd. is looking to grow beyond the Chinese territory with a casino resort in the Philippines.
Bloomberg News reports that Galaxy Deputy Chairman Francis Lui recently met with Philippines President Rodrigo Duterte to discuss gaming opportunities. Galaxy and its Philippines partner, Leisure & Resorts World Corp., plan a US$300 million to $500 million casino on the resort island of Boracay in Panay, confirmed Andrea Domingo, chairwoman of the Philippine Amusement & Gaming Corp.
“Galaxy would like to play a role in the One Belt, One Road initiative,” said Lui, referring to China’s global diplomatic and trade initiative. “We strongly believe the Philippines has great potential and offers attractive opportunities.”
Presently, Melco Resorts & Entertainment is the sole Macau-based operator with a presence in the Philippines. Its $1 billion City of Dreams Manila opened in Manila’s Entertainment City in 2015.
In an email to GGRAsia, Lui expanded on the plan, saying Galaxy “is excited about the possibility of teaming with Leisure and Resorts World Corp. to develop a world class beach resort for our players in Boracay, which was just rated the No. 1 island in the world in 2017 by Conde Nast Traveler readers.”
Reuters quoted PAGCOR President and Chief Operating Officer Alfredo Lim as saying that the project would “further improve” the country’s tourism sector. “The project is intended for foreigners, junket operators and high-rollers,” Lim said.
The Philippines casino industry reported gross gaming revenues of PHP75.92 billion (US$1.5 billion) for the first half of 2017, up 15.7 percent year-on-year according to PAGCOR data.
LRWC was founded by Negros Occidental Rep. Alfredo “Albee” Benitez. Officials from both companies met with Duterte in recent weeks to discuss the project.
“Galaxy is excited about the possibility of teaming up with LRWC to develop a world class beach resort for our players in Boracay,” said Galaxy Vice Chairman Francis Lui Yiu Tung. According to the Philippine Star, Tung said that improving diplomatic relations between China and the Philippines led Galaxy and its parent company K Wah Group to explore greater business opportunities in the Philippines.
“We look forward to working with GEG in bringing a world class resort to the island-paradise of Boracay,” said Katrina Nepomuceno, LRWC vice president for legal. “If the project materializes as envisaged, it’s going to be a game-changer in the Philippine resort and tourism landscape.”
