The Philippines gaming giant Leisure and Resorts World Corporation (LWRC) together with Hong Kong-based Galaxy Entertainment Group Limited (GEG), is mulling over a world-class integrated beach resort and casino in Boracay Island.
According to the LWRC director Willy Ocier, the project estimated between $300 million and $500 million casino resort would be located somewhere “facing east.”
GEG and LRWC executives recently paid a visit to the President Rodrigo Duterte to discuss the project. The chair Lui Che-woo and vice chair Francis Lui Yiu Tung led the GEG's team of executives.
Yiu Tung said that Galaxy is excited about the association with LRWC to develop a world-class casino resort in Boracay which was recently named the number one island in the world in 2017 by Conde Nast Traveller readers. He added that the group is keen to explore business opportunities in the Philippines and are hoping to play a role in the One-Belt-One-Road initiative by China.
LRWC vice president Katrina Nepomuceno said that the company is pleased to partner GEG and is looking forward to bring a world-class resort to the island-paradise of Boracay. She believed that if the project materializes as envisaged, it will be a game changer in the Philippine resort and tourism landscape.
GEG group is one of the leading developers and operators of integrated entertainment and resort facilities in Asia. At present, the group is one of the three original gaming concessionaires in Macau.
While publicly-listed LRWC is a holding firm with stakes in property development, particularly in gaming, leisure business and recreation. The group owns Bingo parlors across the Philippines besides holding a license agreement to develop, operate and handle internet and gaming enterprises and facilities in the Cagayan Special Economic Zone Freeport. GEG is also engaged in the hotel and recreation business.
Many other big players in the gaming industry have shown interest in the country’s booming sector.