Leading Macau concessionaire Galaxy Entertainment Group (GEG) has announced plans to build a US$300 million to US$500 million integrated resort on the island of Boracay in the Philippines.
As reported by Bloomberg on Friday, GEG Deputy Chairman Francis Lui met with Philippines President Rodrigo Duterte last week to discuss gaming opportunities, with Galaxy in the process of applying for a license alongside its Philippines partner, Leisure & Resorts World Corp.
In a media statement, Lui said, “As you know, China’s relationship with the Philippines has been improving. K Wah Group and Galaxy would like to play a role in the One Belt One Road initiative and we strongly believe the Philippines has great potential and offers attractive opportunities.”
In a separate report, the President of Philippine gaming regulator Pagcor, Alfredo Lim, told Reuters that the new resort could be operational within three years of receiving regulatory approval.
“It will further improve our tourism sector,” Lim added. “The project is intended for foreigners, junket operators and high-rollers.”
Boracay, an island located in the central Philippines, is one of the country’s top tourist destinations and is famed for its white beaches and turquoise water.