Leisure and Resorts World Corp (LRWC) has revealed that one of its subsidiaries has purchased 23 hectares of land on Boracay Island for the US$500 million integrated resort it plans to build in partnership with Galaxy Entertainment Group.
In a filing to the Philippines Stock Exchange on Monday, LRWC said it had acquired the land in Barangay Manoc-Manoc, Boracay Island, and expected to be issued a provisional license by Pagcor before the end of the month.
“Upon the issuance of the said license through the partnership between LRWC and GEG, an Integrated Resort will be constructed in the said property,” the filing said.
The news follows comments made through local media by Pagcor Chair Andrea Domingo last week that the LRWC-Galaxy IR would proceed despite government threats to shut the island down completely for 12 months due to over-development and serious water pollution.
“We are signing the contract for their provisional license before the end of the month,” Domingo told GMA News, adding that, “They have to build. Opening is at least after three years.”
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