Construction work on a $500-million casino resort on the Boracay Island is slated to begin in 2019, developers Galaxy Entertainment and Leisure and Resorts World Corp. confirmed earlier today.
The Macau-based casino operator and its Philippine partner signed today the provisional license for the operation of casino gaming at the property. The license was granted by the Philippine Amusement and Gaming Corp., known to be the country’s gaming regulator.
News about Galaxy Entertainment’s plan to penetrate the Philippines’ casino market emerged as President Rodrigo Duterte is preparing to close the Boracay Island for environmental cleanup. The island is one of the most popular tourism hubs across the Southeast Asian country.
It has recently been attacked by President Duterte and environmentalists for its booming unauthorized development activity and the lack of proper sewerage system, among other issues. The nation’s top official even likened the island and its environmental issues to a “cesspool” in recent media statements and said that he could send the Marines to dynamite illegal structures across the popular tourism hub.
Galaxy Entertainment and Leisure and Resorts World said today that construction would take three years and that they plan to invest $500 million into their joint project. The integrated resort would be built on a 23-hectare property on the island. Leisure and Resorts World has recently secured the site for the property.
The project is expected to generate “hundreds of jobs” over the course of construction and once the casino complex is operational. Developers believe that the resort would annually generate $100 million in gaming revenue.
Galaxy Entertainment Chairman Francis Lui told media earlier today that what really attracted them to the island was the fact that it recently opened its new airport, which gave wealthy tourists from the Asia-Pacific region direct access to the island. It is that particular group of tourists that Galaxy and its local partner will be targeting once their resort is operational.
It also became known today that Galaxy and Leisure and Resorts World had approached PAGCOR with their casino resort proposal last July. In a statement from today, PAGCOR Chairwoman Andrea Domingo pointed out that the property would be constructed on a portion of “raw land” and that the developers had assured her that they would preserve the island’s environment.
Second Casino Resort Could Launch on Boracay
It also emerged earlier this week that Malaysian gambling giant Genting Group was also seeking permission to open a casino on the island in a joint venture with Philippine businessman Andrew Tan.
The Malaysian operator has entered the Philippines’ casino industry through its Manila-based integrated resort Resorts World Manila. The company’s local business submitted application for extending the scope of its operations to Boracay back in 2014.
Genting plans to add casino operations at the existing Savoy Hotel, which is part of the Boracay Newcoast resort. More details about that particular project are yet to be unveiled.
