Galaxy to Build $500 Million Resort in Philippines
Galaxy Entertainment Group (GEG) is one of Asia's leading developers and operators of hotels and casinos in Macau. Recently, the company made a massive announcement, with plans of investing as much as $500 million to build an integrated casino-resort in the Philippines. The location selected for this is the island of Boracay in Philippines; Boracay is one of the country’s top tourist destinations, famous for its beaches
Casino operators have been seeking out new markets for growth, and with China's relationship with Philippines improving, GEG Deputy Chairman Francis Lui believes that 'Philippines has great potential and will offer attractive opportunities'. On Friday (8th December), the company announced plans to build this mega casino along with Leisure and Resorts World Corp - Philippine partner.
Galaxy Entertainment has been seeking regulatory approval for this project and reports say that the casino-resort could be functional within the next 3 years. Lui has already met with Philippine President Rodrigo Duterte to discuss gaming opportunities, with GEG wanting to be a part of the One Belt One Road initiative (China's economic program to increase trade with countries in the region).
Philippines' revenue from casinos and electronic gaming websites has risen over the last year and the project will be beneficial to both countries involved. Philippine Amusement and Gaming Corp (Pagcor) President Alfredo Lim told Reuters, “It will further improve our tourism sector. The project is intended for foreigners, junket operators and high-rollers.”
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