Listed gaming company Leisure & Resorts World Corp. is in talks with Macau-based gaming and hospitality conglomerate Galaxy Entertainment Group Ltd. to develop a world-class beach resort and casino in Boracay Island at a cost of $300 million to $500 million.
Executives from Galaxy Entertainment and LRWC last week paid a courtesy call on President Rodrigo Duterte to discuss the project and business opportunities’ in the country.
The GEG team was led by GEG chairman Dr. Lui Che-woo with vice chairman Francis Lui Yiu Tung and other senior managers of the company.
“Galaxy is excited about the possibility of teaming with LRWC to develop a world-class beach resort for our players in Boracay which was just rated the number one island in the world in 2017 by Conde Nast Traveller readers,” Tung said.
Tung said that with the improving China-Philippines relations, GEG and its mother company K Wah Group expected to play a role in the One Belt One Road initiative and planned to explore the great potential and attractive business opportunities in the Philippines.
LRWC vice president for legal and corporate secretary Katrina Nepomuceno said the company was honored and pleased to be chosen as GEG’s local partner.
“We look forward to working with GEG in bringing a world-class resort to the island-paradise of Boracay. If the project materializes as envisaged, it’s going to be a game changer in the Philippine resort and tourism landscape,” she said.
Bloomberg last week reported that Galaxy Entertainment already applied for gaming license with state-run Philippine Amusement and Gaming Corp.
LRWC, controlled by the Benitez family, is a holding firm with interests in property development focusing on leisure business, gaming and recreation.
The company owns Bingo parlors all over the Philippines and has an existing license agreement with the Cagayan Economic Zone Authority to develop, operate and conduct internet and gaming enterprises and facilities at the Cagayan Special Economic Zone Freeport.
It is also engaged in the hotel and recreation business. Early this month, LWRC reported that wholly-owned subsidiary AB Leisure Global Inc. obtained a P2.5-billion loan from BDO Unibank Inc. to partly cover its resort development.
Share price of LRWC climbed 5.7 percent Monday to close at P4.65.