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Galaxy Entertainment Group confident Boarcay casino plans on track Despite vociferous statements from Philippine president Rodrigo Duterte calling for an end to casino gambling in the country of 103.3 million, Galaxy Entertainment Group, the Hong Kong stock exchange listed Chinese casino giant, is confident that its plans for a new $500 million integrated casino resort on the idyllic island of Boracay will go ahead as planned. Galaxy Entertainment Group Chairman Lui Che Woo, in a recent interview with CNBC, revealed the details of the Boracay resort as well as the company’s plans to pick up one of the three integrated casino resort licenses now on offer in Japan. Galaxy had long been lobbying Philippine officials in hopes of obtaining permission for the Boracay resort and unveiled plans for the $500 million complex with its local partner Leisure & Resorts World Corp last year. Earlier this year the company succeeded in picking up a provisional license to begin development from the Philippine Amusement and Gaming Corporation (PAGCOR), the country’s gambling regulator, as well as a defined 23-hectare piece of land. That came just days before President Duterte made the decision to close Boracay island completely for 6-months, citing open sewers spewing human waste into the crystalline blue waters at an alarming rate and the need for an immediate environmental clean-up. As part of his purge of the island, Duterte also went on an anti-gambling trade, saying that despite the issuing of the provisional license no new casinos would be built in the Philippines, including Boracay island. While the president’s populist anti-casino rhetoric has been heating up, the developers believe the project is still on track to open in 2021. Leisure & Resorts World has stated that it was able to complete the preliminary work it needed to do on the site prior to the island’s closure. Katrina Nepomuceno, Leisure & Resorts World vice president for legal affairs said , “It is actually very helpful that the DENR is doing all of these the investigations, testing… We are actually getting feedback from the government about what’s in the island, identifying where the problematic areas are.
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