Galaxy Entertainment Group said it plans to build a low-rise, eco-friendly resort on Boracay, which will be its first project outside of Macau.
The operator made the remarks in a statement announcing it has received a provisional license for the $500 million resort from the Philippine Amusement and Gaming Corp.
"We would like to thank PAGCOR for their vote of confidence in granting GEG a provisional gaming license in the Philippines and the opportunity to strategically expand our brand into overseas markets,” Galaxy Chairman and CEO Francis Lui says. “We are pleased to support President Duterte and the Philippine government's initiative “We are confident that we will raise the bar in both resort quality and service and generate significant job opportunities in both construction and resort operations. This exciting project also clearly demonstrates GEG's commitment to support China's One Belt, One Road initiative."
The company is working with local Philippine partner Leisure & Resorts World Corp, which is helping to buy the land for the site. The land parcel is on the waterfront and spans more than 20 hectares, including beaches.
LWRC Chairman Reynaldo P. Bantug said in a statement that GEG has already started preparatory works and construction is likely to start within 12 months.
"LRWC is well aware of Boracay's environmental concerns and we will do our best to ensure that the Boracay project will preserve and maintain the natural beauty of the island-paradise." He stressed, "GEG's resort will follow a strict master plan and employ global best practices in construction. We shall work hand-in-hand with local and national officials, regulatory agencies and the entire Boracay community for a managed and sustainable development of Boracay so it may be enjoyed by all for generations to come."
Galaxy said it has been exploring numerous options to expand and was attracted by the natural beauty of the Philippines and its hospitality culture.
“The proposed low rise resort will rival any "must visit" beach destination in the world,” Galaxy said.
The company is also seeking a license in Japan, where it has teamed with Monaco’s Societe des Bains de Mer.
Development of the resort will go ahead, despite the fact Duterte has announced he is closing the island to tourism temporarily due to concerns about damage to the environment.
Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.
ASIA GAMING BRIEF
PO Box 1139, Macau SAR
Tel: +853 2871 7267
Fax: +853 2871 7264