Leisure & Resorts World Corp (LRWC) said one of its units has bought a 23-hectare site on Boracay island to develop a $500 million integrated resort with Galaxy Entertainment.
In a filing with the Philippine Stock Exchange, the company said it expects the Philippine Amusement and Gaming Corp to issue a provisional license for the casino to Galaxy before the end of this month. The site is in Manoc Manoc on the southern tip of the island.
The company was clarifying press reports following news that Philippine President Rodrigo Duterte plans to close the island for a year amidst concerns about over-development and damage to the environment.
Despite the closure, the two companies have confirmed they will be proceeding with their plans.
Local tourism officials on the popular island, known for its long, white sand beach, are planning to lobby Duterte to stop the closure. They argue that the livelihood of locals will be crippled, as many are dependent on the tourism industry.
"We must appeal for the sense of goodness of President Duterte,” Aklan governor Florencio Miraflores was cited as saying. “There is an opportunity for us to change if we can do our share. We have to show that we could resolve the traffic, sewerage, illegal structures, and solid waste management issues of the island," he added.
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