Monday, August 15, 2022

LRWC merely halting Boracay discussions: filing


Leisure & Resorts World Corporation (LRWC) has reeled back comments from its chairman Mr. Eusebio Tanco, which suggested that its integrated resort project on Boracay island with Galaxy Entertainment is completely dead.

Last week, Tanco was quoted in the Manila Standard as saying that LRWC will “no longer pursue” a plan to build a $550-million world-class integrated resort and casino in Boracay Island in partnership with Macau-based Galaxy Entertainment Group Ltd and that the company would keep the property in Boracay for land banking.

“I’m keeping that piece of land and just hold on to it. I will just land bank it,” Tanco said.

However, in a clarification filing to the Philippines Stock Exchange on Tuesday, LRWC said that the comments by Tanco are only referring to the fact that due to the moratorium on new casino licenses imposed by the President, that there are no further discussions on the Boracay project.

That being said, LRWC said there are no plans being made for the development of the land in Boracay either - meaning there is still a chance for the IR to go ahead, should the president change his mind. 

“We remain committed to abide by the instructions of our President and will defer to his mandate on the matter,” said LRWC. 

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