Philippine President to allow gaming projects in Boracay

In March, 2018 (GEG) revealed that it had succeeded in obtaining a provisional gaming license to run a casino-resort on the island of Boracay in the Philippines in cooperation with Leisure & Resorts World Corp. (LRWC), with the company pledging to invest some US$500 million in the project.

However, shortly after President Duterte revealed his opposition to Galaxy’s integrated resort project, and vowed to provide land on the island to farmers instead and threw the project into uncertain waters, as the island was shut down to tourists for a six-month period for cleaning and renewal purposes.

Later the Philippines Amusement and Gaming Corporation (PAGCOR) still did not clarify if the project would go forward, doubts that remained until now.
In December, 2019 LRWC announced that it would abandon its plans to develop the integrated resort and that it has stopped discussions with GEG for the project.

LRWC initially bought 23-hectare land plots in Boracay in 2017, with initial plans discussed with galaxy predicting a hotel-casino to open in 2020.

Since GEG has not made any references to the project in recent financial reports, but its latest financial report still including a Philippine subsidiary for the Boracay project.

In a recent speech last week Duterte was reported as saying the country’s government need funds to deal with the impact of the Covid-19 pandemic in the local economy and that new sources of income would be considered.

Andrea Domingo, chairwoman and CEO of PAGCOR, also indicated that the suspended gaming license held by Galaxy for the island could be lifted if requested by the group