Galaxy Boracay Casino To Expected To Bring In $100 Million Annually
The Galaxy Entertainment Group Ltd is planning to open a new casino resort in Boracay, Philippines and gaming analysts are expecting the new casino resort to bring in $100 million annually. The scheme behind the resort will be similar to how the City of Dreams Manila casino resort functions. This means that a local partner will own the land, while the foreign partner will manage the gaming resort.
Reports from local media suggest that construction on the new casino resort in Boracay will commence in early 2019. The casino project is expected to cost the Macau casino operator around $500 million. Galaxy Entertainment has revealed in a recent press release that they have already been granted a provisional gaming license by the national gaming regulator – Philippine Amusement and Gaming Corp (PAGCOR).
The operator also states that they have signed an agreement with a local partner which has been named as Leisure and Resorts World Corp. The domestic partner is the owner of the 23 hectare beachfront site for the casino resort.
Galaxy Boracay is expected to be completed within a three year timeline and will create thousands of part time constructions jobs and hundreds of full time jobs once the casino is fully operational.
In a statement, Francis Lui Yiu Tung, Galaxy Entertainment’s deputy chairman, said
What excited us, one of the reasons, has to be the new airport which has been built last year, giving direct access to international market to bring in some high-end customers
Casino Operator Promises To Keep Boracay Eco-Friendly
Leisure and Resorts World Corp will not just get a share of the gaming revenue from the property but will also get lease payments from Galaxy Entertainment Group. They have a similar business model as Belle Corp, who own the land where City of Dreams Manila stands.
They lease out the property to a branch of Melco Resorts and Entertainment Ltd who operates the casino resort.
There were a number of concerns and opposition to setting up a new casino resort in Boracay – which is one of the most popular tourist destinations in the Philippines. Opposition parties objected to the casino resort stating that it would disturb the eco-friendly environment.
However both Leisure and Resorts World Corp and Galaxy Entertainment have stated that they will respect the environment in setting up the new Galaxy Boracay casino. Galaxy has stated that the plan is to develop a low-rise resort that develops the land around the beachfront, with an aim towards being eco-friendly. The casino resort is also expected to further boost tourism in Boracay and generate significant revenue in gaming taxes for the local government.
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