LRWC reviving talks with Macau's Galaxy for Boracay casino-resort

Listed casino and gaming firm Leisure and Resorts World Corp. (LRWC) is reviving talks with Macau-based Galaxy Entertainment Group Ltd. on the plan to build a $500-million casino-resort on Boracay Island.

“Yes,” Alfredo Abelardo Benitez, LRWC director, told GMA News Online when asked if the company will be reviving its partnership with Galaxy Entertainment after President Rodrigo Duterte has given the go-signal for casino operation in Boracay. He did not elaborate.

Benitez, a former representative of the 3rd District of Negros Occidental, is the founder of LRWC.

Philippine Amusement and Gaming Corp. (PAGCOR) chairman Andrea Domingo confirmed that Duterte gave the thumbs up for both the plans of Galaxy Entertainment and Megaworld Corp. to put up integrated casino-resort projects in the island 

Both Galaxy and Megaworld secured gaming licenses from PAGCOR prior to Duterte’s 2018 order to halt the entry of new casinos in the Philippines to prevent an oversupply.

Also, the President banned the establishment of casinos in Boracay as he proceeded with the plan to close and clean up the island for six months.

But last week, Duterte took back his earlier statement and said he would allow the establishment of casinos in Boracay in a bid to generate more funds for the government.

In 2017, Galaxy Entertainment and its local partner LRWC announced plans to build a $500-million casino resort on Boracay Island.

A subsidiary of LRWC acquired approximately 23 hectares of land in Barangay Manoc-Manoc, Boracay Island, Malay, Aklan for the casino-resort project. 

Due to Duterte’s casino ban, LRWC dropped the plan with Galaxy Entertainment in 2019.

“Casino operation in Boracay shall follow restrictions such as the observance of safety and health protocols imposed in view of the current COVID-19 pandemic and ensuring safeguards to keep children or minors away from gambling activities,” Presidential spokesperson Harry Roque said on Saturday. 

“This latest presidential pronouncement is part of the revenue-generating efforts of the government to augment funds for COVID-19 response,” he added. —LBG, GMA News