It seems that the Leisure & Resorts World Corporation (LRWC) has determined to build the Galaxy Boracay Casino away from their partnership with Galaxy Entertainment. This, according to current Chairman Eusebio Tanco, who announced that Boracay Island’s $550 million integrated resort project was no longer in the plans of the group according to a report which was published by Calvinayre.
In a quote, Tanco said, “We don’t see casino. But that piece of land I’m keeping. I keep that piece of land, and I’m just going to hold on to it. This project was initially announced in December 2017, as an initial investment of $500 million was made by Galaxy Entertainment. The partnership with LRWC has strengthened the project’s likelihood of success. In March 2018, Galaxy was granted a temporary license to open the casino, which also allowed them to build the IR on the island known for its white sandy beaches.
It soon met with big roadblocks, however. Soon after the announcement of the project, Philippine President Rodrigo Duterte announced that due to environmental concerns, he was closing the island destination for tourism. In a speech, the president announced that, given the closure of the island, the increased number of visitors on the island turned Boracay into a “cesspool.” Conjecture around the project and its completion did not take long to start swirling. There was a fear that LRWC would be walking away from the project, but when they acquired additional properties on the island, they seem to have been dispelled. This was seen as a positive step towards improving the project’s position.
There have been rumors just weeks ago that the plan was all but gone. Conflicting reports suggested that a revised strategy could help revive the project and get it back on track. Now LRWC’s departure may be the deathblow to the casino resort.
Despite the news, Galaxy Entertainment Group Ltd appears to continue trying to move forward with the project. In a statement by the president and chief operating officer of Philippine Amusement and Gaming Corp (PAGCOR), Alfredo C. Lim clarified that the “environmentally friendly approach” to the project still created a favorable atmosphere for the resort and casino to build. At this time, Lim explained, it may actually have to be “put on hold.”
