Alfredo Abelardo B. Benitez has stepped down as LRWC director to run for mayor in Bacolod City.
The Philippines.- Leisure & Resorts World Corp (LRWC) has announced that long-time executive Alfredo Abelardo B. Benitez has resigned from his position to run for a public position as mayor of Bacolod City.
Benitez is the company’s major shareholder and has recently served as the director and committee member of the Executive Committee, Corporate Governance Committee, Compensation Committee, and Retirement Committee. Prior to this, he was the chairman of the company and also served as its president.
From 2010 to 2019, Benitez also worked as the representative of Negros Occidental’s 3rd district. Xu Jianming has been appointed as his temporary replacement under the role of director, committee member and president.
LRWC seeks to re-partner with Galaxy for Boracay casino
With Philippine president Rodrigo Duterte changing his mind about a ban on gambling on Boracay, LRWC planned to resume talks with Galaxy Entertainment about a possible casino development on the island.
An original project was announced in December 2017, after LRWC bought the parcels of land in Boracay for US$500m. However, Duterte then closed the island destination to tourism due to concerns for the environment. He said that the increased number of visitors on the island was turning Boracay into a “cesspool.”
LRWC dropped its plan for a casino on its 23-hectare property in Boracay leaving Galaxy Entertainment as a sole investor. However, a few weeks ago Duterte said his country needs income to recover from the Covid-19 pandemic.
Duterte stated: “We don’t have money now. Where we can get money, I will get it. If it will be from gambling, so be it.”