Galaxy subsidiary interested in the Philippines
Galaxy Casino is reportedly interested in investing in the growing casino market from the Philippines.
Philippines.- Galaxy Entertainment Group’s Macau subsidiary Galaxy Casino is making its moves on the Philippines market, as it has reportedly chosen Negros Occidental Rep. Alfredo “Albee” Benitez as a local partner.
Benitez is the founder of Leisure and Resorts World Corp. (LRWC), which has been bringing investments to the Philippines for decades, local news outlet philstar.com reported. The joint venture would invest US$300 million to US$500 million in order to build an integrated casino resort in the Asian country. An undisclosed source said: “Several high tourist traffic areas are being considered but negotiations with local authorities are still ongoing.” The interest in the Philippines, one of the growing markets on a worldwide level, resides in the recent crackdown against corruption in Macau and the strict policies in China.
Galaxy Ent, which is also interested in a Japan casino license, is expected to outperform Melco, MGM and SJM along with Wynn during the second quarter of the year, since they both reported good mass and VIP results. “We expect Wynn Macau and Galaxy to show positive sequential EBITDA growth of roughly 1-2 percent each,” said Morgan Stanley in July.
