The Hong Kong firm Galaxy Entertainment Group is set to invest in a casino project in the Philippines.
Philippines.- Galaxy Entertainment Group, the Hong Kong casino developer, has revealed its latest intentions of investing up to US$500 million in order to construct a casino resort in Boracay, Philippines. The announcement was released by emails between casino operators and local gaming authorities.
Francis Lui, deputy chairman of Galaxy, formerly known as K Wah Construction Materials, wrote: “As you know, China’s relationship with the Philippines has been improving. K Wah Group and Galaxy would like to play a role in the One Belt One Road initiative and we strongly believe the Philippines has great potential and offers attractive opportunities.”
Meanwhile, Pagcor president Alfredo Lim said: “It will further improve our tourism sector. The project is intended for foreigners, junket operators and high-rollers.” He added that the casino resort in Boracay could start welcoming guests within three years of the plan’s approval.
Galaxy Entertainment Group and its local partner Leisure & Resorts World Corp, are now awaiting for the approval of the Philippine Amusement and Gaming Corp. (Pagcor) in order to plan the next steps to carry out the project. “Senior representatives of the two companies have already discussed their plan with President Duterte during a telephone call,” revealed the local press.