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Galaxy Entertainment Group Ltd. to Proceed with Boracay Casino

Galaxy Entertainment Group Ltd. to Proceed with Boracay CasinoGalaxy Entertainment Group Limited, has just received permission to open a casino in Boracay from PAGCOR(Philippines Amusement and Gaming Corporation). PAGCOR will be granting them with a provisional license by the end of the month.  This means that Galaxy Entertainment Group Ltd. to Proceed with Boracay Casino in conjunction with Leisure and Resorts World Corp.

Leisure and Resorts World Corp. confirmed today that its casino resort hotel with Galaxy Entertainment Group Ltd. is going through as planned.

GEG Lts., a developer/operator of entertainment facilities will be starting its $500 million casino on Boracay in the Philippines. During its filing, the company said “A subsidiary of LRWC acquired approximately 23 hectares of land in Boracay Island”.  

 

Controversy with Boracay Island in the Philippines

The $500 million casino in the Philippines will be built despite plans by the government to shut down the island. The island could be closed for up to one year for an environmental clean-up and rehabilitation. Even President Duterte described the 2,550-acres island as a “cesspool” and agrees it needs to be cleaned up.

Environment Secretary Roy Cimatu said closing the island resort to tourism will give time to restore and sustain Boracay. Last weekend, hotel and resort owners in Boracay held a silent protest against the shutdown.  They did so by turning off lights in their resorts and hotels for eight minutes.

“Upon the issuance of the said license through the partnership between LRWC and GEG, an integrated resort will be constructed” said LRWC in its disclosure. Alfredo Lim, President of PAGCOR said that the new hotel casino resort could open within three years of receiving approval.

Boracay island is one of the Philippines’ top tourist destinations because of its white sandy beaches and fun nightlife.  In fact, several Sportsbook pay per head companies send their employees there for a vacation.

LRWC shares closed Monday at P7.06 per share, up P0.76 or 12.06 percent from Friday’s close of P6.30 per share.

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