$100M in yearly gaming revenues eyed from casino resort complex in Boracay

The casino resort project of Galaxy Entertainment Group Ltd., and its local partner, in Boracay is expected to generate around $100 million in yearly gaming revenues, according to initial estimates revealed by the Philippine gaming regulator on Wednesday.

“Initial target in gross gaming revenues is $100 million or P5 billion,” Philippine Amusement and Gaming Corp. Chairperson Andrea Domingo told GMA News Online.

Domingo noted the government’s share in gaming revenues from the Boracay project is roughly 19 percent.

The gaming regulator earlier issued a provisional gaming license to Boracay Philippines Resort and Leisure Corp., a wholly-owned subsidiary of Galaxy Entertainment.

Galaxy Entertainment and its local partner Leisure and Resorts World Corp. (LRWC) intend to build a $500-million integrated resort-casino complex in a 23-hectare property in Barangay Manoc-Manoc, Boracay Island.

LRWC vice president and corporate secretary Katrina Nepomuceno declined to confirm the projected gaming revenues from the Boracay casino-resort project.

“We can’t give out any projection as of the moment. As a publicly-listed company, LRWC will disclose the revenue projection to the exchange at the appropriate time in accordance with the regulations," Nepomuceno said.

Negros Occidental Rep. Alfredo Benitez, majority owner and founder of LRWC, however, said that the projected gaming revenues will be roughly around $100 million.

Benitez noted that the construction of the integrated casino resort in Boracay will start sometime next year.

The integrated casino complex can start operating after three years.

In a separate statement posted on its website, Galaxy Entertainment confirmed its wholly-owned subsidiary has been granted a provisional gaming license by the PAGCOR.

Francis Lui, vice chairman of Galaxy Entertainment, said the gaming license in the Philippines is an opportunity for the company to strategically expand its brand into overseas markets.

“We are very excited about the prospect of investing up to $500 million into a proposed premium quality, low rise, eco-friendly resort development located in Boracay, the world’s premier beach destination,” Liu said.

The Macau-based casino operator said it supports President Rodrigo Duterte and the Philippine government’s initiative in the managed and sustainable development of Boracay.

“Further, we will contribute positively to the local economy and actively partner with the Boracay community. We are confident that we will raise the bar in both resort quality and service and generate significant job opportunities in both construction and resort operations,” Liu said.
 
“We believe the demand for Asian tourism will continue to experience significant growth in the years ahead and the proposed Boracay resort is very accessible and convenient to the Asian market,” he said. —VDS, GMA News