Categories: General

Galaxy Boracay Casino To Expected To Bring In $100 Million Annually

The Galaxy Entertainment Group Ltd is planning to open a new casino resort in Boracay, Philippines and gaming analysts are expecting the new casino resort to bring in $100 million annually. The scheme behind the resort will be similar to how the City of Dreams Manila casino resort functions. This means that a local partner will own the land, while the foreign partner will manage the gaming resort.

Reports from local media suggest that construction on the new casino resort in Boracay will commence in early 2019. The casino project is expected to cost the Macau casino operator around $500 million. Galaxy Entertainment has revealed in a recent press release that they have already been granted a provisional gaming license by the national gaming regulator – Philippine Amusement and Gaming Corp (PAGCOR).

The operator also states that they have signed an agreement with a local partner which has been named as Leisure and Resorts World Corp. The domestic partner is the owner of the 23 hectare beachfront site for the casino resort.

ABS-CBN News

Galaxy Boracay is expected to be completed within a three year timeline and will create thousands of part time constructions jobs and hundreds of full time jobs once the casino is fully operational.

In a statement, Francis Lui Yiu Tung, Galaxy Entertainment’s deputy chairman, said

What excited us, one of the reasons, has to be the new airport which has been built last year, giving direct access to international market to bring in some high-end customers

Casino Operator Promises To Keep Boracay Eco-Friendly

Leisure and Resorts World Corp will not just get a share of the gaming revenue from the property but will also get lease payments from Galaxy Entertainment Group. They have a similar business model as Belle Corp, who own the land where City of Dreams Manila stands.

They lease out the property to a branch of Melco Resorts and Entertainment Ltd who operates the casino resort.

There were a number of concerns and opposition to setting up a new casino resort in Boracay – which is one of the most popular tourist destinations in the Philippines. Opposition parties objected to the casino resort stating that it would disturb the eco-friendly environment.

However both Leisure and Resorts World Corp and Galaxy Entertainment have stated that they will respect the environment in setting up the new Galaxy Boracay casino. Galaxy has stated that the plan is to develop a low-rise resort that develops the land around the beachfront, with an aim towards being eco-friendly. The casino resort is also expected to further boost tourism in Boracay and generate significant revenue in gaming taxes for the local government.

Paul Butcher

Hi, I am the Chief Editor of top10casinowebsites.net, this site is dedicated to all thing casino. I have been working around the casino industry for the last 12 years, with different brands. The main purpose of this site is to keep you informed with the latest news and offers around

Share
Published by
Paul Butcher

Recent Posts

LV Sands, Concerned About Online Competition Amid Plan to Build $6bn Casino

Summary: Las Vegas Sands chairman and CEO Rob Goldstein is concerned about the impact of…

3 weeks ago

Biloxi Casino Plans Advance as MGC Considers Two Venues

Summary: Tullis Gardens Hotel and the Tivoli development are in the works. The casinos would…

4 weeks ago

Rio Hotel & Casino Finishes Phase One of Massive Property Renovation Project

Summary: Rio Hotel & Casino has completed phase one of its multi-year property-wide renovation project.…

1 month ago

Industry Heavyweight Execs Talk Tech Future at TribalNet Conference & Tradeshow

Summary: Monday’s TribalNet Conference & Tradeshow brought together gaming industry executives who discussed the future…

2 months ago

Nevada Regulators Propose Solution for Armed Casino Security Shortage

Summary: The Nevada Gaming Control Board addressed the shortage of armed casino security following the…

2 months ago

Venetian Waiting for Final Approval for $550m Dividend Distribution

Summary: The Venetian in Las Vegas is getting ready for a massive dividend distribution. The…

3 months ago