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Galaxy Entertainment to develop gaming resort in Boracay, Philippines

Galaxy Entertainment Group Ltd has plans to build a gaming resort on the island of Boracay in the Philippines, in partnership with local company Leisure & Resorts World Corp., Bloomberg News reported.

Galaxy's deputy chairman, Francis Lui, revealed to the news outlet that he held a meeting with Filipino President Rodrigo Duterte on Dec. 7 to talk about gaming investments in the country.

The Hong Kong-headquartered and Macau-dominant casino giant and Leisure & Resorts are in the process of applying for a license to operate a casino valued at between 300 million pesos and 500 million pesos within the planned resort in Boracay, Philippine Amusement & Gaming Chairman Andrea Domingo was cited in the Dec. 8 report as confirming.

If successful, Galaxy will join Melco Resorts & Entertainment as the other Macau-based casino operator with a presence in the Philippines, after the latter's US$1.3 billion City of Dreams Manila integrated entertainment resort was launched in 2015.

As of Dec. 7, US$1 was equivalent to 50.63 Philippine pesos.