Hong Kong-based hotel and casino operator Galaxy Entertainment Group will pursue expansion in the Philippines, the company confirmed earlier today. Galaxy Entertainment is one of six concessionaires authorized to operate casino gambling in Macau.
The company, founded by Chinese entrepreneur Lui Che Woo in 1988, has joined forces with Philippine partner Leisure & Resorts World Corp. to seek regulatory green light from the Philippine Amusement and Gaming Corp. (PAGCOR). Under Philippine gambling laws, any international must work with a local partner in order to be allowed to build and operate a casino in the country.
The two businesses revealed they want to build a $300 million to $500 million casino resort on the Boracay island, known to be one of the Philippines’ most popular tourist destinations. Galaxy Entertainment told media that they see great potential and opportunities in the Philippines and are looking forward to being able to enter the local market.
If given the necessary regulatory approval, the two partners will build a hotel and casino complex that will be targeting international tourists and high roller casino players from the Asia-Pacific region.
Representatives for both Galaxy Entertainment and Resorts World discussed their joint project with Philippine President Rodrigo Duterte at a Wednesday telephone call. The two companies hope that the warming ties between China and the Philippines would bring more high-spending customers from the Mainland.
The two countries maintained an openly hostile relationship over territories and hydrocarbon resources in the South China Sea for years. However, President Duterte announced last year that he would seek peaceful resolution to the prolonged dispute and would realign with China, thus “separating” from its long-time partner the United States.
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