Casino resort operator Galaxy Entertainment has confirmed plans to develop a major integrated casino resort in the Phillipine island hotspot of Boracay.
The company plans to spend up to US$500 to build the resort in partnership with Philippines-based Leisure and Resorts World Corp.
The two companies will seek authorisation from gaming regulator PAGCOR and plan to build a hotel and casino complex
"It will further improve our tourism sector. The project is intended for foreigners, junket operators and high-rollers. The integrated casino could start operating three years after the plan’s approval," said PAGCOR president Alfredo Lim.
Galaxy had long been on the lookout for a suitable location to expand in Asia beyond its core market in Macau.
"China’s relationship with the Philippines has been improving. We strongly believe the Philippines has great potential and offers attractive opportunities," said Francis Lui, deputy chairman of Galaxy.
PAGCOR data shows the casino industry in the Philippines is driven mostly by high-rollers from China and South Korea.
Boracay is one of the Philippines’ top tourist draws and is regularly voted one of the world’s best islands.
Tourism leaders are targeting 1.7 million visitor arrivals to the island by the end of this year.
