Galaxy Entertainment Group Ltd. plans to develop a resort in the Philippines while casino operators seek new markets to grow.
Galaxy multimillionaire deputy President Francis Lui met with Philippine President Rodrigo Duterte on Wednesday to discuss gambling opportunities, Lui said in an email. Galaxy and its Philippine partner, Leisure & Resorts World Corp., plan to open a $ 300 to $ 500 million casino on the resort island of Boracay, Philippine Amusement & Gaming president Andrea Domingo said on Thursday. The companies are requesting a license, he said.
Casino operators are exploiting in Asia to build new gaming complexes, and the flexible regulation of gaming and the young population of the Philippines has made it an attractive destination. President Rodrigo Duterte's attempt to ease tensions with China is also helping to attract players from the continent.
"Galaxy would like to play a role in the One Belt One Road initiative and we firmly believe that the Philippines has great potential and offers attractive opportunities," said Lui, referring to China's economic and diplomatic program to increase trade with the developing countries. the region.
Melco Resorts & Entertainment Ltd. is now the only operator based in Macao that has a presence in the Philippines. His $ 1 billion City of Dreams Manila, operated by the operator's local unit, opened in the City of Entertainment in Manila in 2015.
– With the assistance of Cecilia Yap and Ian C Sayson