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LRWC buys 23-ha property for Boracay casino

/ 03:07 PM March 19, 2018

Boracay’s White Beach

A unit of gaming firm Leisure and Resorts World Corp. (LRWC) has acquired a 23-hectare property in Boracay to build on the island’s first integrated gaming resort in partnership with Hong Kong-listed Galaxy Entertainment Group Ltd.

In a disclosure to the Philippine Stock Exchange on Monday, LRWC said a subsidiary acquired the property in Barangay Manoc-Manoc, located on the south end of the island.

“Consistent with the pronouncement of Pagcor (Philippine Amusement & Gaming Corp.) chairperson Andrea Domingo, it is expected that Pagcor will issue a provisional license to Galaxy Entertainment Group (GEG) before the end of this month,” LRWC said in its disclosure.

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“Upon the issuance of the said license through the partnership between LRWC and GEG, an integrated resort will be constructed in the said property,” LRWC added.

Pagcor has imposed a moratorium on the opening of new casinos as Pres. Rodrigo Duterte is concerned about the proliferation of gambling. However, applications submitted before January 11 when such a policy thrust was firmed up will still be considered.

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TAGS: Boracay, Galaxy, Leisure & Resorts World Corp., LWRC
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