LRWC buys 23-ha property for Boracay casino
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.
“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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