GEG Ltd has just recently announced some interesting plans involving an investment of around $500 million into building an integrated casino-resort in the Philippines.
At the time being both Galaxy Group and the Leisure and Resorts World Corp are waiting for an approval for the already mentioned project, that is about to take place on the central island of the Philippines – Boracay. This project is going to cost both parties around $300-$500 million.
Currently, Boracay is considered to be the main attraction Island in the Philippines, for the tourism just as much as for the gambling sector. However, this project is going to step up their game and bring the island to a completely new level.
On this topic, the Deputy Chairman of Galaxy Group, Francis Lui, gave an exclusive statement to Reuters, stating: “As you know, China’s relationship with the Philippines has been improving. K Wah Group and Galaxy would like to play a role in the One Belt One Road initiative and we strongly believe the Philippines has great potential and offers attractive opportunities.”
Galaxy has already investigated some other interests, like investing opportunities outside Macau, however, the Philippines have caught their attention and so far are being Galaxy’s main target.
So far, the gross revenue of the country, from gaming operations have increased 12% to $1.7 billion at the beginning of 2016. These revenues are usually a result of some high-rollers, from China and South Korea.