Leisure & Resorts World Corporation (LRWC), a Philippine-based gaming firm, is expected to withdraw its partnership with Galaxy Entertainment. The tie-up was formed to construct the $550 million integrated resort project, Boracay Casino, on Boracay Island. As per the acting Chairman of LRWC, Eusebio Tanco, “We are not looking at the casino. But I’m keeping that piece of land and will just hold on to it. I will land bank it.”
Earlier, in December 2017, the casino project was announced, and Galaxy Entertainment had invested an amount of $500 million. The collaboration with LRWC was expected to uphold the success probability of the project and was expected to extend its outreach. In March 2018, Galaxy Entertainment got a provisional license for opening the casino. The entertainment firm also got clearance for building an IR on Boracay Island.
However, the major hindrance to the project came when Philippine President, Rodrigo Duterte, announced the closing of tourism to the island destination due to environmental concerns. In a statement, Duterte argued that the hike in the number of tourists on the island had turned it into a “cesspool.”
Besides the announcement, the project was on track. It was speculated LRWC might walk away from the project, but in contrast, the firm purchased additional properties on the island. The move silenced all such assumptions and solidifying their position in the project.
Nonetheless, the announcement of closing the island for tourists seems to have affected the project badly. Earlier, reports came that the project was all but dead. There was another side of the story as well that some major modifications are going on to revive the project. However, the departure of LRWC is expected to seal the reports of closure of the resort casino.
Reports suggest that many of the stakeholders in the project were not satisfied with the project. Besides all this, Macau-based casino giant Galaxy Entertainment will try to move ahead with the project.
