The Galaxy Entertainment Group casino project is provisionally approved. However, there are plenty of hurdles the company will need to get around before they can start their project. President Rodrigo Duterte is making it difficult for many casino conglomerates to build around the Islands. Lui Che Woo plans a Philippines casino, but he may have to settle for somewhere besides Boracay Island.
Boracay Island has plenty of resorts. It is the place many casino companies have looked to build new projects, but it is now off-limits. Galaxy Entertainment Group originally planned to build on Boracay, but not to worry. The company can choose from one of the 7,640 islands that are not off-limits. The resort is going to be an integrated concept for about $500 million.
The Philippines and Casinos
The Philippines are a hot location for casino companies. For the last year, the Philippines have been a target of Asian based casino companies. Galaxy Entertainment Group is just one of the biggest names attempting to find a home for their new project.
The good news about their provisional acceptance by PAGCOR is that they can still build in the Philippines. The temporary license will allow them to operate. The only change is the location. Galaxy will need to find an island that has land and is not closed to tourists or casinos.
In March 2018, PAGCOR gave Galaxy the permission they needed to have a casino. Galaxy also has a local partner, Leisure and Resorts World Corp. The group has the documentation and certificate, with an initial investment of $300 million ready.
Unfortunately, the green light for the project was given before the president made his announcement. While the hard work of getting permission from PAGCOR was finally over, it has meant that Galaxy will need to gain approval again for a different island.
One of the hurdles is choosing an island that has no environmental drawbacks. Casinos and integrated resorts have to show they are not going to impact the environment and there are enough tourists to the area of choice. Boracay has been this location for the Philippines.
Another reason for the provisional license was stating the casino would not disregard the environmental laws due to it being a smaller location. It is not meant to be a mega casino project, but one that fits within the regulations set forth by the regulatory agency. If they lose the license due to a different island, they will not be able to build.