PUBLICLY listed Leisure and Resorts World Corp. (LRWC) is currently negotiating with Macau-based Galaxy Entertainment Group Ltd. on the possibility of developing a beach resort and casino on Aklan’s island of Boracay.
Galaxy and LRWC executives paid a courtesy call on President Duterte last week to discuss the project. The team was led by Galaxy Chairman Lui Che-Woo, Vice Chairman Francis Lui Yiu Tung and other senior managers of the company.
“Galaxy is excited about the possibility of teaming with LRWC to develop a world-class beach resort for our players in Boracay,” Tung was quoted in a statement as saying.
He added that with improving China-Philippines relations, Galaxy and its mother company K Wah Group hope to play a role in the “One Belt, One Road” initiative and wish to explore the opportunities and potentials of doing business in the Philippines.
LRWC Vice President for Legal and Corporate Secretary Katrina Nepomuceno said the company is honored and pleased to be chosen as Galaxy’s local partner.
“We look forward to working with GEG in bringing a world-class resort to the island-paradise of Boracay,” Nepomuceno said. “If the project materializes as envisaged, it’s going to be a game changer in the Philippine resort and tourism landscape.”
LRWC is a holding firm with interests in property development focusing on leisure business, gaming and recreation.
The company owns bingo parlors all over the Philippines and has an existing license agreement with the Cagayan Economic Zone Authority to develop, operate and conduct Internet and gaming enterprises, and facilities in the Cagayan Special Economic Zone Freeport. It’s also engaged in the hotel and recreation business.