Macau casino operator Galaxy Entertainment Group has confirmed that it is planning on opening a casino resort in Philippines, Bloomberg reports.
Rumors that the company was looking to expand its gaming business in the Philippines came about in August after a subsidiary of Galaxy Entertainment Group, Galaxy Casino reportedly chose Negros Occidental Rep. Alfredo “Albee” Benitez as its local partner. Benitez is the founder of Leisure and Resorts World Corp. (LRWC).
The joint venture between Galaxy and LRWC is said to be looking at building a $300 to $500 million casino resort in Boracay, Philippines.
In an email, Galaxy’s deputy chairman Francis Lui said he met with Philippines president Rodrigo Duterte on Wednesday to discuss gaming opportunities.
Later, Philippines Amusement and Gaming Corporation chairman Andrea Domingo on Thursday confirmed that the companies are currently applying for a license.
“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,” said Lui.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
On 3 April 2020, the Ministry of Home Affairs of Singapore (MHA) announced that it will be reconstituting the Casino Regulatory Authority (CRA) to establish the Gambling Regulatory Authority (GRA) by 2021. The GRA will have an expanded mandate to regulate the entire gambling landscape in Singapore and aims to consolidate and optimize gambling regulatory resources within a single agency.
The Macau Civil Servants Association has urged Chief Executive Ho Iat Sent to encourage the other five gaming operators to follow SJM Holdings in providing a "reward" to employees early in the New Year.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.