Plans to Develop a Premium Quality Eco-Friendly Resort in Boracay
Supports China's One Belt, One Road Initiative
HONG KONG, March 21, 2018 /PRNewswire/ -- Galaxy Entertainment Group ("GEG" or the "Group") (HKEx stock code: 27) confirms that a wholly-owned subsidiary of the Group has been granted a provisional gaming license by the Philippine Amusement and Gaming Corporation ("PAGCOR").
Mr. Francis Lui, Vice Chairman of GEG commented, "We would like to thank PAGCOR for their vote of confidence in granting GEG a provisional gaming license in the Philippines and the opportunity to strategically expand our brand into overseas markets. We are very excited about the prospect of investing up to US$500 million into a proposed premium quality, low rise, eco-friendly resort development located in Boracay, the world's premier beach destination. We are pleased to support President Duterte and the Philippine government's initiative for the managed and sustainable development of Boracay. Further, we will contribute positively to the local economy and actively partner with the Boracay community. We are confident that we will raise the bar in both resort quality and service and generate significant job opportunities in both construction and resort operations. This exciting project also clearly demonstrates GEG's commitment to support China's One Belt, One Road initiative."
GEG has been exploring numerous opportunities to expand its "World Class, Asian Heart" brand and philosophy beyond Macau, and the Philippines offers an ideal opportunity to develop a premium quality eco-friendly resort in Boracay. We believe that by combining the natural beauty of the Philippines with GEG's long standing record of developing world class resorts, and leveraging upon the Philippines renowned hospitality culture is a formula for success. The people of the Philippines are recognized throughout the world for their friendliness and impeccable service standards, and we look forward to working with them and welcoming them as team members. Further, the expansion of the Caticlan airport makes Boracay a more conveniently accessible destination and enhances GEG's ability to attract more of our affluent customers from China, Hong Kong and Macau, among others.
Our local partner, Leisure & Resorts World Corporation, continues to assist in the land acquisition process for the planned development of a premium quality eco-friendly resort in Boracay, Philippines which will include a GEG casino. The water front land parcel is in excess of 20 hectares and includes beaches. The proposed low rise resort will rival any "must visit" beach destination in the world. We believe the demand for Asian tourism will continue to experience significant growth in the years ahead and the proposed Boracay resort is very accessible and convenient to the Asian market.
About Galaxy Entertainment Group (HKEx stock code: 27)
Galaxy Entertainment Group ("GEG" or the "Group") is one of the world's leading resorts, hospitality and gaming companies. It primarily develops and operates a large portfolio of integrated resort, retail, dining, hotel and gaming facilities in Macau. The Group is listed on the Hong Kong Stock Exchange and is a constituent stock of the Hang Seng Index.
GEG is one of the three original concessionaires in Macau with a successful track record of delivering innovative, spectacular and award-winning properties, products and services, underpinned by a "World Class, Asian Heart" service philosophy, that has enabled it to consistently outperform and lead the market in Macau.
GEG operates three flagship destinations in Macau: on Cotai, Galaxy Macau™, one of the world's largest integrated destination resorts, and the adjoining Broadway Macau™, a unique landmark entertainment and food street destination; and on the Peninsula, StarWorld Macau, an award winning premium property.
The Group has the largest undeveloped landbank of any concessionaire in Macau. When The Next Chapter of its Cotai development is completed, GEG's resorts footprint on Cotai will double to more than 2 million square meters, making the resorts, entertainment and MICE precinct one of the largest and most diverse integrated destinations in the world. GEG is also planning to develop a world class leisure and recreation destination resort on a 2.7 square kilometer land parcel on Hengqin adjacent to Macau. This resort will complement GEG's offerings in Macau, and at the same time differentiate it from its peers while supporting Macau in its vision of becoming a World Centre of Tourism and Leisure.
In July 2015, GEG made a strategic investment in Société Anonyme des Bains de Mer et du Cercle des Etrangers à Monaco ("Monte-Carlo SBM"), a world renowned owner and operator of iconic luxury hotels and resorts in the Principality of Monaco. GEG continues to explore a range of international development opportunities including in Japan and the Philippines.
GEG is committed to delivering world class unique experiences to its guests and building a sustainable future for the communities in which it operates.
For more information about the Group, please visit www.galaxyentertainment.com
About Leisure & Resorts World Corporation
Leisure and Resorts World Corporation (LRWC) is a publicly-listed company that has been in the forefront of the leisure and gaming industry in the Philippines. Its wide array of services includes management and operation of general amusement, recreation enterprises, hotel and gaming facilities. With its expertise as an industry leader for 20 years, LRWC dominates the country's retail gaming market by providing world-class multi-gaming platforms. The company has a wide network of gaming and entertainment salons in some of the best commercial locations in the Philippines.
SOURCE Galaxy Entertainment Group