Galaxy Entertainment Says It's Planning Resort in Philippines
(Bloomberg) -- Galaxy Entertainment Group Ltd. is planning to develop a resort in the Philippines as casino operators seek out new markets for growth.
Galaxy's billionaire Deputy Chairman Francis Lui met with Philippines President Rodrigo Duterte Wednesday to discuss gaming opportunities, Lui said in an email. Galaxy and its Philippines partner, Leisure & Resorts World Corp., plan to open a $300 million to $500 million casino on the resort island of Boracay, Philippine Amusement & Gaming Chairman Andrea Domingo said Thursday. The companies are applying for a license, she said.
Casino operators are fanning across Asia to build new gaming resorts, and the Philippines' loose regulation of gaming and young population has made it an attractive destination. President Rodrigo Duterte's bid to ease tensions with China is also helping to draw in gamblers from the mainland.
“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,” Lui said, referring to China's economic and diplomatic program to increase trade with countries in the region.
Melco Resorts & Entertainment Ltd. is now the only Macau-based operator that has a footprint in the Philippines. Its $1 billion City of Dreams Manila, operated by the local unit of the operator, opened in Manila's Entertainment City in 2015.
--With assistance from Cecilia Yap and Ian Sayson
To contact the reporter on this story: Daniela Wei in Hong Kong at jwei74@bloomberg.net.
To contact the editors responsible for this story: K. Oanh Ha at oha3@bloomberg.net, Jeff Sutherland
©2017 Bloomberg L.P.
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
-
Wrong Labels, High Pesticide Residues Holding Back Agri Exports | The Reason Why
India needs stronger domestic food-safety and labelling standards, with best practices becoming part of everyday business for farmers, traders and food companies.
