Galaxy Entertainment targets the Philippines with $500m IR

xy Entertainment Group Ltd has announced plans to invest as much as $500m to build an integrated casino-resort in the Philippines.

Galaxy and Leisure and Resorts World Corp are seeking regulatory approval for the project based on the central Philippine island of Boracay, that’s going to set the partners back $300-$500m.

As Boracay Island is one of the hottest spots for tourists in the Philippines, the project is set to improve the tourism sector, and is aimed at foreigners, junket operators and high rollers.

In a statement to Reuters, Francis Lui, Deputy Chairman of Galaxy, commented: “As you know, China’s relationship with the Philippines has been improving. K Wah Group and 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.”

Galaxy has previously expressed an interest in exploring opportunities outside of Macau, and it now seems the Philippines is the target jurisdiction.

The country’s gross gaming revenue from land-based and online operations increased 12% to $1.7bn in the first half of 2016, in comparison to a year prior. The majority of the revenue comes from high-rollers travelling over from China and South Korea.