Philippines business conglomerate Alliance Global Group has outlined its intention to push forward with plans for a second new casino on the holiday island of Boracay following President Rodrigo Duterte’s decision to lift a moratorium on casino developments.
The project will likely be linked to a series of non-gaming projects already underway in Boracay Newcoast – a 150-hectare mixed-use leisure and resort development being built by Megaworld Corporation. Both Alliance Global Group and Megaworld are owned by billionaire mogul Andrew Tan.
In a statement sent to Philippines media outlet ABS-CBN News, Tan said, “We will proceed with our casino project in Boracay Newcoast. We already have several hotels there and we are still building more.
A separate statement from Megaworld added the project “will adhere to all government environmental policies,” with the company “committed to the protection of the environment in the island.”
It said that 60% of Boracay Newcoast “is dedicated to green and open spaces.”
Tan added that he remains “hopeful that the tourism industry in this island will recover fast after the pandemic.”
Both Alliance Global Group and Megaworld already have experience in the casino industry, with the former holding a 50% stake in Travellers International Hotel Group Inc, operator of Resorts World Manila. Travellers is also involved in Entertainment City’s Westside Resorts World project, which includes a US$1 billion hotel-casino being developed by Suntrust Home Developers. Suntrust counts Hong Kong-listed Suncity Group and Megaworld among its major investors.
Duterte last week lifted the moratorium he had placed on new casino developments in Boracay in 2018, citing a need for the Philippines to finds new revenue sources due to the financial impact of the COVID-19 pandemic.