Galaxy Entertainment has dispelled rumors circulating in the Filipino media regarding the revival of its stalled Boracay Island project.
The company clarified that its current priorities lie in Macau, emphasizing the ongoing development of its Galaxy Macau property.
This announcement follows recent comments made by Alfredo Benitez, the founder of DigiPlus Interactive Corp (formerly Leisure and Resorts World Corp), as reported in the Philippines Business Inquirer.
Benitez, who had previously been Galaxy’s local partner for a planned $500 million casino resort on Boracay Island, revealed that DigiPlus was assessing Galaxy’s willingness to recommence work on the project.
The Boracay venture had been halted in 2018 when then-President Rodrigo Duterte imposed a ban on casino construction on the island, coinciding with a comprehensive six-month island-wide cleanup effort.
Although Benitez resigned as president of DigiPlus in 2021 to pursue the mayoral position in Bacolod City, he remains the majority shareholder.
Despite President Duterte’s change of stance in 2021 to address Covid-19-related fiscal concerns, Galaxy has not returned to the island.
Benitez suggested that the Marcos administration might be more amenable to the development due to its recognition of the benefits of new investors for the country.
Galaxy’s concise statement effectively quashes the speculation, asserting that it is presently uninterested in the project despite recent media reports suggesting otherwise.
Galaxy’s decision to focus on Macau aligns with its ongoing efforts to rebound from the decline in customer traffic experienced in 2022.
According to its Q2 financial report, Galaxy reported a remarkable 257% year-on-year increase in revenue, reaching HK$8.7 billion (£914.1 million/$1.12 billion/€1.05 billion).
Consequently, the company has reaffirmed its commitment to Macau, with an emphasis on its recently relaunched Phase 3 development program in the Special Administrative Region, as well as the commencement of Phase 4, the next stage of the project.