Pagcor justifies grant of provisional license to Galaxy-LRWC, says requirements still incomplete
The Philippine Amusement and Gaming Corp. said Boracay Phippines Resort and Leisure Corp. met all initial documentary requirements to secure a provisional license.
These requirements included a certificate of no objection from the local government of Malay, Aklan and a minimum investment commitment of no less than $300 million.
BPRLC, the joint venture between Macau casino operator Galaxy Entertainment Group and Benitez-controlled gaming firm Leisure Resorts & World Corp., obtained last month a provisional license to build a $500 million integrated resort on the island of Boracay
“BPRLC?s application was favorably considered since Boracay falls under the greenfield zone category, which refers to an area within rural provinces, cities or municipalities with high potential for tourism development with no existing casino,” Pagcor said.
“The provisional license is only the start of a very long and tedious process of compliance that every integrated-resort operator must go through before they can be issued by PAGCOR a notice to commence casino operations and eventually, a regular casino gaming license,” the state gaming regulator said.
Pagcor said BPLWC has yet to submit other requirements which include a proof of ownership or lease of the land wherein the casino-resort will be built, a detailed project implementation and development plan, an escrow account, performance assurance, surety bond, and financial statements.
As regulator, Pagcor said it ensures its licensees comply with pertinent laws, rules, regulations and ordinances promulgated by authorities relative to the establishment and operation of casinos.
Pagcor also noted that only 7.5 percent of the resort’s total gross floor area is reserved for gaming.
” Moreover, allowable gaming facilities are restricted based on the number of hotel rooms ? four standard room keys are required for every gaming table while two standard rooms are required for every three electronic gaming machines,” Pagcor said.