Leisure & Resorts World Corp.

...ano ba talaga? Tongue

Casinos not welcome in Boracay – Palace  

All foreign or local investments, except casinos, are welcome in Boracay, Malacañang said on Tuesday amid reports that the construction of casino on the island would push through.

Palace spokesman Harry Roque Jr. said President Rodrigo Duterte would never allow any company to open a casino on Boracay Island.

“I think what the President has said is that he will not allow casinos. All other investments are otherwise welcome in Boracay,” he told reporters in a news conference.

“The President does not like casinos as a matter of public policy. It is contrary to good morals. It encourages a vice, which is gambling,” he added.

Last week, Leisure and Resorts World Corporation (LRWC), the local operator of Macau casino giant Galaxy Entertainment Group, said its plan to build a $500-million casino resort in Boracay is on track.

But Roque said the casino developer should follow the President’s instruction to stop the project.

“The President has said no, and I would hope they would respect that,” he said.
There are plans to reopen Boracay in October, six months after it was shut down.

But Environment Undersecretary Sherwin Rigor said no date has been set for the island’s reopening, and that officials from the departments of Environment, Tourism and Transportation will meet on August 2 to discuss Boracay’s “soft opening.”

“We will plan on that, wala pang (there’s no) definite date. We will open a few hotels. Late September or early October,” Rigor told The Manila Times.

“We are targeting more than three million (tourists). We will be having a planning session regarding on how we can bring in more tourists,” he added.

Tourism Secretary Bernadette Romulo-Puyat said her department is talking with top advertising agencies on how to market Boracay.


...ano na kaya mangyayari dito? magbubukas na Boracay by October...yung Landing Casino na nagalit si PDuterte nakakaapekto din sa LR Boracay Casino 

Boracay issue hangs over Leisure & Resorts World  

Leisure & Resorts World Corporation (LR) has been “mainly tracking the index” after an April slowdown prompted by uncertainty over its Boracay project, which the firm has said remained “on track” amid Malacañang’s declarations that it would not allow casino operations on the island.

LR hit a year-to-date low of P3.93 on June 27, substantially lower than its year high of P7.49 on March 19. On Friday, its shares gained 0.50 percent or two centavos from previous day to end at P4.01 amid a 0.20-percent drop for the local stock market.

In March, it was reported that at least $100 million in annual revenues could be generated from the casino and resort venture with Macau casino operator Galaxy Entertainment Group. LR also received provisional gaming license from Philippine Amusement and Gaming Corporation that month.

“The stock has fallen mostly as a result from the closure [of Boracay]but afterwards it has been mainly tracking the index,” Regina Capital Development Corp. Managing Director Luis Limlingan said.

President Rodrigo Duterte ordered the closure of Boracay for six months beginning April given widespread environmental violations. The announcement threw a wrench into LR’s plans and it remains to be seen whether the government will allow it to proceed.

“I think investors are in a wait-and-see mode because the plans of opening gaming in Boracay is still up in the air,” Limlingan added.

LR last month declared that the project was still on track for a 2021 opening but the presidential palace responded by warning the firm not to test Duterte.

“As of now, the President is not keen on setting up further casino in the Boracay island,” Diversified Securities, Inc. Trader Aniceto Pangan noted, adding that LR stock would only rally “probably if [the President]changes his mind.”

The casino operator had a poor first quarter as its consolidated net income plummeted by 70 percent to 82.42 million against previous year’s P272.12 million amid a 2.5-percent hike in total expenses.

First quarter revenues from the casino division and retail division climbed 36 percent and 51 percent respectively while the online division sank 33 percent.

The “2018 first quarter pro-forma net income earnings” could have meant an eight-percent boost if the financial effect of “non-recurring event in Q1 of 2017 with regard to the City of Dreams divestment” was neglected, LR reported.

LR, however, said “the coming quarters and the following year will show increasingly positive income growth in all its divisions.”

Last year, the company’s consolidated net income plunged by 77 percent to P442.55 million from the year-earlier P1.89 billion on the back of 12-percent revenue dip and 1.14-percent expense surge.

LR declared dividends in June at the “rate of 4.25 percent per share” from its unappropriated retained earnings as of May 31.

Originally incorporated in 1957 as Atlas Fertilizer Corp., the company amended its primary purpose in 1999 to engage in real estate developments focusing on the leisure business. It expanded into bingo gaming that year via the acquisition of AB Leisure Exponent, Inc, which operates bingo parlors nationwide.

LR also has a majority stake in First Cagayan Leisure & Resort Corp, which is licensed to develop, operate and conduct internet and gaming operations inside the Cagayan ecozone.


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