{"id":75258,"date":"2018-04-12T15:00:29","date_gmt":"2018-04-12T22:00:29","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=75258"},"modified":"2018-04-12T12:27:06","modified_gmt":"2018-04-12T19:27:06","slug":"galaxy-entertainments-stock-dips-on-confusion-over-boracay-casino","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/galaxy-entertainments-stock-dips-on-confusion-over-boracay-casino\/","title":{"rendered":"Galaxy Entertainment\u2019s Stock Dips on Confusion Over Boracay Casino"},"content":{"rendered":"<p><a href=\"https:\/\/www.casino.org\/news\/galaxy-entertainments-lui-che-woo-makes-12-billion-in-two-years-from-stock-surge\">Galaxy Entertainment\u2019s stock<\/a>, which has enjoyed a steady upward trajectory since Macau\u2019s recovery, was rocked this week as the company\u2019s bid to build a $500 million casino on the paradise Philippine island of Boracay was plunged into complete confusion.<\/p>\n<figure id=\"attachment_75262\" aria-describedby=\"caption-attachment-75262\" data-style=\"width: 3600px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-75262 size-full\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/04\/duterte-lui.jpg\" alt=\"Caption 2: Duterte meets Galaxy Entertainment\u2019s Lui Che Woo to discuss Boracay casino\" width=\"3600\" height=\"2400\" \/><figcaption  id=\"caption-attachment-75262\"class=\"text-description\">Casino? What casino? President Duterte (right) meets Galaxy Entertainment CEO Lui Che Woo in December to discuss the construction of a $500 million resort on Boracay Island, a conversation the president appears to have forgotten. (Image: Presidential Photos)<\/figcaption><\/figure>\n<p>The Hong Kong-based company was granted a provisional license to build its casino by the Philippine operator PAGCOR last month \u2013 a controversial decision since the island had been ordered to be closed for environmental clean-up by Philippine president Rodrigo Duterte.<\/p>\n<div class=\"callout\">\n<p>But earlier this week Duterte claimed to have no knowledge of the proposal. Facing claims that environmental concerns were a pretext to close the island so that Galaxy could build the casino free from scrutiny, Duterte said as far as he knew \u201cthere are no plans for a casino.\u201d<\/p>\n<\/div>\n<p>He added the tourist island was a land reform area that he would \u201cgive to farmers, to the Filipinos first\u201d and promised to issue a proclamation.<\/p>\n<h2><strong>Forgotten Meeting<\/strong><\/h2>\n<p>His words presumably came as a surprise to Galaxy, especially since the company\u2019s chairman and founder Lui Che Woo and several of his executives met Duterte personally in December, specifically to discuss (guess what?) the construction of a $500 million casino on Boracay island.<\/p>\n<p>In a press conference this week, Senator Antonio Trillanes IV of the Magdalo Party-List called Duterte\u2019s denial a \u201cblatant lie.\u201d<\/p>\n<blockquote class=\"main-blockquote\"><p><strong>\u201cWhen there is a courtesy call by a big businessman, that means it&#8217;s a done deal,&#8221; he claimed.<\/strong><\/p><\/blockquote>\n<p>A week earlier, <a href=\"https:\/\/www.casino.org\/news\/dutertes-environmental-shutdown-of-boracay-island-a-smokescreen-for-casino-alleges-opposition-lawmaker\">Representative Carlos Zarate<\/a>, of the socialist Bayan Muna party, had alleged Galaxy\u2019s Philippine partner on the Boracay casino, Leisure and Resorts World Corp, was controlled by Duterte allies.<\/p>\n<h2><strong>\u00a0<\/strong><strong>\u2018Could They Build It Somewhere Else?\u2019<\/strong><\/h2>\n<p>Duterte is given to dramatic, crowd-pleasing statements, and then to changing his mind, but on Wednesday his spokesman Harry Roque reiterated that there would be no casino on the island.<\/p>\n<p>&#8220;I did clarify this with the President and the President said &#8216;as far as Boracay as concerned I have not issued any proclamation that will authorize any casino in Boracay itself&#8217; but I can&#8217;t address the issue of the license because that just means maybe they can open shop elsewhere,&#8221; said Roque said at a press conference in Hong Kong, where Duterte is on a three-day visit.<\/p>\n<p>\u201cWe welcome all investors, but I think the President has already addressed the issue of a new casino in Boracay. There will be no new casino in Boracay. That\u2019s the President\u2019s declaration. I don\u2019t have to annotate,\u201d he added.<\/p>\n<p>The shutdown of the island, which Duterte has branded a \u201ccesspool,\u201d is due to begin on April 26 and is expected to last six months.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Galaxy Entertainment\u2019s stock, which has enjoyed a steady upward trajectory since Macau\u2019s recovery, was rocked this week as the company\u2019s bid to build a $500 million casino on the paradise Philippine island of Boracay was plunged into complete confusion. The Hong Kong-based company was granted a provisional license to build its casino by the Philippine [&hellip;]<\/p>\n","protected":false},"author":36,"featured_media":75262,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21,18,61],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Galaxy Entertainment\u2019s Stock Dips on Confusion Over Boracay Casino<\/title>\n<meta name=\"description\" content=\"Galaxy Entertainment\u2019s Boracay casino is in doubt after Philippine President Duterte repeatedly denies knowledge of the proposed project and emphasizes there will be no casino on the island.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Galaxy Entertainment\u2019s Stock Dips on Confusion Over Boracay Casino\" \/>\n<meta property=\"og:description\" content=\"Galaxy Entertainment\u2019s Boracay casino is in doubt after Philippine President Duterte repeatedly denies knowledge of the proposed project and emphasizes there will be no casino on the island.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/galaxy-entertainments-stock-dips-on-confusion-over-boracay-casino\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2018-04-12T22:00:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-04-12T19:27:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/04\/duterte-lui-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Philip Conneller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgphilc\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Philip Conneller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/galaxy-entertainments-stock-dips-on-confusion-over-boracay-casino\/\",\"url\":\"https:\/\/www.casino.org\/news\/galaxy-entertainments-stock-dips-on-confusion-over-boracay-casino\/\",\"name\":\"Galaxy Entertainment\u2019s Stock Dips on Confusion Over Boracay Casino\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/galaxy-entertainments-stock-dips-on-confusion-over-boracay-casino\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/galaxy-entertainments-stock-dips-on-confusion-over-boracay-casino\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/04\/duterte-lui-scaled.jpg\",\"datePublished\":\"2018-04-12T22:00:29+00:00\",\"dateModified\":\"2018-04-12T19:27:06+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\"},\"description\":\"Galaxy Entertainment\u2019s Boracay casino is in doubt after Philippine President Duterte repeatedly denies knowledge of the proposed project and emphasizes there will be no casino on the island.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/galaxy-entertainments-stock-dips-on-confusion-over-boracay-casino\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/galaxy-entertainments-stock-dips-on-confusion-over-boracay-casino\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/galaxy-entertainments-stock-dips-on-confusion-over-boracay-casino\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/04\/duterte-lui-scaled.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/04\/duterte-lui-scaled.jpg\",\"width\":2560,\"height\":1707,\"caption\":\"Casino? What casino? President Duterte (right) meets Galaxy Entertainment CEO Lui Che Woo in December to discuss the construction of a $500 million resort on Boracay Island, a conversation the president appears to have forgotten. (Image: Presidential Photos)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/galaxy-entertainments-stock-dips-on-confusion-over-boracay-casino\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Commercial Gaming\",\"item\":\"https:\/\/www.casino.org\/news\/commercial-gaming\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Live Casinos\",\"item\":\"https:\/\/www.casino.org\/news\/commercial-gaming\/live-casinos\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"Galaxy Entertainment\u2019s Stock Dips on Confusion Over Boracay Casino\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\",\"name\":\"Philip Conneller\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-5-1-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-5-1-96x96.png\",\"caption\":\"Philip Conneller\"},\"description\":\"In Philip Conneller\u2019s eight years with Casino.org, he has covered the gaming industry from Las Vegas to Macau and everything in between. He currently focuses his coverage on gaming law, white-collar crime, global money laundering, tribal gaming, politics, and regulation. Philip was the original features editor for poker\u2019s Bluff Magazine and editor for Bluff Europe, which he helped launch. His writing has also been featured in ESPN, Forbes, Time Out, The Sun, and The Daily Star, as well as iGaming Business, eGaming Review, and numerous other industry news and tech websites. His news stories for Casino.org\/news have been linked by The Washington Post, The Daily Mail, People Magazine, and Jimmy Fallon's Tonight Show, among many others. Philip once won $20,000 with 7-2 off-suit. He has been reprimanded for unwittingly playing Elton John\u2019s piano on two separate occasions on both sides of the Atlantic. He became a writer because he is a lousy pianist. Philip lives outside London with his wife and children, where he spends his time agonizing about Arsenal FC. Contact Philip at philip.conneller@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/philip-conneller\",\"https:\/\/www.linkedin.com\/in\/philip-conneller-1495a48\/?originalSubdomain=uk\",\"https:\/\/x.com\/casinoorgphilc\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/phillip-conneller\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Galaxy Entertainment\u2019s Stock Dips on Confusion Over Boracay Casino","description":"Galaxy Entertainment\u2019s Boracay casino is in doubt after Philippine President Duterte repeatedly denies knowledge of the proposed project and emphasizes there will be no casino on the island.","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Galaxy Entertainment\u2019s Stock Dips on Confusion Over Boracay Casino","og_description":"Galaxy Entertainment\u2019s Boracay casino is in doubt after Philippine President Duterte repeatedly denies knowledge of the proposed project and emphasizes there will be no casino on the island.","og_url":"https:\/\/www.casino.org\/news\/galaxy-entertainments-stock-dips-on-confusion-over-boracay-casino\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2018-04-12T22:00:29+00:00","article_modified_time":"2018-04-12T19:27:06+00:00","og_image":[{"width":2560,"height":1707,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/04\/duterte-lui-scaled.jpg","type":"image\/jpeg"}],"author":"Philip Conneller","twitter_card":"summary_large_image","twitter_creator":"@casinoorgphilc","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Philip Conneller","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/galaxy-entertainments-stock-dips-on-confusion-over-boracay-casino\/","url":"https:\/\/www.casino.org\/news\/galaxy-entertainments-stock-dips-on-confusion-over-boracay-casino\/","name":"Galaxy Entertainment\u2019s Stock Dips on Confusion Over Boracay Casino","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/galaxy-entertainments-stock-dips-on-confusion-over-boracay-casino\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/galaxy-entertainments-stock-dips-on-confusion-over-boracay-casino\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/04\/duterte-lui-scaled.jpg","datePublished":"2018-04-12T22:00:29+00:00","dateModified":"2018-04-12T19:27:06+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b"},"description":"Galaxy Entertainment\u2019s Boracay casino is in doubt after Philippine President Duterte repeatedly denies knowledge of the proposed project and emphasizes there will be no casino on the island.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/galaxy-entertainments-stock-dips-on-confusion-over-boracay-casino\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/galaxy-entertainments-stock-dips-on-confusion-over-boracay-casino\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/galaxy-entertainments-stock-dips-on-confusion-over-boracay-casino\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/04\/duterte-lui-scaled.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/04\/duterte-lui-scaled.jpg","width":2560,"height":1707,"caption":"Casino? What casino? President Duterte (right) meets Galaxy Entertainment CEO Lui Che Woo in December to discuss the construction of a $500 million resort on Boracay Island, a conversation the president appears to have forgotten. 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He currently focuses his coverage on gaming law, white-collar crime, global money laundering, tribal gaming, politics, and regulation. Philip was the original features editor for poker\u2019s Bluff Magazine and editor for Bluff Europe, which he helped launch. His writing has also been featured in ESPN, Forbes, Time Out, The Sun, and The Daily Star, as well as iGaming Business, eGaming Review, and numerous other industry news and tech websites. His news stories for Casino.org\/news have been linked by The Washington Post, The Daily Mail, People Magazine, and Jimmy Fallon's Tonight Show, among many others. Philip once won $20,000 with 7-2 off-suit. He has been reprimanded for unwittingly playing Elton John\u2019s piano on two separate occasions on both sides of the Atlantic. He became a writer because he is a lousy pianist. Philip lives outside London with his wife and children, where he spends his time agonizing about Arsenal FC. 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