Leisure & Resorts World Corporation (LRWC) Acting Chairman Eusebio Tanco has declared the $550 million Integrated Resort project at Boracay Island, as well as his firm’s prospective partnership with Galaxy Entertainment, a dead letter, according to a report in the Manila Standard.
“I’m keeping that piece of land and will just hold on to it. I will just land bank it,” Tanco reportedly said.
Galaxy won a provisional license in March 2018 to build the IR on the island famed for its white sandy beaches. However, shortly afterwards President Rodrigo Duterte announced that he was closing the destination to tourism due to concerns about the environment. Uncontrolled development had turned Boracay into a “cesspool,” he said.
Since then, there have been conflicting reports about whether or not the Boracay project is completely dead, with one report as recently as last week suggesting that a modified plan could ultimately lead to its revival.
Tanco’s statements appear to suggest that no such revival is on the cards.