FREE Market Commentary: LR’s Casino Resort in Boracay on Track To Open in 2021
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Market Issue or Event
LR’s Casino Resort in Boracay on Track To Open in 2021
Leisure & Resorts World Corp. (LR) said that its $550.0-Million integrated casino resort project will push through despite Boracay’s 6-month closure last April. Management will engage stakeholders to make sure that plans will be environmentally compliant.
Also, LR noted that out of the 23-hectare floor area, only 17,300 sqm (or 7.5%) will be allotted for the casino. The company is also confident that the project is aligned with the President’s vision of maintaining Boracay as a top tourist destination.
Our Partner Broker’s View and Commentary
LR’s confidence on getting the government’s approval to put up the casino should again boost sentiment on the stock. While it is still hard to assess the timing as well as the new casino’s gaming capacity, we believe the location alone is very attractive for both premium and mass gamers alike.
The new casino comes amid the big boost in Cebu air traffic following more direct flights from China. Investors should be cautious though as the stock is currently trading at 16.3x TTM compared to the 15.3x 5-year average – which means that LR is trading on the belief that it will get the approval for the Boracay casino.
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