Global-Estate Resorts, Inc. (GERI) nearly hit the ceiling as local investors placed their bets on bilyonaryo Andrew Tan’s plan to put up a casino in its Boracay Newcoast estate.
GERI jumped 46 percent to P1.33, its highest in two years, on P80 million turnover.
Investors were excited by Tan’s announcement that GERI would proceed with its long-delayed casino project in Boracay a day after President Rodrigo Duterte lifted the ban on the island.
“We already have several hotels there and we are still building more. There is also a golf course (Fairways & Bluewater), the only one in the entire Boracay Island. We are very hopeful that the tourism industry in this island will recover fast after the pandemic,” said Tan in a statement.
But a GERI insider clarified that the planned casino would occupy less than a hectare of the 150-hectare estate and it would not even be its main attraction.
Newcoast has two hotels in operation – Savoy and Belmont – and is building a new one, Chancellor.
GERI is developing an exclusive residential village and commercial and retail districts in the township project. It has allocated 60 percent of the estate for green and open spaces.
GERI sold P4.22 billion worth of Newcoast Village lots and condominium units in 2020.
SOURCE:Bilyonaryo
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