BORACAY ISLAND, Aklan—Boracay already has the white sand, turquoise waters, and postcard sunsets. Kevin Wong is betting billions of pesos that it can offer visitors something more, and persuade them to stay longer while opening their wallets a little wider.
Wong, president and primary investor of Kaban Boracay, said his group has committed about P3 billion to the hotel resort and a nearby open-air shopping mall.
A jetty is also planned to cut travel from Caticlan International Airport, whose terminal is being upgraded to accommodate more passengers, to the Boracay resort by half-an-hour.
Kaban is the centerpiece of a planned 23-hectare mixed-use development by Golden TW Realty and Development Corp. The sprawling beachfront property, acquired from the group of tycoon Lucio Tan, combines upscale hospitality, retail, dining, entertainment and a modest-sized casino licensed by the Philippine Amusement and Gaming Corp. (PAGCOR).
Project funding is a combination of equity and loan provided by listed lender Philippine Business Bank of businessman Alfredo Yao, who also found Zest-O and listed Macay Holdings Inc.
The name Kaban means coffer or chest, an apt choice for a project hoping to unlock more of Boracay’s tourism potential. Wong envisions a destination that showcases Filipino hospitality while bringing together world-class dining, wellness, shopping and entertainment under one roof. The beach, presumably, can take care of the rest.
“Gaming is just one part of that experience. We want Kaban to become a destination in itself, one that complements Boracay’s natural beauty and gives tourists more reasons to visit and stay longer,” Wong said.
The resort made its grand opening on Sunday with little risk of being overlooked. America’s Got Talent Season 20 winner Jessica Sanchez headlined the grand opening, which featured music, dining, fireworks and entertainment across the property. For a P3-billion investment, a quiet entrance was never likely to be the plan.
Beyond the opening-night spectacle, Kaban expects to generate nearly 1,200 jobs. With more than half or 680 of its workforce in the hotel, casino, retail outlets and the shopping center, Boracay Central, is expected to come from Aklan.
Its culinary attractions include Chung Dam Korean Casual Dining and Umi Matsu Japanese Restaurant, adding Korean and Japanese flavors to Boracay’s increasingly diverse dining scene.
The real test, however, begins after the fireworks fade. Kaban must translate its considerable investment into sustained visitor demand, opportunities for local businesses, and longer stays that benefit the wider island economy.
Boracay has long mastered the art of attracting visitors. Wong’s wager is that Kaban can give them more reasons to linger, spend, and return. Paradise, after all, is a lot more lucrative when guests decide one sunset simply is not enough.
