Hong Kong-listed casino developer Landing International Development has been granted about six months to find an alternative site for a casino resort it originally planned to build in the capital city of Manila. If it doesn’t identify a site, its provisional gaming license could be revoked or suspended.
In a September 13 filing to the Hong Kong Stock Exchange, Landing Resorts Philippines Development Corp., a wholly-owned subsidiary of the group, said was served with a letter saying its March 2018 lease for a project called Nayon Landing had been declared void by the Office of the Government Corporate Counsel, the Philippine Department of Justice, and the Office of the President.
In the filing, Landing stated that the Philippine Amusement and Gaming Corp. (PAGCOR), the regulatory and licensing authority for gaming in the country, “has requested Landing Philippines to submit a proof of ownership or lease of land within 180 days from September 10, 2019 in compliance with the provisional license.”
The filing continued, “If Landing Philippines fails to comply with such provision and cannot remedy the same within 90 days after receipt of a notice from PAGCOR, the provisional license may be revoked or suspended. The group will try to find another piece of land for the development of the integrated resort, and the company will make further announcement as and when required under the listing rules in case any update on the project.”
Landing had intended to build a US$1.5 billion casino resort and theme park in Manila, but the project was cancelled last August, on the very day Landing broke ground. Immediately afterward, President Rodrigo Duterte fired the entire board of the Nayong Pilipino Foundation, saying they had conspired on a sweetheart deal for the project.
At the time, presidential spokesperson Harry Roque said the project’s 70-year land lease was “ridiculous,” “unconscionable” and possibly the result of backdoor dealing by NFP.
