Wednesday, May 25, 2022

Landing to search for new land for Manila IR


Landing International, which has been planning a $1.5 billion casino in Manila, has been served a letter from Nayong Pilipino Foundation declaring its previous land lease deal as void. 

According to a filing from Landing on Sunday, the original lease, dated 15 March 2018, was declared by “void ab initio” by the Office of the Government Corporate Counsel, Department of Justice and the Office of the President.

“As such, the Group will follow up with NPF on the formal termination of the Lease and the refund of money previously paid to NPF under the Lease,” it added.

As the lease for the land is now declared void, Landing International said it will need to try another piece of land for the development of the IR, as its provisional license requires proof of ownership or lease of land. 

The company has been given 180 days from September 10, 2019 to secure the new piece of land.

Last year, Philippine President Rodrigo Duterte fired the entire board of Landing International’s local partner, just as the two parties broke ground on a $1.5 billion theme park in Paranaque City.

 Presidential spokesperson Harry Roque made the announcement regarding the Nayong Pilipino Foundation (NPF) at a press conference minutes after the ceremony, arguing that the 70-year land lease would be “grossly disadvantageous” to the state.

However, it was unclear at the time whether Duterte’s crackdown would have any effect on the lease deal. 

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

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