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NEWS 7 August 2018

Landing International’s $1.5bn IR could be cancelled

By Harrison Sayers

Landing International’s $1.5bn integrated resort development could be cancelled by Philippines President Rodrigo Duterte.

Duterte is reportedly looking to cancel the Nayon Landing project in Parañaque over what he perceives to be an unfavourable rental agreement.

Harry Roque, the President’s spokesman, claims the 70-year rental agreement which Landing entered into with a state-owned foundation heavily favours Landing.

“Sorry to burst your bubble, people, but the president said that is grossly disadvantageous to the government,” Roque told local media moments after the groundbreaking ceremony on Tuesday.

Nayong Pilipino Foundation, the state-owned foundation in charge of the rental agreement, has already had all of its board members, which included members of the President’s family, sacked by Duterte after the ceremony.

Having received a provisional licence from the Philippines gaming regulator PAGCOR in July, Landing International will be hoping to get clarification on the matter soon.

Landing replied to the reports, claiming: “Landing International, together with its subsidiaries, wishes to convey that its integrated resort project at the Entertainment City in Parañaque City, Philippines, entitled Nayon Landing is still pushing through and its lease contract with Nayong Pilipino Foundation is still valid and effective.”

Galaxy Entertainment’s planned $500m integrated casino-resort in Boracay was cancelled in April amidst Duterte’s backlash over the project. Galaxy had already received approval for the project by PAGCOR.

 

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