In the Philippines and Landing International Development Limited has reportedly announced that it has initiated a search in hopes of finding a new plot of land on which to construct its envisioned $1.5 billion NayonLanding integrated casino resort.
According to a report from Inside Asian Gaming, the Hong Kong-listed firm is already responsible for the giant Jeju Shinhwa World development in South Korea and was hoping to build its latest venue complete with a trio of theme parks and a 301,400 sq ft casino on a 23.6-acre parcel located within metropolitan Manila’s Entertainment City district.
But, this plan reportedly suffered a serious setback last year when Philippines President, Rodrigo Duterte, controversially terminated an earlier 50-year land lease deal Landing International Development Limited had inked with the Nayong Pilipino Foundation (NPF). The fiery 74-year-old purportedly later sacked the entire board of the state-controlled property organization after determining that it had inked a ‘grossly disadvantageous’ agreement.
In addition, Inside Asian Gaming reported that the Philippine Amusement and Gaming Corporation (PAGCor) regulator had previously granted a provisional gaming licensed to Landing International Development Limited for use by its proposed NayonLanding scheme. However, the firm has now purportedly detailed that it will lose this official authorization if it is unable to secure a new home for its planned Philippines development by the end of March.
In publicizing its latest move, Landing Int’l reportedly used an official Sunday filing to declare that it will now attempt ‘to find another piece of land for the development of the integrated resort’ and intends to keep the market abreast ‘of any update on the project.’