PAGCOR extends deadline for Landing International IR

Content Team 3 years ago
PAGCOR extends deadline for Landing International IR

PAGCOR extended Landing International Development deadline for finding new land on which to develop a planned IR in Manila

Deadline for finding new land for the Landing International Development Ltd had to be extended due to COVID-19. Inside Asian Gaming Reported that the company had planned to develop an integrated resort in Manila’s Entertainment City.

 “Due to the lockdown and travel restrictions in the Philippines, the Group has faced difficulties in identifying another lease of land as required by PAGCOR for the development of an integrated resort the Philippines,” Landing International said. 

“However, the Group has been granted a suspension by PAGCOR of the prescribed period provided under Article VI, paragraph (a) of the provisional license recently, under which the Group is allowed to have further time to submit a remedy for the provisional license.” 

Landing International DevelopmentLanding was given 180 days from 10 September 2019 to March 2020 to find new land or have its provisional gaming license voided. Landing’s original 50-year lease for a parcel of land situated between Okada Manila and Solaire was cancelled on August 2018 by the Philippines President Rodrigo Duterte. 

A provisional licence was granted to Landing International in July 2018 by PAGCOR to develop a two-three-story integrated resort with a casino, luxury hotel, indoor waterpark, cultural theme park, movie theme park a world-class convention center and a range of other entertainment and retail facilities that is set to cost US$1.5 billion.  

Landing held a groundbreaking ceremony on 7 August 2018 after signing a land lease with Nayon Pilipino Foundation (NPF) – the government’s culture and tourism arm. On the same afternoon,President Duterte had fired the entire NPF boarddescribing it was “grossly disadvantageous” 50-year land lease deal – forcing the company to find a new site for its development. 

Landing International reported a loss of HK$792.2 million for the six months to 30 June 2020 due to the reduced visitation to its Jeju Shinhwa World Resort in South Korea amidst the COVID-19. However, Landing Casino reported a 26.6% year-on-year increase in gaming revenue to HK$101.1 million and a reduced loss of HK$71.0 million, down from HK$212.3 million. 

Landing International said it has suspended the development of large scale expansion projects at Jeju Shinhwa World, such as Four Seasons Resorts and Lionsgate Movie World, to preserve liquidity. 

About SiGMA Europe – Malta

SiGMA Group has announced the postponement of its Europe summit, which was planned to be held in Malta on 17-19 November 2020. The show will now open its doors early next year in February, running from the 16-18th, making it the first event to headline the 2021 gaming calendar.

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