Hong Kong firm eyes $1.5-billion resort in Philippines

MANILA, Philippines — Landing International Development Ltd., a Hong Kong listed casino company, is making its foray in the Philippines.

The company will pour in $1.5 billion into its planned integrated casino resort dubbed as Nayon Landing, which will rise on a 9.5-hectare property inside the 100-hectare Entertainment City.

In a disclosure to the Hong Kong Stock Exchange late Wednesday. Landing said it plans to open its integrated casino resort early 2022. It hopes to break ground on Aug. 7 after getting a provisional license from the Philippine Amusement and Gaming Corp. (Pagcor).

The whole resort will feature a Filipino cultural theme park, an indoor waterpark, an indoor movie-based theme park, a convention center, luxury hotels, retail and dining areas, and other commercial and entertainment facilities.

The casino will be another attraction of the integrated resort with a gross floor area of approximately 28,000 square meters with a ‘‘sky casino’’ theme to offer its premium guests an exquisite gaming experience.

A host of different gaming options will be available such as the Baccarat, Blackjack, Pontoon, Roulette, Casino War, Craps, Stud Poker, Big & Small, Money Wheel, Pai-Gow, Pula at Puti, slot machines, electronic gaming machines and Poker.

  Landing will fund the $1.5 billion investment through internal resources or debt financing .

“The momentous and symbolic occasion will mark the first step in the development of the integrated resort. The ceremony will celebrate a key milestone in the company’s history as it continues to strive toward becoming one of the global leaders in the tourism, leisure and entertainment industry,” said Landing International chairman and executive director Yang Zhihui.

Yang  said the investment in the Philippines “is an ideal opportunity” for the company to expand its footprint into Southeast Asia as it strives to become a leading integrated casino resort operator in the region.

Landing operates the Jeju Shinhwa World casino resort in Jeju, South Korea.

“NayonLanding will be able to leverage on the growing brand equity in Jeju Shinhwa World to attract more Koreans and tourists in the region to visit the Philippines,” Yang said.

The grant of a license to Landing comes just months after President Duterte imposed a nationwide ban on the issuance of new casino licenses on concerns that there are already too many casinos in the country.  

Pagcor chairman Andrea Domingo announced the ban during the 2018 International Casino Exhibition London, a global gaming technology event, last February.

Aside from the ban, the project also raised questions on the land deal.

Landing has a land lease agreement with the Nayong Pilipino Foundation for the 9.5-hectare property but industry sources said the Commission on Audit (COA)  earlier questioned the deal. 

The company, however, has a legally binding contract for the land, according to GGRAsia.