NayonLanding land Rental Bargain’cancelled’ by government

From the Philippines, a spokesperson for President, Rodrigo Duterte, has allegedly announced that the government has ‘cancelled’ the 25-year property lease agreement one of its own bodies earlier signed with casino operator Landing International Development Limited.

Decision follows evaluation:

According to a report by GGRAsia, the Friday revelation from Harry Roque arrived a day after the Philippine Department of Justice completed a question into the agreement between Landing International Development Limited and the state-controlled Nayong Pilipino Foundation.

Via an official announcement, the spokesperson declared that the arrangement for its 23.6-acre plot of land within the Entertainment City district near Manila was ‘found to be void from the beginning ’ because it had not included a public bidding procedure.

Roque’s announcement read…

“The [Philippine] Department of Justice has joined the President in concluding that the contract is void ab initio. As stated by the Secretary of Justice, the arrangement of Landing [International Development Limited] with Nayong Pilipino [Foundation] is a build-to-operate transfer contract disguised as a lease contract.

Site for proposed NayonLanding growth:

Hong Kong-listed Landing International Development Limited is already responsible for its giant Jeju Shinhwa World incorporated casino resort in South Korea and was expecting to construct its own $ 1.5 billion NayonLanding incorporated casino resort on the rented parcel.

The Chinese company had anticipated opening this growth when 2022 offering guests a trio of theme parks and a conference centre alongside a 301,400 sq ft casino complete with a group of slots and digital gaming machines as well as games of poker, blackjack, baccarat, roulette and craps.

Short-lived optimism:

However, this strategy soon ran into trouble following last month saw Duterte sack the whole board of Nayong Pilipino Foundation, which was responsible for signing the lease agreement. The controversial leader subsequently ordered an investigation into allegations that the arrangement with the operator’s Landing Resorts Philippines Development Corporation subsidiary had been ‘flawed’ and ‘was disadvantageous to the government’ because it had been approved ‘with no public bidding. ’

Operator to seek ‘further caution ’:

For its own part, Landing International Development Limited allegedly told GGRAsia that it now intends to ‘seek further clarification on this issue ’ and wasn’t ready to create ‘some comment at this point. ’