Landing still committed to developing Philippine IR
PAGCOR has granted Landing International more time to submit a remedy for the provisional licence for its development of an integrated resort.
The Philippines.- Landing International has said in its 2020 annual report that the Covid-19 pandemic and resulting countermeasures have prevented the company from searching for suitable land to develop an integrated resort.
However, the Philippines Amusement and Gaming Corporation (PAGCOR) has granted the casino operator more time to submit a remedy for the provisional licence.
Landing International Development Ltd was ready to start the construction of its US$1.5bn IR in Manila and reported it would be finished by 2022. However, Philippine authorities declared the lease for the earmarked site void, leaving Landing in need of another piece of land.
The Integrated Resort will include a 1,500 room hotel and a casino, among other facilities.
Landing International Development has reported a net loss of approximately HKD2.12bn (US$272.0m) for 2020. Gaming revenue was down 12.5 per cent year-on-year to HKD186.49m.
