Philippines to scrap Landing International Development's US$1.5b Manila casino project
The move comes mere minutes after the firm broke ground.
Reuters reports that Philippines is moving to cancel the US$1.5b integrated casino project by Hong Kong-listed Landing International Development Ltd in Manila just minutes after the firm broke ground.
“Sorry to burst your bubble, people, but the president said that is grossly disadvantageous to the government,” presidential spokesperson Harry Roque told a media briefing on the grounds that the rental payment terms in the contract was "unconscionable."
However, Landing said in a statement that it remains committed to the lease contract with Nayong Pilipino Foundation.
“Unless the lease contract is canceled or nullified on solid legal grounds by the courts, Landing has reason to believe that it is a valid leaseholder and can legally proceed with its project,” Landing added.
Here’s more from Reuters: