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Philippines to Cancel Landing's $1.5 Billion Casino Project: Duterte's Spokesman

Philippines to Cancel Landing's $1.5 Billion Casino Project: Duterte's Spokesman

US News & World Report 8 hours ago

FILE PHOTO: Philippine President Rodrigo Duterte delivers his State of the Nation address at the House of Representatives in Quezon city, Metro Manila, Philippines July 23, 2018. /Czar Dancel

By Neil Jerome Morales

MANILA (Reuters) - Philippines President Rodrigo Duterte will cancel Landing International Development Ltd's $1.5 billion integrated casino project in the capital, his spokesman said minutes after the Hong Kong-listed firm broke ground on Tuesday.

Presidential spokesman Harry Roque said the lease contract that Landing signed with a state-owned foundation in March has significantly put the government at a disadvantage because the rental payment was "unconscionable".

"Sorry to burst your bubble, people, but the president said that is grossly disadvantageous to the government," Roque told a media briefing, a few minutes after Landing broke ground for the fifth casino project at the 100-hectare Entertainment City strip located south of the capital Manila.

This is the second casino project under fire from Duterte's government. In April, it shelved a plan by Macau's Galaxy Entertainment Group to build a $500 million integrated casino-resort on the holiday island of Boracay, just a month after the gaming regulator approved the project. The government cited environmental concerns for the move.

The Philippine Amusement and Gaming Corp, a government-owned and controlled firm under the Office of the President, granted Landing the license in July to build the casino.

The integrated resort project is "still pushing through and its lease contract with Nayong Pilipino Foundation is still valid and effective," Landing said in a statement.

"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," it added.

The project, which will include hotels, a convention center, water parks and gambling areas composed of 155 tables and 239 slot machines and electronic table games, was slated to start commercial operations in 2022.

Landing's shares closed up 3.6 percent on Tuesday, outpacing the broader index that rose 1.5 percent.

(Reporting by Neil Jerome Morales; Editing by Himani Sarkar and Muralikumar Anantharaman)

Copyright 2018 Thomson Reuters.









"....disadvantageous to the government...." When was being disadvantageuos a consideration in other projects before? What? Cannot agree how much under the table will be made to distribute among the corruptor(s)?




Comments

  • joerizjoeriz Member ✭✭
    ArnoldZ said:

    Philippines to Cancel Landing's $1.5 Billion Casino Project: Duterte's Spokesman

    US News & World Report 8 hours ago
    ...................

    Presidential spokesman Harry Roque said the lease contract that Landing signed with a state-owned foundation in March has significantly put the government at a disadvantage because the rental payment was "unconscionable".

    .......

    Wan't the rental payment stipulated in the contract before the project is even approved?

    And by the way....

    The integrated resort project is "still pushing through and its lease contract with Nayong Pilipino Foundation is still valid and effective," Landing said in a statement.

    "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," it added.

    War of the Titans! Whoa!
  • gotta lick itgotta lick it Member ✭✭✭
    ^ Game of Thrones!!!

    right after the ground breaking, DuDirty slits the necks of the Nayong Filipino executives and cancels the project for everybody to see.
  • SagabaLSagabaL Member ✭✭
    ^  No not Nayong Pilipino it's Landig in hot water.. Read the article again.

    #readingcomprehensionproblems
    #simplesentences
  • BeerhandBopBeerhandBop I Am WHIP ✭✭✭
    here's the thing. the contract itself may be "unreasonable".. but behind the contract, malaki ang bigayan dyan for sure. 

  • Phil E. BusterPhil E. Buster Member ✭✭✭
    .......... malaki ang bigayan dyan for sure. 

    When talking about the Philippines, "bigayan" is a given! No need to mention it..it exist like the sun!
  • elBartoloelBartolo Member ✭✭✭
    Jarius Bondoc:

    If they say a project has presidential clearance, it doesn’t. That’s the lesson to be learned from the firing of the entire board of Nayong Pilipino. The government firm had leased out its 9.6-hectare Manila Bay-front estate to a Hong Kong casino operator. The price was but a fraction of market rates, yet duration was for 75 years. No land appraisal had been made, competitive offers solicited, or NEDA approval secured. The board minutes simply stated that the deal “has the President’s blessing.”

    Groundbreaking ceremonies were rushed yesterday. As the Nayong Pilipino chairwoman was feting executives of Hong Kong-listed Landing International Development Ltd., Malacañang announced her sacking.

    Presidential Spokesman Harry Roque couldn’t give details when he met Palace reporters. He had just talked to President Rody Duterte, who was very exasperated with corruption. The Nayong Pilipino deal was “grossly disadvantageous,” Roque quoted Duterte as saying about the 75 years -- “beyond everyone’s lifetime.” All board trustees and managers were dismissed, the President conveyed; lease cancellation was to follow.

    The deal broke basic rules, going by state auditors’ findings last June. Nayong Pilipino had granted Landing a build-lease-manage contract for a resort casino by mere negotiation. The lease initially was set at P150 per square meter, without adjacent property appraisals or invitations for alternative offers. It was withdrawn from open bidding as Public-Private Partnership, without consent of the National Economic Development Authority. Consisting of Cabinet men and chaired by the President, NEDA must ensure the best deals for the public interest. (See Gotcha, 30 July 2018: https://www.philstar.com/opinion/2018/07/30/1837975/nayong-pilipino-lease-casino-ok-neda)

    A distant niece of Duterte, whom the Nayong Pilipino chairwoman barred entry to the board, had exposed the mess in May. The build-lease-management was for 50 years, extendible by another 25. Discovering adjacent leases to be P500 per square meter, she said government would lose P517 million a year, or P25.85 billion in half a century. She charged the trustees with graft before the Ombudsman, for junketing all-expenses-paid to Landing’s resort-casino in Jeju, Korea. Broadcasters talk of an accidental in-flight spill of wads of dollars from the private jet’s bin.

    The deal also defied Duterte’s repeated pronouncements that May. One, he had fired two top officials of Aurora Pacific Economic Freeport for granting 70-year casino licenses. Two, he was very much against gambling, so had cancelled two casino franchises in Boracay. Three, he prefers public Swiss Challenges in government contracting.


    Read more at https://www.philstar.com/opinion/2018/08/08/1840578/duterte-never-okd-nayong-pilipino-lease#s2Geb3khsmAIZkc6.99

  • That's sad. Gambling is a serious and profitable business that helps country's economics. The government takes strange steps. Thankfully, options still remain. We can play any Online casino Malaysia. There are lots of different sites and games. Feel free to check them.

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