The contract for the lease of land for casinos in Manila will be terminated

3 September 2018

The land lease agreement for the casino project in Manila, submitted by the Hong Kong-based Honging International Development Ltd, was declared invalid from the very beginning and will be terminated.

The Philippine Ministry of Justice announced the completion of a real estate transaction, in which the public body Nayong Pilipino Foundation and Landing Resorts Philippines Development Corp, a local subsidiary of Landing International, have been participated.

"The Philippine Ministry of Justice said that the contract is invalid. According to the Minister of Justice, the Landing agreement with Nayong Pilipino is a service transfer contract (BOT), which was positioned as a lease contract," - said the spokesman Roque. He added that the law on the establishment of joint ventures requires a public tender.

The representative of Landing International, in turn, said: "We need additional clarification on this issue, and at this stage we have no comments."

The company stressed that they intend to build a resort and theme park $1.5 billion worth, which will be called NayonLanding. It is planned to complete the project in 2022.

Representatives of the company also noted that if the lease agreement with the fund is not canceled on legal terms, Landing International has reason to believe that it is an active tenant and can legally continue the project.

Earlier, the Office of the Corporate Council of the Government instructed the Ministry of Justice of the Philippines to revise the land lease agreement between the Nayong Pilipino Foundation (NPF) and Landing International Development Ltd.

Suggested Reading - VIP games in Tigre de Cristal are no longer popular

Latest News