Hong Kong developer to build integrated resort-casino in Entertainment City

A Hong Kong-based integrated leisure and entertainment resort developer is planning to build a resort-casino complex in the Entertainment City, the gaming complex on reclaimed land along the Manila Bay in Parañaque City.

In an announcement on its website, Landing International Development Ltd. said the Parañaque City Council has approved the request of Landing Resorts Philippines Development Corp. to operate a resort and a casino in Entertainment City in Barangay Tambo, Parañaque City.

Landing Philippines is a wholly-owned subsidiary of Landing International.

“The resort and casino will be built on a parcel of land with approximately 95,700 square meters, having a planned construction floor area of approximately 500,000 sqm, and will feature ... a casino, a Filipino cultural theme park, an indoor waterpark, an indoor movie-based theme park, a convention center, luxury hotels, retail and dining areas, and other commercial and entertainment facilities,” the company said.

Last January 11, Duterte ordered a moratorium on the entry and creation of new casinos to prevent an oversupply.

As a result, the Philippine Amusement and Gaming Corp. (PAGCOR) said it would no longer process applications for gaming licenses.

Asked if Landing International’s plan will was covered by the halt, PAGCOR chairperson Andrea Domingo said the Hong Kong-based company was advised to secure a clearance from the Office of the President.

“They have presented their project to the board last year and have formalized their application in March 2018. We informed them to secure clearance from the OP (Office of the President, which they say they will comply,” Domingo told GMA News Online.

Landing International said it is still in the process of applying for other approvals required to develop and operate the integrated resort, “and these may or may not be granted.”

“Shareholders of the company and potential investors should note that the relevant approvals for developing the integrated resort may or may not be granted and are advised to exercise caution when dealing in the company’s securities,” it said.

“If there are further updates on the planned development of the integrated resort, the company will make further announcement thereon as and when required under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited,” the company noted. —Ted Cordero/VDS, GMA News