The $1.5-billion integrated resort project of Hong Kong-listed casino investor Landing International Development Ltd. (LIDL) could see further delays after President Rodrigo Duterte ordered the cancellation of its casino land lease deal with Nayong Pilipino Foundation (NPF).
Duterte’s order was issued on the same day LIDL held the groundbreaking ceremony of its multibillion-dollar casino resort in Philippine Amusement and Gaming Corporation’s (PAGCOR) Entertainment City.
Philippine Presidential Spokesperson Harry Roque announced the news on Tuesday, saying Duterte was furious about the decision of Nayong Pilipino executives to lease a government property for a “ridiculously long period of time of 70 years.”
“[Duterte] said he will have it cancelled as being grossly disadvantageous to the government,” Roque said at a press conference.