Philippines gaming regulator PAGCOR says Landing International Development’s provisional gaming license will only stand if its land lease deal signed with Nayong Pilipino Foundation is found to be valid.
The regulator’s comment came three days after Philippines President Rodrigo Duterte fired the entire Nayong Pilipino Foundation board over the deal – which he described as “grossly disadvantageous” to the government – on Monday and two days since Landing held an official ground-breaking ceremony on the site of its proposed US$2.5 billion NayonLanding integrated resort in Manila’s Entertainment City.
PAGCOR chair Andrea Domingo was among the dignitaries in attendance at the ground-breaking ceremony.
“In the light of recent developments regarding the lease agreement between Nayong Pilipino Foundation and Landing Resorts Philippines Development Corporation (LRPDC), PAGCOR reiterates that the Provisional License it issued to LRPDC is precisely conditioned upon the latter’s continuing compliance with all the legal requirements and existing limitations of government, including the presence of a valid lease contract between the parties concerned for the establishment of a Filipino heritage theme park-cum integrated resort casino in Entertainment City,” PAGCOR said.
“Being an agency under the Office of the President, PAGCOR reaffirms its commitment and readiness to support the policies and pronouncements of the President pertaining to the country’s gaming industry.
“As regulator, PAGCOR is duty-bound to ensure that all gaming-related regulations are adhered to, balancing the responsibility of increasing badly-needed revenues for the government and safeguarding the best interest of the Filipino people.”
The government announced this week that it will conduct a full review of the land lease deal.
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