Philippine Integrated Resort Project
Landing International Development Ltd. (Landing International) together with its subsidiaries, (the “Group”, HKEX Code: 00582) wishes to convey that its integrated resort project at the Entertainment City in Parañaque City, Philippines entitled NayonLanding is still pushing through and its lease contract with Nayong Pilipino Foundation (NPF) is still valid and effective.
From the Group's point of view, the recent decision of the Philippine Government to replace members of the NPF board of trustees did not affect the validity of the subject contract of lease.
Landing International clarifies that the term of lease executed between NPF and Landing Resorts Philippines Development Corporation (LRPDC) provided for in its executed contract of lease with NPF is for a period of twenty-five (25) years only commencing from the date of execution of the contract of lease.
Unless the lease contract is cancelled 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.
Subject to and upon approval of LRPDC’s application with the Tourism Infrastructure and Enterprise Zone Authority (TIEZA), the term of the lease shall be for a period of fifty (50) years as provided for and specifically allowed by Republic Act No. 9593, otherwise known as the Tourism Act of 2009, as an incentive to encourage foreign investments in the Philippines.
LRPDC was also granted a provisional license by the Philippine Amusement and Gaming Corporation to operate a casino on 2022 provided that LRPDC has complied with all the requirements of the law and existing regulations which we have complied with and intend to continue complying as part of our continuing requirements as provided for by PAGCOR.