Hong Kong-listed Landing International Development said it has obtained a provisional gaming license to develop a $1.5 billion IR in the City of Paranaque in the Philippines.
The Philippine Gaming and Amusement Corp gave the green light for the casino to Landing’s local unit Landing Resorts Philippines Development Corp.
The IR will be built on a parcel of land approximately 95,700 sq.m. in size, with a planned construction floor area of approximately 610,000 sq.m. It will consist of a casino, an indoor cultural theme park and waterpark featuring the Philippines’ history, culture and heritage, Asia’s first and largest indoor movie-based theme park, a state-of-the-art convention centre, luxury hotels and international retail and dining.
It will be named “NayonLanding” and the architecture and design will the Philippine-inspired.
Landing says it hopes to leverage the growing brand recognition of its recently opened Jeju Shinwa World in South Korea to attract more South Koreans to the country.
“Following the successful opening of Jeju Shinwa World, one of the largest family-oriented integrated resorts in Northeast Asia, this investment is an ideal opportunity for us to strategically expand Landing’s footprint into Southeast Asia, hence taking a major step towards Landing International’s aspiration to be a leading premium integrated resort operator in the region,” said Chairman and Executive Director Dr. Yang Zhihui.
Landing Philippines has scheduled its ground-breaking ceremony on Aug 7 and it plans to open in early 2022. The development costs will be financed by internal financial resources and cash flows from its operations and borrowings. Currently, there are no plans to raise capital from the equity capital market, whether via rights issue or private placement.