Landing International Development is still working to identify another lease of land in order to develop an integrated resort in the Philippines.
In 2018, Philippine President Rodrigo Duterte fired the entire board of Landing International’s local partner Nayong Pilipino Foundation (NPF) just as the two parties broke ground on a $1.5 billion theme park in Paranaque City.
Duterte and his spokesman Harry Roque claimed that the 75-year lease deal was “grossly disadvantageous” to the state.
The resort project was set to open in 2022 and was set to house a 1,500-room hotel, an indoor water park, and a casino.
The lease of land in which the integrated resort was to be built was also later declared void, prompting the company to try to find another piece of land for the development of the IR, as its provisional license requires proof of ownership or lease of land.
However, in Landing’s 2020 annual report, the company said that the lockdown and travel restrictions have created difficulties in its search for suitable land.
Landing said that PAGCOR has granted it further time to submit a remedy in order to keep its provisional license.
“As there has been a significant change in the global business environment and market condition during the Year and perhaps more public policies would be introduced under the impact of COVID-19, the Company will adopt a cautious approach to evaluate the feasibility of relevant lease of land and development should opportunities arise,” said the company in a filing.