The Philippines Justice Minister has ordered a review of the lease agreement for Landing’s $1.5 billion casino project but has stressed that it does not mean the project was dead, local media reports.
“The removal of all the members of the Nayong Pilipino board, by itself alone, does not affect the implementation of the project,” said Justice Secretary Menardo Guevarra in a statement on Thursday.
Last week, Philippine President Rodrigo Duterte sacked the entire NPF board over the deal, saying the land lease would be “grossly disadvantageous” to the state, and ordered a review of the lease deal.
The contract has been described as “flawed” as it allegedly did not undergo the required public bidding and still managed to secure a “ridiculous” lease of 70 years, as Duterte describes.
However, Landing denied the allegations, saying the lease between NPF and Landing Philippines was only 25 years. It also issued a statement saying that it considers itself a valid leaseholder and that the changes in the NPF board should not affect the project’s implementation.
Macau’s VIP gaming sector is undergoing a cash crunch as customers withdraw billions of dollars in deposits due to concern about Beijing’s crackdown on capital flows for gambling purposes, Reuters reports.
Online lottery company 500.com said a special investigative committee (SIC) established to probe its role into an alleged bribery scandal in Japan found that there had been no violation of the Foreign Corrupt Practices Act.