Landing required to open theme park before casino

Landing International, the company with plans to develop an IR in the Philippines, will be only be allowed to open its casino after it commences operations of its theme park.

Earlier this week, Landing announced it had received a provisional IR license from Pagcor to develop the integrated resort.

The conditions were listed in a press release from Pagcor about Landing’s $1.5 billion “Nayonlanding Project.”

The main part of the IR includes leisure and entertainment facilities, such as Nayong Pilipino Theme Park, water park, movie-based theme park, convention center, hotels, offices, retail mall and other commercial facilities, and a Filipino-owned casino, which will occupy a maximum of 7.5 percent of the gross area.

Aside from the theme park opening condition, Landing will also not be allowed to commence any casino operations before the end of February 2022.

Pagcor said this is in observance of Pagcor’s agreement with existing integrated resorts and casinos in Entertainment City, which allows time for the industry to mature.

Positive profit alert

On Friday, Landing said it is expecting to record a significant increase in net profit for the six months ended June 30, 2018, attributed mainly its increased revenue contributed from its Landing Casino at Jeju Shinhwa World.

Net profit is expected to rise 500 percent as compared to the same period last year, it said.

Previous articleSmall Town Lottery revenue rockets in 18H1
Next articleHK billionaire Pollyanna Chu slips down Asia’s wealthiest list

Related Articles

Two directors to resign from Landing

Landing International Development Limited announced to the Hong Kong Stock Exchange on Wednesday that two of its directors will be resigning. The two in question, Bao Jinqiao and Mr. Li Mingfa, have served as independent non-executive directors and members of the audit committee, the nomination committee, and the remuneration committee. The reason given for their […]

Landing seeks HK$137.1m for Jeju ops, says 2019 loss widens

Landing International Development posted a wider loss for 2019 and said it’s seeking to raise $137.1 million ($17.6 million) through a placing of shares to support general working capital for its operations on Jeju Island, South Korea.

Landing issues profit warning for full year 2019

Landing International Development has issued a profit warning to shareholders through the Hong Kong Stock Exchange warning that the firm’s full year 2019 results are going to be grim. “The board of directors of the company,” the note said, “wishes to inform shareholders of the company and potential investors that based on the information currently […]

Landing reshuffles board and moves its head office

In a series of filings to the Hong Kong Stock Exchange on Wednesday, Landing International announced changes in the composition of its board and the move of the company headquarters to a new address. Wang Yuying, who served as the chair of the board’s audit committee resigned as an independent non-executive director. Moreover, Bao Jinqiao […]

Landing chairman files writ against alleged receivers

Landing International Development said its Chairman Yang Zhihui has filed a writ against two individuals who claim they are acting as receivers for a 50.48 percent stake in parent company, Landing International Ltd.

Landing International shareholding under dispute

Landing International Development chairman Dr. Yang Zhihui said he will “take all necessary and appropriate actions to protect his interests” after it was revealed that more than half of the company’s shares have been claimed by two parties appointed as joint receivers of the shares.  The dispute comes after Landing’s board received disclosure of two […]