Landing’s provisional license needs lease agreement — PAGCOR

MANILA, Philippines — Gaming regulator Philippine Amusement and Gaming Corp. (Pagcor) said yesterday the effectivity of the provisional license the agency issued to Landing Resorts Philippines Development Corp. (LRPDC) is subject to the validity of its lease contract with Nayong Pilipino Foundation Inc. (NPF) that is allegedly anomalous.

Pagcor’s statement came after President Duterte ordered a review of the lease contract entered by NPF with LRDPC, which he described as “grossly disadvantageous” to the government.

“Pagcor reiterates that the provisional license it issued to LRPDC is precisely conditioned upon the latter’s continuing compliance with all legal requirements and existing limitations of government, including the presence of a valid lease contract between the parties concerned for the establishment of a Filipino heritage theme-park cum integrated resort-casino in Entertainment City,” Pagcor said in a statement.

“Being an agency under the Office of the President, Pagcor reaffirms its commitment and readiness to support the policies and pronouncements of the President pertaining to the country’s gaming industry,” it added.

Pagcor is duty-bound to ensure that all gaming-related regulations are adhered to, balancing the responsibility of increasing badly needed revenues for government and safeguarding the best interests of the Filipino people.

LDRPC, a subsidiary of Hong Kong’s Landing International Development Ltd., has a provisional license to operate a casino issued by Pagcor.

The casino is a component of Landing Philippines’ tourism project with the NPF. The project will be developed on land owned by NPF and has an investment commitment of $1.5 billion, according to a Pagcor press statement.

Monthly rentals were pegged at P360 per square meter, and the advance rental amount was placed at P827.05 million.