Landing International Development Ltd. of Hong Kong said NayonLanding, a $1.5-billion integrated resort project at the Entertainment City complex in Parañaque City, is still pushing through as its lease contract with state-run Nayong Pilipino Foundation remains valid and effective.
Landing International made the statement after President Rodrigo Duterte replaced the members of the NPF board. The company said the government’s decision did not affect the validity of the contract.
It said the term of lease executed between NPF and wholly-owned subsidiary Landing Resorts Philippines Development Corp. covered a period of just 25 years, starting from the date of execution of the contract.
“Unless the lease contract is cancelled or nullified on solid legal grounds by the courts, Landing has reason to believe that it is a valid leaseholder and can legally proceed with its project,” the company said.
LRPDC broke ground on the NayonLanding project Tuesday. LRPDC received a provisional license from state-run Philippine Amusement and Gaming Corp. to operate a casino by 2022.
“NayonLanding, the proposed 95,700-sq.m. integrated resort will be the new landmark in terms of tourism in the Philippines,” Landing International chairman and executive director Yang Zhihui said during the groundbreaking rites at the resort site.
Landing International chief operating officer Jay Lee said gaming would not be the sole core business of NayonLanding, as the integrated resort would be promoted as a family-oriented center with a focus on Philippine culture and heritage.
“We are looking at the bigger picture, not just gaming. We have a lot if theme parks for families and a business segment on MICE activities. This will drive more tourism activities in the Philippines and hopefully contribute significantly to the increase in tourism arrivals,” he said.
The integrated resort will consist of an indoor cultural theme park and waterpark, Asia’s first and largest indoor movie-based theme park; luxurious hotel rooms; a 4,000-seater capacity ballroom for MICE and related events; an elite shopping mall with the best brands; and a world-class casino with a gaming area of about 7,000 sqm.
The indoor theme park would be designed to be the largest in the world, while the waterparks will carry regional themes from the different regions and provinces in the Philippines.
“We are building an iconic integrated resort that will highlight Manila as a modern global city with rich history, culture and heritage. NayonLanding will be a family-oriented resort that promises a distinctly different, must-see culture, leisure and entertainment destination,” Yang said.
The resort is estimated to generate 10,000 jobs and bring 2 million to 3 million foreign tourists to the country once it opens in 2022.
“With my several visits to Manila, a lot of the casino goers are domestic players. With NayonLanding, we will bring in foreign gamers and high-roller players to add to a variety of the gaming crowd,” Lee said.