The Philippines’ gaming regulator has granted Hong Kong-listed Landing International Development a licence to build a $1.5bn integrated resort in Entertainment City in Metro Manila.
Pagcor’s president, Alfredo Lim, confirmed that it had issued a provisional license for Landing’s integrated resort development, dubbed NayonLanding. The provisional licence is valid for 15 years from the date issued, until 11 July 2033.
However, Pagcor stipulated that Landing will first need to open the theme park component of the project before it will be allowed to start casino operations.
“Landing may not commence casino operations before the end of February 2022 in observance of Pagcor’s agreement with the existing integrated resorts and casinos in Entertainment City, to give them a period of five years to allow the industry to mature starting February 2017,” Pagcor said in a statement.
Total investment for the integrated casino-resort is around $1.5 bn, which will be funded by the group’s internal resources and debt financing, Landing told the Hong Kong stock exchange.
Ground breaking is scheduled for August, which to company states will allow the facility to begin operations “in early 2022”.
Entertainment City currently hosts three casino resorts, Solaire Resort and Casino, City of Dreams Manila, and Okada Manila, while Travellers International’s West Side City Resorts World is due to launch in 2020.