Landing Obtains Provisional Gaming License from PAGCOR - Plans to Develop an Iconic Filipino-Inspired Integrated Leisure and Entertainment Resort in the Entertainment City

25 Jul 2018

 (25 July 2018, Hong Kong) - Landing International Development Limited (“Landing International” or the “Company”, together with its subsidiaries, the “Group”, HKEx Code: 00582) is pleased to announce that the Philippine Amusement and Gaming Corporation (“PAGCOR”) has granted a provisional gaming license to Landing Resorts Philippines Development Corporation (‘‘Landing Philippines’’), a wholly owned subsidiary of Landing International, to operate a casino at the integrated leisure and entertainment resort within the Entertainment City in Barangay Tambo, City of Parañaque, the Philippines (the “Integrated Resort”).  

Landing International announced earlier in April 2018 that the Sangguniang Panlungsod of the City of Parañaque (the legislature of the City of Parañaque, ‘‘Parañaque City Council’’) had approved the Group’s plan to develop and operate the Integrated Resort.

The Integrated Resort will be built on a parcel of land approximately 95,700 sq.m. in size, with a planned construction floor area of approximately 610,000 sq.m. It will consist of a casino, an indoor cultural theme park and waterpark featuring the Philippines’ rich history, culture and heritage, Asia’s first and largest indoor movie-based theme park, a world-class state-of-the-art convention centre, luxury hotels and international retail and dining. The Integrated Resort will be named “NayonLanding”, which symbolises the rich culture and heritage of the Philippines landing in the Entertainment City. The Integrated Resort will be a family-oriented resort that promises a distinctly different, must see / must experience culture, leisure and entertainment destination, capturing the hearts and minds of domestic and international visitors of all ages. It will feature uniquely Filipino-inspired architecture and interior designs that distinctly incorporate Filipino values, culture and heritage to enhance Manila’s reputation as a modern global city with rich heritage and culture.

Dr. Yang Zhihui, Chairman and Executive Director of Landing International, commented, “We would like to thank PAGCOR for their vote of confidence in granting Landing Philippines a provisional gaming license in the Philippines and the opportunity to strategically expand our Landing brand into the Philippines. The Integrated Resort will contribute positively to the tourism sector in the country. We will generate significant job opportunities during the construction period and in resort operations when the Integrated Resort is opened. The Philippines is renowned for its wonderful hospitality culture and the people of the Philippines are widely recognized for their friendliness and impeccable service standards. We look forward to working closely with them and actively partner with the local community to develop and operate an iconic destination integrated resort that the Filipinos will be proud of.”

Dr Yang further commented, “Following the successful opening of Jeju Shinwa World, one of the largest family-oriented integrated resorts in Northeast Asia, this investment is an ideal opportunity for us to strategically expand Landing’s footprint into Southeast Asia, hence taking a major step towards Landing International’s aspiration to be a leading premium integrated resort operator in the region. NayonLanding will be able to leverage on the growing brand equity in Jeju Shinhwa World to attract more Koreans and tourists in the region to visit the Philippines.”

Under the leadership of President Duterte and his team, Philippines is today one of the fastest growing nation in Asia, growing at 6.8% in the first quarter of 2018, the 10th consecutive quarter that the economy grew by 6.5% or better. Its tourism industry from January to June 2018 also increased by 10.4% compared to the same period in 2017.

Landing Philippines has scheduled its ground-breaking ceremony for NayonLanding on 7 August 2018. It plans to open in early 2022. The development cost is estimated to be up to US$1.5billion and is expected to be financed by internal financial resources and cash flows from its operations and borrowings. Currently, there are no plans to raise capital from the equity capital market, whether via rights issue or private placement, to fund the development of the Integrated Resort.

- End –