Philippines' Duterte to call off Landing's $1.5 billion casino project

Philippine President Rodrigo Duterte delivers his State of the Nation address at the House of Representatives in Quezon city, Metro Manila, Philippines July 23, 2018. REUTERS/Czar Dancel - Copyright CZAR DANCEL(Reuters)

By Reuters

Published on 07/08/2018 - 14:35•Updated 24/04/2024 - 08:00

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MANILA (Reuters) - Philippines President Rodrigo Duterte will cancel Landing International Development Ltd's <0582.HK> $1.5 billion (£1.16 billion) integrated casino project in the capital, his spokesman said minutes after the Hong Kong-listed firm broke ground on Tuesday.

Presidential spokesman Harry Roque said the lease contract that Landing signed with a state-owned foundation in March has significantly put the government at a disadvantage because the rental payment was "unconscionable".