United News International (UNI) – Philippines President Rodrigo Duterte has canceled a $1.5 billion casino deal, despite the fact the Hong Kong company behind it has already broken ground on the project.
Presidential spokesman Harry Roque told a media briefing “the president said that is grossly disadvantageous to the government.”
On the same day, Duterte fired the board overseeing the project’s land-leasing agreement.
Landing International Development, the Hong Kong company, had been granted a license in July to build the company and planned on opening the casino in 2022.
They plan on continuing development, saying their lease contract “is still valid and effective.”
Duterte reportedly thought the 75-year lease agreement was a “ridiculous long period of time.”
It’s the second casino deal this year — in April, a Macau company’s $500 million resort was blocked.