Philippines President Rodrigo Duterte canceled a $1.5 billion casino project in Manila minutes after the Hong Kong company funding it marked the project’s ceremonial groundbreaking.

In a cabinet meeting Tuesday, Mr. Duterte called the project’s rental terms “unconscionable” and fired the entire board of the government land-management company overseeing the land lease for the casino, his spokesman, Harry Roque, said. “Sorry to burst your bubble, people,” said Mr. Roque.