The “tentative/projected” date for completion of phase one for the reconstruction of Waterfront Manila Hotel and Casino, formerly known as Manila Pavilion, is now May 2024, according to a Wednesday filing to the Philippine Stock Exchange by Acesite (Philippines) Hotel Corp.
The timeline for completion of phase two is put at January 2025; and for phase three, May 2025.
The information was in response to a Monday letter from the country’s Securities and Exchange Commission.
In May this year, the Acesite parent, Waterfront Philippines Inc, had said in its 2022 annual report it anticipated phase one of the casino hotel’s reconstruction would be completed in November this year. That was already a delay from a “soft relaunch” date of first-quarter 2022, mentioned in June 2021.
The 2022 annual report of Waterfront Philippines had noted redevelopment work began on the Manila casino-hotel property in 2018 following a major fire.
Waterfront Philippines noted in its annual report that a “related party”, which had a sublease contract with the country’s casino regulator, the Philippine Amusement and Gaming Corp (Pagcor), had “entered into a long-term lease contract” with a Waterfront Philippines unit called Acesite (Philippines) Hotel Corp, “for the operation of a casino” at the Manila Pavilion.
As of December 31, the Acesite unit was 56 percent owned by Waterfront Philippines. The parent currently runs three hotels in that nation, some offering casino gaming.
