May 04, 2023 Newsdesk Latest News, Philippines, Top of the deck
Hotel operator Waterfront Philippines Inc said in its 2022 annual report filed on Thursday that it expects phase one of the reconstruction of the Manila Pavilion Hotel and Casino, a venue featuring gaming, to be completed by November-end.
A soft opening of the podium, which houses the public areas including the lobby, some food and drink outlets, and the casino area at the ground floor level up to the third floor, is expected also “by November 2023,” stated the report, lodged with the Philippine Stock Exchange, noting redevelopment work had begun in 2018 following a major fire.
The firm added: “The amenities, guest facilities and the remaining rooms of the hotel building are expected to be completed in phases two and three of the reconstruction project”, forecast to be ready by April 2024.
“These two latter phases will be funded by the cash flows generated by the operations and, when necessary, bank borrowings,” stated Waterfront Philippines.
Phase one of the reconstruction of the Manila Pavilion – a property also known as Waterfront Manila Hotel and Casino – had been previously scheduled to open in the first quarter of last year. The firm said in its 2022 annual report that Covid-19-related restrictions had “caused some delays” in construction, although works were never totally stopped, it added.
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. Acesite is the owner and operator of the Manila Pavilion property.
Waterfront Philippines currently runs three hotels in that nation. That includes the Waterfront Cebu City Hotel and Casino, featuring a ‘Casino Filipino’, a chain of gaming properties under Pagcor.
Waterfront Philippines also operates the Waterfront Airport Hotel and Casino, located next to the Mactan-Cebu international airport. According to the hotel’s website, the gaming area there is “temporarily closed until further notice”.
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