Waterfront Philippines Inc is to implement renovation programmes covering four properties, including the firm’s three casino hotel schemes. The company plans to spend an aggregate of PHP1.65 billion (US$32.6 million) to modernise the four properties, it said in a Wednesday filing to the Philippine Stock Exchange.
The revamp of the company’s Waterfront Cebu City Hotel and Casino (pictured) is forecast to cost PHP400 million. It is expected to start in early 2018.
Waterfront Philippines additionally plans to implement a PHP450-million renovation programme at its Waterfront Airport Hotel and Casino Mactan, also in Cebu province. Works are forecast to begin in mid-2018.
The firm’s Manila Pavilion Hotel and Casino is also earmarked to undergo renovation, with an estimated cost of PHP350 million, the company said.
In addition, the firm’s Waterfront Insular Hotel Davao – which does not include casino – is to undergo a PHP450-million revamp. Davao is located on the southern Philippine island of Mindanao.
Waterfront Philippines stated that the renovation programmes for the Cebu and Davao properties would be funded via “a combination of internal funds, debt notes and/or the issuance of unsubscribed common shares under a private placement”. The renovation programme for Manila Pavilion would be done with the company’s own funds, the firm said on Wednesday.
The firm’s three casino hotel properties each feature gaming facilities under the “Casino Filipino” brand, controlled by the country’s regulator-cum-operator Philippine Amusement and Gaming Corp.
Waterfront Philippines decided to revamp its casino hotel portfolio in response to growing competition in the country’s hospitality and leisure sector, said Kenneth Gatchalian, president of Waterfront Philippines, as quoted by the Philippine Daily Inquirer newspaper.
"The positive underlying contribution from each of our operating segments provides a strong start to the year"
Chief executive of lottery and gaming supplier IGT