GGRAsia – Waterfront still selecting partners for new Manila scheme

Waterfront still selecting partners for new Manila scheme

Nov 04, 2020 Newsdesk Latest News, Philippines, Top of the deck

Waterfront Philippines Inc told the Philippine Stock Exchange in a Tuesday filing that it was still conducting its “selection process for investment partners” for a planned new property in the country’s capital Manila.

“Given the Covid[-19] situation, prospective investor groups are still studying the Philippine business climate and the financial dynamics of the proposed project,” the firm stated.

Waterfront Philippines announced on Friday it had won a court battle dating back to 2015, regarding the right to a permit for a casino hotel in Manila.

In its Tuesday filing, the firm told the Philippine Stock Exchange it had no explanation for an “unusual price movement in its stock”.

On Friday, shares in Waterfront Philippines closed at PHP0.4950 (US$0.0102) on the local bourse, before jumping 37.4 percent during Tuesday – the next trading day after a Philippine public holiday on Monday – to close at PHP0.6800.

The firm told the bourse by letter in response to the latter’s enquiry on the matter: “There is no undisclosed information that could have triggered the unusual price movement.”

Though the company added in its letter that “in response to the disclosure on the [Philippines'] Supreme Court decision pertaining to the granting of the company’s casino licence, the company has received several congratulatory messages from foreign casino groups.”

Waterfront Philippines said that the selection process for “strategic partners” for its new project – dubbed the Grand Waterfront Hotel and Casino – would play a “crucial role in making the project a success”.

The company also stated that the “proper disclosures” on any such partners “will be made in due time”.

Waterfront Philippines further noted, referring to the downturn in the general economy and local casino sector due to the Covid-19 pandemic: “The company remains optimistic about the recovery of the Philippine economy and believes that the travel, gaming and hospitality sectors will continue to play a major role in determining that growth.”