Waterfront Philippines said that it expects phase one of the reconstruction of the Manila Pavilion to be completed by the end of 2021.
The company currently runs two casino hotel properties in Cebu. In its 2020 annual report, released in June, Waterfront Philippines stated a “related party” 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 property.
The report noted that the soft launch for the redeveloped site would include the “opening of four hotel-room floors in the main hotel to accommodate casino players and local staycation guests”.
Waterfront Philippines said that general amenities, guest facilities and the remaining rooms of the main hotel were due to be completed in “Phases 2 and 3 of the reconstruction project”. The second phase is due to be completed by the “latter part of 2022” and Phase 3 “by early 2023,” the report added.
“These two latter phases will be funded by the cash flows generated by the operations and, when necessary, bank borrowings,” stated Waterfront Philippines.