The operator revealed that US$32.6 million will be dedicated to renovations of its four facilities.
Philippines.- Waterfront Philippines Inc revealed to the Philippine Stock Exchange that US$32.6 million will be spent in order to renovate the casino operator’s four facilities. The company wants to increase revenues by at least 10 percent.
Waterfront Cebu City Hotel and Casino will be the first facility to undergo a renovation, which is estimated at US$7.9 million and will start in early 2018. Waterfront Airport Hotel and Casino Mactan will receive a US$8.8 million renovation program, with construction work starting in mid-2018. “We also confirm the renovation programs of Waterfront Cebu City Casino Hotel, Waterfront Airport Hotel and Casino Mactan, and Waterfront Insular Hotel Davao which will be funded via a combination of internal funds, debt notes and/or issuance of unsubscribed common shares under a private placement,” said the company.
Moreover, the company also revealed a US$69 million facelift for the Manila Pavilion Hotel and Casino. “As earlier disclosed, we confirm the renovation program of the Manila Pavilion Hotel, which will be funded via internally generated funds,” said the operator.