Acesite holds off Waterfront Manila Casino reconstruction amid market pressures
The company said the project remains suspended amid weaker gaming conditions and higher costs.
The Philippines.- Acesite (Phils.) Hotel Corporation has says work on the Waterfront Manila Hotel and Casino reconstruction will remain suspended. It cited weak land-based gaming demand from China, online competition and higher oil prices due to the US intervention in Iran.
Acesite had planned to complete the first phase of the redevelopment this year, followed by a second phase in 2027. However, it said in a September 11 disclosure to the Philippine Stock Exchange (PSE) that work remains on hold as it waits for improved tourist arrivals and a more favourable business environment to justify further capital spending. The company is now looking towards 2028
The Waterfront Manila property, formerly the Manila Pavilion Hotel, was severely damaged by a fire in March 2018 that claimed the lives of six Philippine Amusement and Gaming Corporation (PAGCOR) employees. While reconstruction remains suspended, Acesite said management will continue maintenance work to keep the hotel’s existing superstructure in good condition.
The latest update follows Acesite’s June disclosure that the estimated reconstruction cost had risen to about PHP3.6bn (US$58.7m), compared with around PHP1.5bn in insurance proceeds originally available for the project.
