Waterfront expects to finish Manila Pavilion reconstruction by April 2024
Phase one of the complex is expected to be complete by the end of November.
The Philippines.- The casino and resort operator Waterfront Philippines has announced that it expects to launch Manila Pavilion Hotel Phase I by the end of November 2023. According to the company’s annual report filed with the Philippine Stock Exchange, the Phase I opening will include public areas such as the lobby, some food and drink outlets and the casino area from the ground floor to third floor.
The Manila Pavilion Hotel and Casino, also known as the Waterfront Manila Hotel and Casino, has been under reconstruction since 2018 following a massive fire. Waterfront Philippines hopes to launch Phase II and Phase III by April 2024. These will include the amenities, guest facilities and remaining rooms. The company said the ongoing development will be funded by cash flows generated by operations and, when necessary, bank borrowing.
Phase I of the reconstruction had previously been scheduled to open in the first quarter of last year, but Covid-19-related restrictions caused construction delays, according to the company’s 2022 annual report.
Waterfront Philippines said a “related party” had entered into a long-term lease contract with Acesite (Philippines) Hotel Corp, which is owned and operated by Waterfront Philippines, for the operation of a casino at the Manila Pavilion. As of December 31, 2022, the Acesite unit was 56 per cent owned by Waterfront Philippines.
Waterfront Philippines operates three hotels in the country, including the Waterfront Cebu City Hotel and Casino, which features a “Casino Filipino,” a chain of gaming properties under the Philippine Amusement and Gaming Corp (PAGCOR). The company also operates the Waterfront Airport Hotel and Casino, located next to the Mactan-Cebu International Airport.
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