Waterfront Manila Hotel and Casino reopening pushed back until at least 2028
Acesite cited rising construction costs and the need to preserve liquidity.
The Philippines.- Acesite Hotel Corporation has reaffirmed that the reopening of the Waterfront Manila Hotel and Casino will not be reconsidered before 2028. It cited rising construction costs and the need to preserve liquidity, leading it to postpone all construction-related spending until 2028.
In a clarification submitted to the Philippine Stock Exchange, the company said the estimated cost of completing the restoration of the property, including its casino areas, had increased to approximately PHP3.6bn (US$58.7m) following a project review. It said the increased costs include inflation-driven increases in labour and construction material costs, as well as the need for additional structural reinforcement works to strengthen the building.
The company said reconstruction has seen only minimal progress since suspension during the Covid-19 pandemic. It plans to finance an eventual resumption through retained earnings, intercompany borrowings and bank financing.
