Waterfront Philippines still seeking partners

The company is still in the process of selecting an investment partner to develop a new casino hotel in Manila.

The Philippines.- The casino and resort operator Waterfront Philippines has said it is still looking for investment partners for the development of a new venue in Manila.

The firm, which won a court battle to gain permission for a casino in Manila, said in a filing: “Given the Covid[-19] situation, prospective investor groups are still studying the Philippine business climate and the financial dynamics of the proposed project.”

Shares in Waterfront Philippines jumped 37.4 per cent after a court found in its legal battle to claim its Manila licence.

The firm said there was “no undisclosed information that could have triggered the unusual price movement.”

Waterfront Philippines said it expected to undergo a deep selection process to find strategic partners for the project.

It said: “The company remains optimistic about the recovery of the Philippine economy and believes that the travel, gaming and hospitality sectors will continue to play a major role in determining that growth.”