Waterfront Philippines profit drops 80% in Q3

Waterfront Philippines has reported profit of PHP27.53m.

The Philippines.- The casino and resort operator Waterfront Philippines has recorded Q3 profit of PHP27.53m (US$491,000), down 80 per cent year-on-year. Revenue was down 39 per cent at PHP441.74m (US$7.88m).

Hotel revenue fell 8 per cent to PHP281.23m (US$5.01m), while non-hotel income fell 50 per cent to PHP145.92m (US$2.6m). The company operates three hotels including the Waterfront Cebu City Hotel and Casino, with its PAGCOR Casino Filipino, and the Waterfront Airport Hotel and Casino next to Mactan-Cebu International Airport.

Waterfront is currently redeveloping the Manila Pavilion Hotel. The venue, also known as the Waterfront Manila Hotel and Casino, has been under reconstruction since 2018 following a fire. Waterfront hopes to launch Phase One in May 2024, Phase Two in January 2025 and Phase Three in May 2025.