Waterfront casinos to be redecorated
Operators of Waterfront casinos have achieved a millionaire deal with the Philippine Bank of Communications.
Philippines.- After signing a major agreement with the Philippine Bank of Communications, casino operator Waterfront Philippines Inc. confirmed its gaming businesses will undergo a major facelift. The plan is to increase 10 percent of the company’s annual revenue. The bank agreed to grant the company US$29.5 million.
Waterfront Cebu City Hotel and Casino will be the first facility to undergo a renovation, which is estimated at US$7.9 million and will start in early 2018. Waterfront Airport Hotel and Casino Mactan will receive a US$8.8 million renovation program, with construction work starting in mid-2018.
The company revealed in a filing to the Philippine Stock Exchange that the board of directors approved the engagement of Philippine Bank of Communications in a multi-billion peso credit line. Waterfront Cebu City Casino Hotel Inc, Waterfront Mactan Casino Hotel Inc, Davao Insular Hotel Co. Inc., Pacific Rehouse Corp, and Crisanta Realty Development Corp stand to benefit from the credit line.
“We also confirm the renovation programs of Waterfront Cebu City Casino Hotel, Waterfront Airport Hotel and Casino Mactan, and Waterfront Insular Hotel Davao which will be funded via a combination of internal funds, debt notes and/or issuance of unsubscribed common shares under a private placement,” said the company.
