Acesite updates Waterfront Manila rebuilding timeline

The Waterfront Manila Hotel and Casino (formerly known as Manila Pavilion) rebuilding timeline has been updated, according to Acesite (Philippines) Hotel Corp. Phase one of the project is now anticipated to be completed by May 2024, with phases two and three scheduled for completion in January 2025 and May 2025, respectively, in accordance with a report to the Philippine Stock Exchange. In answer to a question from the Philippine Securities and Exchange Commission, this update was given.

The parent firm of Acesite, Waterfront Philippines Inc., had predicted that phase one would be finished in November 2023 earlier this year. Already, this represented a postponement from the intended “soft relaunch” target date of the first quarter of 2022, as stated in June 2021. Following a serious fire event, the rehabilitation project got underway in 2018.

According to Waterfront Philippines, Acesite (Philippines) Hotel Corp. and a “related party” having a sublease agreement from Pagcor, the country’s casino regulator, have engaged in a long-term leasing arrangement for the purpose of operating a casino at the Manila Pavilion. When it comes to the Acesite subsidiary, which now runs three hotels in the Philippines, some of which include casino gaming facilities, Waterfront Philippines held 56 percent of it as of December 31.

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Original story by: GGRAsia