Waterfront Philippines, a company that runs hotels, casinos, and other entertainment venues in Cebu and Manila, revealed a sharp decline in third-quarter profits of PHP27.53 million ($491,000), or 80% less than the same period last year.
In its most recent filing with the Philippine Stock Exchange, the firm said that its revenues had decreased to PHP441.74 million ($7.88 million) from PHP441.74 million year over year.
The firm claimed a rise in hotel occupancy, from 63% in the same time of 2022 to 75% in the fourth quarter of 2022, despite the stark financial figures. Nonetheless, hotel revenue decreased by 8% annually to PHP281.23 million ($5.01 million). Gaming revenue is included in non-hotel income, which decreased by more than half to PHP145.92 million ($2.6 million).
The parent company of Waterfront Philippines, Acesite (Phils.) Hotel Corp., has said that the first phase of the restoration project for the Waterfront Manila Hotel and Casino complex will be completed by mid-2019.
The whole restoration job began in 2018 when a fire damaged the podium and left six people dead. Phase Three is expected to be finished five months after Phase Two, which is anticipated to be finished in January 2025. After these phases of rehabilitation are complete, the company intends to relaunch its operations and boost its bottom line.
Original story by: IAG
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