Waterfront Manila Hotel & Casino's first phase expected to be ready by May 2024
The Waterfront Manila Hotel & Casino complex is undergoing a dynamic transformation, and the inaugural phase of the project is expected to reach fruition by the mid-point of 2024. Acesite Hotel Corporation, the Waterfront Manila Hotel & Casino’s listed operator stated in its latest regulatory filing that reconstruction was much needed as the gambling-friendly property was seriously damaged by the fire in 2018.
The company is projecting the completion of the preliminary tasks by the mid-point of next year but it is worth noting here that there will still be room for changes, necessitated by various factors affecting the project.
In the regulatory filing with the Philippine Stock Exchange, Acesite Hotel Corporation also stated that the second and third phases of project should be completed by January 2025 and May 2025, respectively.
In March 2018, a devastating blaze wreaked havoc in the area, causing a big tragedy that leaving at least 5 people dead and nearly two dozen injured. The blaze originated on the second floor, and it was reportedly ignited by welding operations that were going on there at the time.
Before the deadly fire, the property in question, was known as Manila Pavilion, and it was situated on UN Avenue in Manila City.
The first phase of the ongoing renovations was initially slated for completion by November of this year as it was originally planned for a "soft relaunch" in the first quarter (Q1) of 2022 but it faced repeated delays. Progress on the project has thus far remained slower than initially anticipated since the first completion date was announced back in June 2021.
When it comes to the operator of the property, Acesite, it is one of the most thriving enterprises in the region. It commands a significant presence in the hotel operations industry, and a majority stake (56%) in the company was acquired by Waterfront Philippines Inc. in the year of 2004. Waterfront Manila is now one of Acesite’s distinguished establishments. Other noteworthy properties under the company’s umbrella are situated in Cebu City, Davao City, and Mactan Island.
Meanwhile, Acesite and its associated party have signed a sublease agreement with PAGCOR, the regulatory authority responsible for the Philippines’ gambling industry. This strategic arrangement between the two sides forms the basis for a long-term leasing agreement for facilitating the operation of a new casino in Manila.