The works on the reconstruction of the Waterfront Manila Hotel and Casino complex are ongoing, and the first phase is expected to be completed in the middle of the next year. Back in 2018, the property was seriously damaged by the fire, so the reconstruction was much needed.
Renovations after the fire:
The information was provided by Acesite Hotel Corp, the property’s listed operator, during the regulatory filing held on Wednesday. The company expects the initial works to be completed by the end of May next year, but there is still room for changes, depending on various factors that can impact the works.
According to the Philippine Stock Exchange, the second phase of construction is estimated to be completed by January 2025 and the third phase by May 2025.
The fire that occurred in March 2018 affected the area and left significant consequences – 20 people were injured, and five people died in the fire. The fire began on the second floor, which at the moment was occupied by PAGCOR, and the main source of the fire allegedly was the ongoing welding works.
Before the fire, the property, which is now called Waterfront Manila, was known as Manila Pavilion. It is situated on UN Ave. in Manila City.
Acesite is a big name in the hotel operations industry. Back in 2004, the company was acquired by the Waterfront Philippines Inc., getting a majority of control over the company. According to the release from December last year, the percentage was 56%. Acesite became a part of the Waterfront chain of hotels, and one of them will be Waterfront Manila as well. Other hotels are located in Cebu City, Mactan Island, and Davao City.
Business World reports that the local bourse for Acesite shares rose by five centavos or 2.78% to P1.85 each.
The first phase of the renovations was supposed to be completed by November this year, as Waterfront Philippines expected. However, the date was postponed. This is the second delay since the “soft relaunch” had been planned for the first quarter of 2022.
In June 2021, the first completion date was released, but it went significantly slower than expected.
As Asia Casino reports, Acesite and its related party made a sublease agreement with PAGCOR, the casino regulator that is in charge of the Philippines gambling industry, so the long-term leasing arrangement is made in order to operate the new casino in Manila.