A Philippines hotel/casino chain has won a court battle to become the fifth operator to join Manila’s Entertainment City gaming district.
Waterfront Philippines, a PSE-listed investment group whose portfolio includes gaming hotels in Manila and in the popular tourist destinations of Davao and Cebu City came out the victor in a Supreme Court decision ordering national gaming regulator PAGCOR to issue Waterfront an Entertainment City license.
The case dates back to 2008, when Waterfront first filed an application to develop the Grand Waterfront Hotel and Casino, as it’s called, and deposited US$100 million in cash with PAGCOR, as required by the regulations governing development at Entertainment City. But, according to Waterfront, PAGCOR failed to respond, forcing the company to take the agency to court in 2015.
With the Supreme Court ruling in hand, Waterfront said it is now seeking a strategic partner or partners for the project, whose details have yet to be announced. The company said it expects the timing of the search will be determined by how the impacts of the coronavirus pandemic play out in the island nation.
“Given the Covid situation, prospective investor groups are still studying the Philippine business climate and the financial dynamics of the proposed project in the ‘new normal.'”
Waterfront added, however, that it “remains optimistic about the recovery of the Philippine economy and believes that the travel, gaming and hospitality sectors will continue to play a major role” in the country’s growth.
Entertainment City, located on reclaimed land on Manila Bay, is home currently to three destination-scale resorts Solaire, City of Dreams and Okada Manila with a fourth, Westside City Resorts World, scheduled to open in 2022.
