Waterfront Philippines Inc (WPI) set to select partner for integrated resort casino after winning court battle dating back to 2015
In a Tuesday filing, Waterfront Philippines Inc told the Philippine Stock that it’s currently in the midst of its “selection process for investment partners” for a planned new property in Manila’s Entertainment City.
The firm stated, “Given the Covid-19 situation, prospective investor groups are still studying the Philippine business climate and the financial dynamics of the proposed project.”
On Friday, Waterfront Philippines Inc. (WPI), which is led by Gatchalian, announced that it had won a court battle dating back to 2015, regarding its application for a gaming licence to build the Grand Waterfront Hotel and Casino in Entertainment City.
Waterfront is bound to be the fifth integrated casino operator in the city, which will include a hotel with 2,500 rooms. The four other integrated resorts in the area are Bloomberry Resort Corp’s Solaire Resort & Casino, Melco’s and Belle Corp’s City of Dreams Manila, Okada Manila and Travellers International Hotel Group Inc’s Westside City Resorts World.
In its Tuesday filing, the firm told the bourse by letter in response to the latter’s enquiry on the matter: “There is no undisclosed information that could have triggered the unusual price movement.”
On Friday, shares in Waterfront Philippines closed at PHP0.4950 (US$0.0102) on the local bourse, before jumping 37.4 percent during Tuesday – the next trading day after a Philippine public holiday on Monday – to approximately PHP0.6800.
“In response to the disclosure on the [Philippines’] Supreme Court decision pertaining to the granting of the company’s casino license, the company has received several congratulatory messages from foreign casino groups.” Waterfront added in its letter.
“The company also believes that the selection process for strategic partners will play a crucial role in making the project a success, and as such, will exert the best efforts in the selection process.” Waterfront expressed.
The company also stated that “the proper disclosures on any such partners will be made in due time”.
Nevertheless, “The company 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 determining the growth.”
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