Acesite has updated the timetable for the reconstruction of the Manila Bay Ho...

divya939393

"According to Acesite (Philippines) Hotel Corporation, the reconstruction schedule for the Manila Waterfront Hotel and Casino (formerly known as the Manila Pavilion) has been updated. As per a report submitted to the Philippines Securities and Exchange Commission, the first phase of the project is now expected to be completed in May 2024, with the second and third phases planned for January 2025 and May 2025, respectively. This update is in response to inquiries from the Philippines Securities and Exchange Commission.

Acesite's parent company, Manila Waterfront Corporation, had previously predicted that the first phase would be completed in November 2023. However, this is a delay from the earlier target set for the first quarter of 2022, as outlined in the ""soft reopening"" target date. The reconstruction project began in 2018 after a significant fire incident.

According to Manila Waterfront Corporation, in order to operate a casino at the Manila Pavilion, Acesite (Philippines) Hotel Corporation and an ""affiliate"" with a long-term lease agreement have reached a lease arrangement with Pagcor, the Philippines' gaming regulatory agency, through a sub-lease agreement. As of December 31, 2021, Manila Waterfront Corporation holds a 56% stake in Acesite's subsidiary, which currently operates three hotels in the Philippines, some of which include casino facilities."

Kapil334

There is still hope for the future.

Jiger955

Manila is still a great place, you know.

Jiten171

The reconstruction is likely to be quite costly, and building the casino will also take a considerable amount of time.