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Acesite suspends Waterfront Manila casino reopening plans as costs rise

Deals & M&A

Acesite (Phils) Hotel Corporation has put the redevelopment and reopening of Waterfront Manila Hotel & Casino on hold indefinitely, the company said. In a filing, it estimated project costs at PHP3.6bn, up from PHP1.5bn covered by insurance, and said construction would not resume before 2028 at the earliest. The company cited higher costs and difficult tourism and gaming conditions.

The delay leaves the casino project’s reopening timeline uncertain and raises the projected redevelopment cost for its operator.

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Deals & M&A

IEC targets November launch for self-operated Philippines iGaming phase

International Entertainment Corporation is targeting a mid-to-late November launch for the second phase of its Philippines iGaming business, which its New Coast Leisure subsidiary will operate. IEC says the phase will cover online table games, slots and electronic gaming systems, and that the subsidiary has obtained the required PAGCOR licences and approvals; platform integration and final testing remain underway.

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