Waterfront Philippines Inc. plans to expand the gaming space of its Cebu City hotel, which the Gatchalian-led hotel group is grooming to be the “premier integrated entertainment complex of the Visayas-Mindanao region.”
In a disclosure to the Philippine Stock Exchange Friday, WPI said part of the entire renovation plan would be to expand the casino hosted by the hotel, creating an additional 2,305 square meters of gaming area.
The 560-room Waterfront Cebu City Hotel and Casino is home to the biggest Philippine Amusement Gaming Corp.-operated casino outside Luzon in terms of floor area with its 10,000 square meters of existing gaming space. It is also the group’s flagship hotel as it contributes 40 percent to WPI’s gross revenues.
The casino expansion will accommodate 500 additional slot machines alongside new poker rooms. The additional gaming space is expected to be operational by March next year.
In a statement, WPI assistant to the president Weslie Gatchalian said the expansion would “surely bring positive signal to both local and foreign tourists alike.”
Recently, there was a noticeable increase in interest in WPI shares in the stock market on the back of a casino play amid talks that several big investors were keen on the company. However, WPI has denied that it was in talks with any investor and stated that it was not for sale.
WPI is spending about P100 million for the three-phase renovation of the Cebu City hotel.
“I am proud to announce that 50 percent of the first phase has now been completed. The project is progressing as planned—even better than we imagined—as we are even ahead of schedule,” Gatchalian said. Doris C. Dumlao