Waterfront Manila Hotel & Casino Delays Reopening to at Least 2028
The property originally closed in March 2018 due a fire.
Acesite (Phils.) Hotel Corporation has again pushed back the recovery of Waterfront Manila Hotel & Casino, now suspending redevelopment and reopening plans with no firm timetable.
Key Takeaways:
- Reconstruction costs have more than doubled, now estimated at PHP3.6 billion
- Reopening plans suspended indefinitely due to economic and market pressures
- Construction unlikely to resume before 2028, dependent on market recovery
The property, which has been shut since a March 2018 fire at the former Manila Pavilion Hotel, was previously expected to stage a phased return in 2026 and complete reopening in early 2027.
The fire, blamed on faulty electrical wiring, killed six PAGCOR employees.
Costs Reset the Timeline
The operator said the rebuild is now estimated at PHP3.6 billion, more than twice the PHP1.5 billion ($24.4 million) in insurance proceeds it had earmarked.
AgBrief reported that the revised figure reflects surging material and labor costs, as well as higher fuel prices. Acesite is majority-owned by Waterfront Philippines Inc., which holds a 55.7% stake.
Market Weakness Adds Pressure
The company also cited a softer Manila gaming and tourism backdrop, including weak foreign arrivals, limited improvement expected in 2027, and slower-than-anticipated Chinese visitation.
PAGCOR is also bracing for a cautious 2026 with gross gaming revenue looking to remain stagnant due to declining tourist numbers.
It said online gaming has intensified competitive pressure just as operators had hoped for a rebound.
Acesite now says construction will not resume until 2028 at the earliest, and only if room rates, occupancy, and gaming revenue improve enough to support debt repayment and a return on investment.
