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The redevelopment and reopening of Waterfront Manila Hotel & Casino have been postponed indefinitely, with operator Acesite (Phils) Hotel Corporation citing higher costs and a weakened Philippine gaming market. The company said the plan to stage a phased opening this year has now been set aside as it reassesses the project’s business case.
Rising Costs And Market Pressure
Acesite, in which Waterfront Philippines Inc holds a controlling 55.7% stake, had previously said a phased reopening would begin from 1Q26, with full opening scheduled for early 2027. This timeline has been suspended now, as the company reconsiders the prospects of this property.
This hotel and casino establishment, originally referred to as the Manila Pavilion Hotel, was razed to the ground by a fire that occurred in March 2018. This inferno, which was attributed to poor wiring of electricity in the casino, started from the gambling venue’s slot machines room, killing 6 PAGCOR personnel in the process.
In a Thursday filing, Acesite said redevelopment costs had increased sharply from the Php1.5 billion initially covered by insurance proceeds to an estimated Php3.6 billion. The company said materials and labour had become significantly more expensive, while spiraling fuel costs linked to the ongoing Middle East conflict had pushed the budget far beyond the scope of the insurance collected.
Tourism Outlook Weakens
Acesite also pointed to a difficult tourism environment in Manila. It said the local market has been unable to generate enough foreign room sales in 2026, while signs of a pickup in tourism arrivals for 2027 remain weak because of the ongoing protracted US-Israel-Iran war.
The company said the situation in Manila’s gaming market has become more challenging as the rise of online gaming has become increasingly evident. It also noted that, despite the no-visa policy for Chinese tourists, inbound tour operators from China have been reluctant to bring in the players who used to visit when POGO operations were still allowed.
These developments, Acesite said, have led management to reconsider whether to continue committing significant additional funds to reopen the hotel at this stage. The company said it would remain cautious until tourism and gaming indicators stabilise and until projected improvements in average room rate, room occupancy and gaming revenues become clear enough to cover loan repayment and investment return.
Restart Delayed Further
Acesite claims that there will be no resumption of construction works until 2028 at the earliest. In the meantime, they have budgeted annually for maintenance costs to ensure that the structure remains operational.
The latest delay adds another layer of uncertainty to a project that had already been expected to return to service in phases from this year. For now, the redevelopment remains on hold as the operator waits for a more favourable set of market conditions before moving forward again.
Source: Inside Asian Gaming
