Waterfront Philippines sees 80 percent drop in 3Q23 profit

Waterfront Philippines, which operates casinos in Manila and Cebu as well as multiple hotel properties, saw a stark drop in profit during the third quarter, totaling some PHP27.53 million ($491,000), an 80 percent annual drop.

The results come as revenue fell by some 39 percent yearly, to PHP441.74 million ($7.88 million), according to the company’s most recent filing with the Philippine Stock Exchange.
This comes despite the group seeing an increase in hotel occupancy, to 75 percent from 63 percent in 3Q22. Hotel revenue totaled some PHP281.23 million ($5.01 million), down 8 percent yearly, while non-hotel income totaled just PHP145.92 million ($2.6 million), down 50 percent yearly.
The group does not delineate its gaming earnings in its quarterly release.
The parent company of Waterfront, Acesite (Phils.) Hotel Corp, recently noted that Phase One of its reconstruction of the Waterfront Manila Hotel and Casino complex should be completed by the middle of next year, with Phase Two scheduled for completion in January of 2025 and Phase Three some five months later.
The property has been under reconstruction since 2018, following a fire that damaged its podium and claimed six lives.

Casino Gaming Hotel Revenue Financial results Philippine Stock Exchange

Accelerating currency drop of renminbi pressures Macau tourism market
_2025-01-07UN report reveals growing presence of organized crime in pacific islands casino projects
_2025-01-06Macau GGR to grow 8% in 2025, backed by increasing travel spending: Goldman Sachs
_2025-01-03The overnight disappearance of 8XBet: a brand shrouded in controversy
_2025-01-02Macau’s gaming industry on track for strong 2025 kickoff: Citigroup
_2025-01-02China's president urges Macau to continue diversification drive away from gaming
_2024-12-20

Open in new window
View settings