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.