Philippine-listed casino operator Waterfront Philippines Inc. is getting a credit line for its properties worth PHP1.5 billion (US$29.5 million).
In a disclosure to the Philippine Stock Exchange, Waterfront announced that its board of directors had approved engaging the Philippine Bank of Communications in a multi-billion peso credit line.
Subsidiaries Waterfront Cebu City Casino Hotel Inc, Waterfront Mactan Casino Hotel Inc, Davao Insular Hotel Co. Inc., Pacific Rehouse Corp, and Crisanta Realty Development Corp stand to benefit from the credit line.
The casino operator announced last month that its four properties, including the firm’s three casino hotels, will undergo a major facelift as it looks to increase revenues by 10 percent.
Waterfront, an investment holding firm for hotel, leisure, and tourism businesses, said that the credit line will be secured by:
a. Real Estate Mortgage and Chattel Mortgage over various operating assets used by Waterfront Cebu Casino Hotel, Inc. located in Lahug;
b. Deed of Assignment over leasehold rights on the land owned by the Mactan Cebu International Airport Authority (MCIAA) on which the Waterfront Cebu City Casino Hotel Inc stands;
c. Deed of Pledge of the shares of stocks representing ownership of Waterfront Philippines, Inc. in Waterfront Cebu City Casino Hotel, Inc and in Davao Insular Hotel Co, Inc;
d. Real Estate Mortgage on 23 parcels of commercial lots with improvements registered under the name of Davao Insular Hotel Co, Inc
e. Chattel Mortgage on various operating assets used by Davao Insular Hotel Co, Inc; and
f. Real Estate Mortgage on a 70 hectare agricultural property located in Matina, Pangi, Tolomo, Davao registered under the names of Pacific Rehouse Corporation and Crisanta Realty Development Corporation.
Udenna eyes Megawide’s Cebu project
New Philippine casino operator Udenna Corp. is now considering teaming up with Philippine-listed property developer Megawide Construction Corp to transform a four-hectare property near the Mactan Cebu International Airport into a hotel and gaming complex.
Quoting Megawide chief marketing officer Louie Ferrer, the Manila Standard reported that Udenna has expressed interest in the project since it will complement its proposed $300-million integrated resort in the Lapu-Lapu City, Cebu.