Waterfront Philippines Inc (WPI) license would be “similar to those granted to Resorts World Manila, City of Dreams, Solaire Resort and Casino and Okada Manila.” WPI said Friday that, “The issuance of a casino license will have a favorable effect on WPI’s business or operations once the pandemic is over.
There are currently three IRs in the designated gaming zone – Solaire, City of Dreams and Okada Manila – with a fourth, Westside City Resorts World, due to open in 2022.
The Supreme Court had in February denied PAGCOR’s petition for certiorari for failure to sufficiently show any reversible error in previous judgements against it by both the Manila Regional Trial Court and the Court of Appeals.
Such judgment appears to have closed the book on a lengthy saga between the two parties which began when Waterfront filed a 2008 application to develop the Grand Waterfront Hotel and Casino and deposited US$100 million in cash, as per casino license requirements stipulated by PAGCOR at the time.
Despite fulfilling all of those requirements, PAGCOR failed to respond, with Waterfront eventually filing a petition in 2015 seeking a resolution.
The Regional Trial Court subsequently ruled in Waterfront’s favor in August 2017, ordering the regulator to act on its license application, with the Court of Appeals supporting that ruling in 2018 and ordering PAGCOR to pay Waterfront Php100,000 in moral damages and Php100,000 in exemplary damages.
According to a WPI filing, the company received in October notice from its legal counsels counsels confirming that a Supreme Court decision handed down in February and denying a petition by PAGCOR claiming there had been an error in judgement has now “become final and executory by being recorded in the Book of Entries and Judgements.
Source: ASGAM ; Inquirer ; GGR Asia
*The owner of StockBytes PH is a licensed stockbroker, contact us if you want to open a broker-assisted or online account, We also do portfolio management for P500k+ Investment.
Ready to start your financial journey? email us at [email protected] or follow our social media account and join our groups, Cheers!