• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Friday 19 September 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

Waterfront Philippines Inc ordered to pay US$16 million for 2003 loan default

Newsdesk by Newsdesk
Wed 25 Sep 2019 at 14:04
Waterfront Philippines Inc ordered to pay US$16 million for 2003 loan default

Waterfront Cebu City Casino Hotel

37
SHARES
909
VIEWS
Print Friendly, PDF & Email

Philippines casino and hospitality investor Waterfront Philippines Inc (WPI) has been ordered to pay more than US$16 million plus interest after the Court of Appeals overturned an earlier decision relating to a defaulted loan payment from 2003.

The payment, amounting to Php605 million (US$11.6 million) when first considered in default 16 years ago, came after WPI obtained a five-year term loan for Php375 million (US$7.2 million) from a company called Social Security System (SSS) to finance the completion of facilities at Waterfront Cebu City Casino Hotel.  The loan was secured by a first mortgage over parcels of land owned by WPI’s parent and by the assignment of Php200 million common shares in WPI.

After WPI – which also owns Waterfront Casino Hotel in Mactan, Davao Insular Hotel Company in Davao City and Manila Pavilion Hotel – defaulted in 2003, SSS executed a foreclosure proceeding on the mortgaged parcels of land which it sold for Php198 million (US$3.8 million), however negotiations over a restructuring of the loan and repayment of other obligations broke down.

In 2015, WPI scored a sizeable legal victory when the Regional Trial Court of Quezon City declared the original 1999 contract of loan and related mortgages entered into between the two parties to be void, ordering that WPI repay only the initial Php375 million loan amount and that SSS return to WPI various titles and documents held as collateral.

In a filing to the Philippine Stock Exchange on Wednesday, WPI revealed that decision has been overturned with the Court of Appeals finding the contract of loan, assignment of shares and foreclosure sale of WPI land all vaild.

As a result, the company has been ordered to pay the sum of Php841,567,136 due to SSS as of 30 April 2010 plus stipulated interest and penalty charges.

RelatedPosts

Philippines casino GGR up 630% quarter-on-quarter in 3Q20

Philippines remote gaming industry heading towards period of heavy consolidation

Fri 19 Sep 2025 at 01:26
DigiPlus links with Philippine First Insurance to provide surety bond protection program for its online gaming players

DigiPlus links with Philippine First Insurance to provide surety bond protection program for its online gaming players

Thu 18 Sep 2025 at 17:03
Interview with Newport World Resorts’ Nilo Thaddeus Rodriguez

Interview with Newport World Resorts’ Nilo Thaddeus Rodriguez

Wed 17 Sep 2025 at 19:04
Publication of record

Melco ordered to pay total US$13,700 to City of Dreams Manila workers let go during COVID

Wed 17 Sep 2025 at 17:03
Load More
Tags: casinosManilaPhilippinesSocial Security SystemWaterfront Cebu City Hotel and CasinoWaterfront Philippines Inc
Share15Share3
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

Evolution Asia
Evolution Asia
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
NWR

Related Posts

Philippines casino GGR up 630% quarter-on-quarter in 3Q20

Philippines remote gaming industry heading towards period of heavy consolidation

by Ben Blaschke
Fri 19 Sep 2025 at 01:26

The recent surge in Philippine online gaming licensees is likely to enter a period of contraction in the near future, with barely a third of those currently operational generating sufficient revenue to justify their existence. Tonet Quiogue, Partner and Head...

1xBet and Paris Saint-Germain extend partnership for three more seasons

1xBet and Paris Saint-Germain extend partnership for three more seasons

by Newsdesk
Thu 18 Sep 2025 at 22:18

Global betting company 1xBet has extended its partnership with Champions League champs Paris Saint-Germain, retaining its status as the club’s official partner for the next three seasons. The renewal was confirmed during the final day of the 2025 SBC Summit...

Industry lawyer: All hope not lost for Thailand’s deflated casino bill

Industry lawyer: All hope not lost for Thailand’s deflated casino bill

by Ben Blaschke
Thu 18 Sep 2025 at 20:04

Thailand’s controversial Entertainment Complex Bill may be dead in the water, but there remains some hope that it could yet be revived – possibly as soon as early 2026 – according to prominent industry lawyer Lau Kok Keng, Partner and...

DigiPlus links with Philippine First Insurance to provide surety bond protection program for its online gaming players

DigiPlus links with Philippine First Insurance to provide surety bond protection program for its online gaming players

by Ben Blaschke
Thu 18 Sep 2025 at 17:03

Leading Philippines eGames provider DigiPlus Interactive Corp has inked a deal with domestic insurance company Philippine First Insurance Co. Inc  to introduce what it describes as the Philippines’ first-ever surety bond program for online gaming players. Taking effect immediately, the...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文
  • 日本語

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English
  • 日本語