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Waterfront shares surge as SC paves way for Gatchalian to build grand casino next to Solaire, Okada

Shares of Waterfront Philippines Inc. sizzled on news that its owner, bilyonaryo William Gatchalian, can now build his dream casino beside Solaire and Okada in Entertainment City.

Waterfront gained 16.5 percent to 49.50 centavos on total turnover of P12.622 million on Friday, October 30.

READ: PSE penalizes Gatchalian for failing to bare pending cases against WPI

Waterfront disclosed that its five-year legal battle to get a casino license from Philippine Amusement and Gaming corp. was over.

READ: Gatchalian to rebuild Manila Pavillion

“In October 2020, Waterfront received notice from its legal counsels that the Supreme Court decision has become final and executory by being recorded in the Book of Entries and Judgements,” said Waterfront.

READ: William Gatchalian gives Waterfront Cebu, Davao, Manila hotels much needed facelift, budgets P1.65B

“The issuance of a casino license will have a favorable effect on WPI’s business or operations once the pandemic is over,” it added.

READ: Gatchalian family secures P1.5B credit line for refurbishment of Waterfront hotels

Gatchalian filed a case against Pagcor for ignoring its application to build the Grand Waterfront Hotel and Casino in Entertainment City despite paying the application fee and submitting all requirements.

Gatchalian won his case in the Manila Regional Trial Court and the Court of Appeals.

In February 2020, the Supreme Court denied the petition of Pagcor for certiorari for failure to sufficiently show any reversible error in the judgements of both the Manila RTC and the Court of Appeals.

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