Gatchalian’s Acesite Philippines Hotel reported that its insurers have finalized the insurance claim pertaining to the fire.
Acesite did not identify the insurers that were paid P7.8 million in premium payments to cover such disasters.
“To date, the insurers have paid the amount of P1,090,123,782.68 leaving a balance of P627,559,268.12 which will be paid by the insurers as the reconstruction work at the Manila Pavilion Hotel progresses. Given this development, an update on the construction schedule and pre-opening date will be disclosed as soon as engineering estimates are firmed up,” said Acesite in a report to the Philippine Stock Exchange.
The company reported a total of P1.04 billion in damages to inventories and hotel property in March 2018.
The fire, caused by faulty wiring in slot machines, damaged lower floors of the hotel’s main building as well as its podium occupied by the casino area and restaurants.
The fire lasted 25 hours and resulted in the death of six.
The Philippine Amusement and Gaming Corp, has moved its casino to the nearby Rizal Park Hotel through Vanderwood Management.