Dear Stockholders,
2005 proved to be a banner year for Waterfront Philippines. We saw impressive growth in many crucial areas. This despite tough competition from our fellows in the lodgng and tourism industry.
So steady has our forward momentum been that Waterfront Hotels and Casinos has merged as the front-runner in its class and shows no sign of faltering or slowing down. And we intend to keep it that way.
Total group revenue at the close of the past year was a healthy P1,804,209,051. Our hotel operations continued to bring in the lion’s share of gross income with a very solid 27% increase in revenue P1,788,026,954 in 2005 in comparison to P1,408,923,163 the previous year – and a consistent rise in room occupancy.
Given this remarkable performance, we aim not only to maintain the quality of our lodging facilities and services but also raise it further. WPI made improvements in the facilities of all its hotels with major renovations done on the latest acquisition, the Manila Pavilion Hotel. We completed Phase I of our Renovation program last year and expect to complete Phase II soonest. This investment in the bread-and-butter of our business was essential to keeping the aforementioned momentum going.
The future looms bright and full of promise. A future that is well within our grasp if we persevere and continue to open ourselves to the opportunities that come our way, whether by chance or of our own making. Let us seize tomorrow, we meet the challenges before us and march with banners unfurled toward that future.
RENATO B. MAGADIA
CHAIRMAN OF THE BOARD
REXLON T. GATCHALIAN
PRESIDENT