May 31, 2013
7:36 pm [ manilatimes.net ]
by KRISTYN
NIKA M. LAZO
Grand Plaza
Hotel Corp. (GPH) will conclude its 9-year-old leasing agreement with the
Philippine Amusement and Gaming Corp. (Pagcor) on July 10, after three consecutive
contract renewals.
In a
statement released a the Philippine Stock Exchange on Friday, GPH said that it
will end the leasing agreement of Pagcor to Heritage Hotel because it has
exhausted the renewal of the contract every three years.
According to
GPH disclosure, Pagcor “will not renew the contract of lease upon its
expiration on July 10.”
Pagcor
renewed the contract third and last time on March 30, 2010, which provided
another three years of casino operations for GPH.
The leasing
agreement between Pagcor and GPH started in August 1993, and by the time GPH
opened Heritage Hotel in 1994, Pagcor started its rental of the hotel.
Since 1993,
Pagcor rented 4,745 square meters of hotel area, accumulating to a monthly
rental of more than P10 million.
Heritage
Hotel is the main hotel owned by GPH, situated along Roxas Boulevard, Pasay
City.
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