Philippine-listed casino operator Waterfront Philippines Inc. is getting a credit line for its properties worth PHP1.5 billion (US$29.5 million).

In a disclosure to the Philippine Stock Exchange, Waterfront announced that its board of directors have given their approval to engage the Philippine Bank of Communications in a multi-billion peso credit line.

Subsidiaries Waterfront Cebu City Casino Hotel Inc., Waterfront Mactan Casino Hotel Inc., Davao Insular Hotel Co. Inc., Pacific Rehouse Corp., and Crisanta Realty Development Corp. will stand to benefit from the credit line.

The casino operator announced last month that its four properties, including the firm’s three casino hotel, will undergo a major facelift as it targets to increase its revenues by 10 percent.