The shareholders of Philippines casino operator PH Resorts Group Holdings have agreed to merge with its 100%-owned subsidiary and holding company PH Travel and Leisure Holdings Corp to improve efficiency.
PH Resorts Group, the gaming and hospitality arm of Udenna Group, owned by businessman Dennis Uy, is currently planning and developing two casino resorts in the Philippines – the US$341 million Emerald Resort and Casino in Mactan, Cebu, and the proposed Clark Resort on a site covering 13.5 hectares in the Clark Freeport Zone. It also operates Donatela Hotel in Panglao.
In a Wednesday filing, PH Resorts Group said it was merging the companies “to achieve greater efficiency and economy in the management and operations of both companies and for the advantage of their stockholders.”
The merger deems PH Travel a redundant holding company.
Uy has spent the past 12 months toying with the makeup of PH Resorts Group, formerly known as Philippine H20 Ventures Corp, which he purchased in June 2018 to complete a backdoor listing for his gaming interests.
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