Philippines conglomerate Udenna Corporation has issued its gaming and hospitality arm, PH Resorts Group Holdings, with a US$42.5 million cash advance to aid in the ongoing construction of its US$341 million Emerald Bay Resort and Casino in Cebu.
PH Resorts Group Holdings, formed in mid-2018 to oversee development of the Cebu IR as well as another in Clark, said in a Friday announcement that it has been issued the cash advance by another wholly-owned Udenna Corp subsidiary, Emerald Development Holdings Ltd.
“This advance represents a significant step in realizing the completion of The Emerald Bay Resort and Casino,” said PH Resorts President and CEO Raymundo Martin M. Escalona.
“We are very excited to finish the first integrated resort in the Philippines outside of Entertainment City in Metro Manila.”
Udenna was granted a provisional license by Philippines gaming regulator PAGCOR in May 2017 to build and operate the country’s first privately owned integrated resort outside of Manila, and broke ground in December of that year.
The resort, designed by renowned casino architect Paul Steelman, will target both foreign and local players with a particular focus on Chinese and Koreans, the company has said.
