PH Resorts Group Holdings, Inc, the gaming and hospitality arm of Philippines conglomerate Udenna Corporation, has received pre-effective approval from the Securities and Exchange Commission (SEC) to proceed with a Php1.125 billion (US$23.2 million) follow-on offer of common shares.
The proceeds of the offering will be used to partially fund completion of the first phase of the group’s Emerald Bay integrated resort in Mactan, Cebu, which it says is now expected to open by the second quarter of 2022. The company is, however, still aiming for a soft launch by the end of 2021.
The first phase of Emerald Bay will feature 122 gaming tables split between mass, premium mass and junkets, plus 600 EGMs and 270 hotel room bays located alongside a 300-meter strip of beach front.
PH Resorts Group said it holds a seven-year exclusivity agreement with the City Government of Lapu‐Lapu which begins from the commencement of commercial operations.
“This is another milestone on the way to completing Emerald Bay and continuing on our journey to further put the Philippines on the regional and international gaming map,” said PH Resorts Group Chairman Dennis Uy.
“Despite the ongoing COVID‐19 pandemic, we are confident that the Philippine tourism and gaming industry will be on the road to recovery when Emerald Bay opens.”
Chief Operating Officer José Angel Sueiro added, “Our location in the largest urbanized area in the Visayas‐Mindanao region, close to a major international airport, the 7‐year exclusivity and the offering of a high‐quality vacation beach experience creates the perfect scenario for a successful integrated resort.”
The follow-on offer will see public ownership levels in the group grow from its current level of 10%.
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