PH Resorts raises US$11.9m to complete Emerald Bay project

PH Resorts has raised nearly PHP599.2m (US$11.9m) after its parent firm Udenna Corp. sold 352 million shares.

The Philippines.- Gaming and hospitality firm PH Resorts Group Holdings has successfully raised nearly PHP599.2m (US$11.9m) through the selling of shares by its parent firm Udenna Corp. The company said the money will be used to continue developing its Emerald Bay casino resort in Mactan, Cebu. 

PH Resorts had originally hoped for a soft launch by the end of this year, but that was put back to the second quarter of 2022 due to the impact of the Covid-19 pandemic. Completion of phase 1 is now expected in the third quarter of 2022.

The second phase, which will add more than 700 electronic gaming machines and 146 additional gaming tables, is slated for completion by 2026. The second phase will also include space for meetings and exhibitions and a second five-star hotel.

According to PH Resorts, the Emerald Bay IR first phase development has an estimated cost of US$238.5m. The second phase has a budget of US$465.4m.

Jose Angel Sueiro, PH Resorts COO, said: “Despite continuing fears about COVID-19 and with the Delta variant reaching our shores, we are very happy that there are investors that continue to remain bullish on the prospects of the country’s tourism and gaming industry. 

“In fact, the participants in our top-up placement are existing shareholders and also participated in the Company’s follow-on offer (FOO) last November.”

Jose Angel Sueiro has said he hopes for an economic recovery in the following months as long as vaccines are rolled out.

PH Resorts posts losses of US$3.5m for H1. The company said the loss was due to the development of Emerald Bay. It reported that its liabilities exceeded its assets by nearly PHP7.29bn as of June 30.

Meanwhile, Clark Grand Leisure Corp, a PH Resorts’ subsidiary, is required to invest at least US$200m in an integrated resort with a casino in Clark Global City, on the main island of Luzon, as a condition of getting a Pagcor provisional licence there.