PH Resorts to raise US$15m for Emerald Bay complex

The Philippines-listed gaming company has received the green light to raise funds to complete the first phase of the project.

The Philippines.- The gaming operator PH Resorts Group Holdings has received the green light from the Philippine Securities and Exchange Commission to start raising up to PHP756m (US$15.5m), via a follow-on offering of as many as 450m primary common shares at PHP1.68 per share.

It will use the funds complete the first phase of Emerald Bay, a beachfront casino resort in Mactan, Cebu, which it expects to officially open in 2022.

PH Resorts says it hopes for a soft opening by the end of 2021, and to then increase its gaming capacity and hotel rooms starting from 2022.

Dennis A. Uy, owner of PH Resorts, said: “The feedback on early demand for this offer has been very encouraging and we believe that this shows investor confidence in a recovery in the country’s tourism and gaming sector.”

The offer period for the allotment of shares started on Wednesday and runs until October 28. The company has set the target date for listing the shares for November 5.

Emerald Bay will be constructed in two phases, with the first phase due to complete by the second quarter of 2022.

It will feature 122 gaming tables for mass, premium mass and junket gambling, 600 electronic gaming machines and 270 hotel room bays.