Progress has been made on the new casino resort in the Philippines, PH Resorts Group says.<\/p>\n\n\n\n\n\n\n\n
The Philippines.- PH Resorts Group Holdings has announced that it has completed towers A and B at The Emerald Bay casino resort.<\/p>\n\n\n\n
The firm\u2019s chief operating officer for gaming, Jos\u00e9 Angel Sueiro, said in a statement:\u00a0\u201cThe topping off of towers A and B represents a significant milestone in the ongoing construction of Emerald Bay.\u201d<\/p>\n\n\n\n
Emerald Bay is being constructed in two phases, with the completion of the first phase expected for the second quarter of 2022. Once phase one is complete, the Emerald Bay would be ready to open 122 gaming tables for the mass, premium-mass and junket segments, along with 600 gaming machines and 270 hotel rooms.<\/p>\n\n\n\n
The developer added: \u201cThe management team is pushing for a soft opening by the end of 2021, and expects to increase its gaming capacity and hotel rooms starting [in] 2022.\u201d<\/p>\n\n\n\n
Mr Dennis Uy, PH Resorts and Udenna’s chairman, said:\u00a0\u201cDespite a very challenging year caused by the current Covid-19 pandemic, we were able to achieve many project and company milestones. The\u00a0topping off of the two towers in Emerald Bay represent a very major tangible and visible\u00a0milestone in its construction.\u201d<\/p>\n\n\n\n
He added\u00a0that the first\u00a0phase of Emerald Bay\u00a0should be \u201cready by the time we anticipate a marked recovery in the country\u2019s\u00a0tourism and gaming sector\u201d.<\/p>\n\n\n\n
The company has announced it has received a pledge of just over PHP2.83bn (US$58.9m) in funds from its parent Udenna Corp.<\/p>\n\n\n\n
The pledge comes via\u00a0PH Resorts agreeing to issue nearly 1.69 billion\u00a0of\u00a0common shares from its previously-unissued capital stock, at PHP1.68 per share, in favour of Udenna.<\/p>\n","protected":false},"excerpt":{"rendered":"
Progress has been made on the new casino resort in the Philippines, PH Resorts Group says.<\/p>\n","protected":false},"author":2,"featured_media":12442,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"PH Resorts Group Holdings has announced significant construction progress on its Emerald Bay casino resort in the Philippines, with Towers A and B now topped off. The first phase, targeting a Q2 2022 completion and a soft opening by end-2021, will feature 122 gaming tables and 600 machines. Concurrently, the company secured PHP2.83bn (US$58.9m) in funding from its parent, Udenna Corp, through a share issuance.","focusai_entities":"PH Resorts Group Holdings, Jos\u00e9 Angel Sueiro, Dennis Uy, Udenna Corp","focusai_location":"Philippines","focusai_target_profile":"ceo_executive (0.95), regulator (0.75), compliance_legal (0.7), operator_casino (0.9), marketing_crm (0.7), payments_fraud_aml (0.7), investor_analyst (0.98), supplier_vendor (0.85), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Emerald Bay GGR Projections","query":"What are the projected Gross Gaming Revenue (GGR) contributions from Emerald Bay's Phase One operations, considering the specified gaming verticals (mass, premium-mass, junket) and the anticipated tourism recovery timeline?"},{"label":"Udenna Funding Impact","query":"How does the PHP2.83bn share issuance to Udenna Corp impact PH Resorts Group's capital structure, debt-to-equity ratio, and future financing flexibility for subsequent development phases?"}],"footnotes":""},"categories":[160,28,158,16333],"tags":[29,128],"class_list":["post-12430","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-casino-news","category-slider-home","category-south-east-asia-news","tag-casino","tag-philippines"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/12430","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=12430"}],"version-history":[{"count":6,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/12430\/revisions"}],"predecessor-version":[{"id":12449,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/12430\/revisions\/12449"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/12442"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=12430"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=12430"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=12430"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}