{"id":21927,"date":"2021-08-24T13:24:07","date_gmt":"2021-08-24T16:24:07","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=21927"},"modified":"2026-04-23T16:21:21","modified_gmt":"2026-04-23T19:21:21","slug":"ph-resorts-raises-us11-9m-to-complete-emerald-bay-project","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/ph-resorts-raises-us11-9m-to-complete-emerald-bay-project","title":{"rendered":"PH Resorts raises US$11.9m to complete Emerald Bay project"},"content":{"rendered":"\n

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

The Philippines.- Gaming and hospitality firm\u00a0PH Resorts Group Holdings\u00a0<\/strong>has successfully\u00a0raised nearly PHP599.2m (US$11.9m)\u00a0<\/strong>through the selling of shares by its parent firm Udenna Corp. The company said the\u00a0money will be used to continue developing its Emerald Bay casino resort<\/strong>\u00a0in Mactan, Cebu.\u00a0<\/p>\n\n\n\n

PH Resorts<\/a>\u00a0had originally hoped for a\u00a0soft launch by the end of this year<\/strong>, but that was put back to\u00a0the second quarter of 2022<\/strong>\u00a0due to the impact of the Covid-19 pandemic. Completion of phase 1 is now expected in the third quarter of 2022.<\/strong><\/p>\n\n\n\n

The second phase, which will add more than 700 electronic gaming machines and 146 additional gaming tables, is slated for completion\u00a0by 2026<\/strong>. The\u00a0second phase will also include space for meetings and exhibitions<\/strong>\u00a0and a second five-star hotel.<\/p>\n\n\n\n

According to PH Resorts, the Emerald Bay IR first phase development has an estimated cost of US$238.5m<\/strong>. The second phase has a budget of US$465.4m.<\/p>\n\n\n\n

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\u2019s tourism and gaming industry.\u00a0<\/p>\n\n\n\n

“In fact, the participants in our top-up placement are existing shareholders and also participated in the Company\u2019s follow-on offer (FOO) last November.”<\/p>\n\n\n\n

Jose Angel Sueiro<\/a>\u00a0has said he hopes for an economic recovery in the following months as long as vaccines are rolled out.<\/p>\n\n\n\n

PH Resorts posts losses of US$3.5m for H1. The company<\/a>\u00a0said\u00a0the loss was due to the development of Emerald Bay<\/strong>. It reported that its liabilities exceeded its assets by nearly PHP7.29bn as of June 30.<\/p>\n\n\n\n

Meanwhile,\u00a0Clark Grand Leisure Corp<\/strong>, a PH Resorts\u2019 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

PH Resorts has raised nearly PHP599.2m (US$11.9m) after its parent firm Udenna Corp. sold 352 million shares.<\/p>\n","protected":false},"author":176,"featured_media":18122,"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 secured PHP599.2m (US$11.9m) via a share sale by Udenna Corp. to fund the ongoing development of its Emerald Bay casino resort in Mactan, Cebu, with Phase 1 now targeting Q3 2022 completion. Despite H1 losses of US$3.5m and significant liabilities, the company notes continued investor confidence in the Philippine tourism and gaming sector. Additionally, a subsidiary, Clark Grand Leisure Corp., is mandated to invest US$200m in a Clark Global City IR under its Pagcor provisional license.","focusai_entities":"PH Resorts Group Holdings, Udenna Corp., Jose Angel Sueiro, Clark Grand Leisure Corp, Pagcor","focusai_location":"Philippines, Mactan, Cebu, Clark Global City, Luzon","focusai_target_profile":"ceo_executive (1.0), regulator (0.9), compliance_legal (0.8), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Capital Structure Impact?","query":"How does this capital injection alter PH Resorts' capital structure and its capacity to fund the US$465.4m Phase 2, given the reported PHP7.29bn liability overhang?"},{"label":"Regulatory Conditions?","query":"Beyond the US$200m investment, what are the specific operational and compliance conditions stipulated by Pagcor for Clark Grand Leisure Corp.'s provisional license in Clark Global City?"}],"footnotes":""},"categories":[157,16333],"tags":[22872,23907,23807],"class_list":["post-21927","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-emerald-bay","tag-land-based-casino","tag-ph-resorts"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/21927","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\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=21927"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/21927\/revisions"}],"predecessor-version":[{"id":21935,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/21927\/revisions\/21935"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18122"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=21927"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=21927"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=21927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}