PH Resorts investment in the Philippines, delayed

The casino operator’s €309 million project to build two resort casinos in the country has been pushed back in order to raise the capital needed.

Philippines.- PH Resorts Group Holdings Inc (PHR) planned €309 million project to build two resort casinos in the Philippines won’t begin for a while, after the company announced it has started to look for alternative ways to fund the development.

PHR revealed that it delayed the beginning of the project in order to look for “more strategically suitable alternative options” to raise the capital needed for the project. The company already has the Philippine Securities and Exchange Commission (SEC) approval to begin the project but has pushed back follow-up offerings to gather the money to invest.

When paired with President Rodrigo Duterte’s the decision was considered by some as definitive, but the project isn’t dead just yet. PHR revealed they’re “eager” to continue with the venture and assured it will be completed. However, they advanced their own deadline has been moved back in order to get the money.

Still, they will need to gain the SEC’s approval first, but there are no major concerns about their capability to get the much needed funding eventually.