Philippine-listed PH Resorts Group Holdings Inc, the gaming and hospitality subsidiary of entrepreneur Dennis Uy’s Udenna Corp, has been given permission by that country’s Securities and Exchange Commission to start raising up to PHP756 million (US$15.5 million), via a follow-on offering of as many as 450 million primary common shares at PHP1.68 per share.
The net proceeds will “partially fund” the completion of the first phase of Emerald Bay, PH Resorts’ under-construction casino beachfront resort (pictured in a file photo) in Mactan, Cebu.
Mr Uy was quoted in a Wednesday announcement as saying: “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.”
In common with most of the Asia-Pacific region, the Philippine inbound tourism market and the country’s existing casino sector have been badly affected by the Covid-19 pandemic.
The offer period for the over 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 targeted completion of the first phase by the second quarter of 2022.
Upon completion of the first phase, Emerald Bay will feature 122 gaming tables for mass-, premium mass- and junket-gambling; 600 electronic gaming machines; and 270 hotel room bays. However, the management team says it is “pushing” for a soft opening by the end of 2021, and expects to increase its gaming capacity and hotel rooms starting from 2022.