Property

SEC clears P1.125B re-IPO of Dennis Uy’s gaming resort

PH Resorts Group Holdings Inc. (PHR), the gaming and hospitality unit of bilyonaryo Dennis Uy, has obtained the Securities and Exchange Commission nod to raise up to P1.125 billion from a follow-on offering.

Net proceeds from the offering will be used to partially fund the completion of the first phase of Emerald Bay, PH Resorts’ flagship integrated casino beach front resort in Mactan, Cebu.

Unicapital Inc. and Abacus Capital and Investment Corp. are the lead and co‐lead underwriters, respectively.

“This is another milestone on the way to completing Emerald Bay and continuing on our journey to further put the Philippines on the regional and international gaming map,” said Uy, chairman of PHR.

Emerald Bay will be the first integrated casino resort on Mactan Island with convenient access from the Cebu‐Mactan International Airport. Targeted for completion in the second quarter of 2022, phase 1 will include a 300‐meter long stretch of beach front, 122 gaming tables for mass, premium mass and junkets, 600 electronic gaming machines and 270 hotel room bays.

The management, however, is pushing for a soft opening by the end of 2021.

PHR COO gaming veteran José Angel Sueiro further added,

“Despite the ongoing COVID‐19 pandemic, we are confident that the Philippine tourism and gaming industry will be on the road to recovery when Emerald Bay opens,” Uy said.

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