By James A. Loyola
PH Resorts Group Holdings, Inc., the gaming and tourism vehicle of Davao’s Dennnis A. Uy, is investing P18 billion for the construction its Cebu and Clark casino resorts and expansion of a hotel.
Documents at the Securities and Exchange Commission (SEC) show, the capital expenditure will be funded by a planned follow-on offering of up to P18.5 billion worth of common shares.
The firm is planning to sell 1.79 billion common shares in a primary offer, plus 267.95 million more shares as a greenshoe option, at a maximum offer price of P9.00 from its P1.00 par value per share.
“The Company intends to use the net proceeds of the Offer to fund the design, construction and development of the first phase of The Emerald and Clark Resort; to fund the expansion of the Donatela Hotel; and for general corporate purposes.
PH Resorts plans to spend the bulk of the proceeds, amounting to P9.38 billion for the design, construction and development of the first phase of The Emerald integrated casino and resort in Mactan.
It is allocating P7.98 billion for the development of the first phase of the Clark casino resort and P390.7 million for the expansion of the Donatela Hotel in Panglao island, Bohol.
The Emerald will rise on a 13.5 hectare prime beachfront area on Mactan. Construction commenced in December 2017 and is expected to be completed in time for its anticipated opening in the third quarter of 2020.
Upon completion, the first phase of The Emerald is expected to have 7,585 square meters of aggregate gaming floor area, with 1,186 electronic gaming machines, 146 gaming tables, a five-star hotel, with 838 rooms, including five villas, a retail complex covering an approximate area of 8,000 square meters, a convention center, and 18 restaurants.