The Philippine Stock Exchange (PSE) has approved the listing of the shares for the P1.13 billion follow-on offering of PH Resorts Group Holdings, Inc. (PHR), the Udenna Group’s gaming and hospitality subsidiary.
“It’s all systems go. Despite the on-going COVID-19 pandemic we are playing our long game and our objective of delivering a world-class integrated resort in Cebu remains unchanged,” PHR Chairman Dennis A. Uy said in a statement.
The net proceeds from the FOO will be used by the firm to partially fund the completion of the first phase of Emerald Bay, PH Resorts’ flagship integrated casino beach front resort in Mactan, Cebu.
Emerald Bay will be the first integrated casino resort on Mactan Island with convenient access from the Cebu-Mactan International Airport (CMIA).
This FOO will also increases PHR’s public ownership level from the current 10 percent.
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 junkets; 600 EGMs and 270 hotel room bays.
However, the management team is pushing for a soft opening by the end of 2021, and continue to increase its gaming capacity and hotel rooms starting 2022.
“While Emerald Bay’s first phase is scheduled for completion and opening by the second quarter of 2022, there’s scope for us to have a soft opening by the end of next year. With continued support from our stakeholders and shareholders, we can achieve this,” PHR Chief Operating Officer Jose Angel Sueiro said. PH Resorts has appointed Unicapital, Inc. and Abacus Capital and Investment Corporation as lead and co-lead underwriters, respectively, for the follow-on offering.