Uy says ‘all systems go’ for Cebu casino as PSE clears fund-raising

PH Resorts Group Holdings, Inc. (PHR) is set to list its follow-on offer of P1.125 billion shares after securing the approval of the bourse.

In a disclosure, Friday, the gaming and hospitality unity of the Udenna Group said the Philippine Stock Exchange (PSE) board greenlighted the listing of its share offer, the proceeds of which will partially fund the completion of the first phase construction of Emerald Bay, an integrated casino resort in Mactan Island, Cebu.

“It’s all systems go. Despite the on-going COVID-19 (coronavirus disease 2019) pandemic we are playing our long game and our objective of delivering a world-class integrated resort in Cebu remains unchanged,” PH Resorts Chairman Dennis A. Uy said.

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The first phase construction of the casino-resort is expected to be done by the second quarter of 2022. It will run with 122 gaming tables for mass, premium mass, and junkets, 600 slot machines, and 270 hotel room bays.

A soft opening, though, is being pushed by end-2021.

The company tapped Unicapital, Inc. and Abacus Capital and Investment Corp. as lead and co- lead underwriters, respectively, for the follow-on offer. It has also secured the approval of the Securities and Exchange Commission for fund-raising.

The offer will also raise the company’s public ownership from 10%.

PH Resorts incurred P277.07 million in net loss during the first half of the year, extending from P169.15 million previously, as it suffered from the temporary closure of its Panglao resort due to the coronavirus pandemic.

Shares in PH Resort rose by 1.33% to close at P3.04 apiece on Friday. — Adam J. Ang

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Article and Photo originally posted by Business World last October 2, 2020 6:24pm.

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