MANILA - Davao-based businessman Dennis Uy’s gaming and tourism firm is aiming to open its flagship casino resort in Mactan, Cebu by the end of next year, the company said Thursday.
PH Resorts Group Holdings, the gaming and tourism holding company of the Udenna Group, said that despite the challenges posed by the COVID-19 pandemic, the company is working to complete the first phase of its Emerald Bay casino resort.
“Our focus is getting Emerald Bay to open on time without cutting corners,” said PH Resorts chief operating officer Jose Angel Sueiro.
The company said the first phase of Emerald Bay is set to open by the second quarter of 2022, but the management team is planning for an early opening by the end of 2021.
Emerald Bay was originally targeted to open this year, according to the company’s website.
Despite the impact of COVID-19 on the economy, PH Resorts said it remains optimistic in the long-term prospects of the tourism and gaming sector. The company said it recently filed for an up P1.125 billion follow-on offer of common shares to partially fund the completion of the first phase of Emerald Bay.
“While many challenges remain, we are confident of overcoming them as we see some recovery by the time the first phase of Emerald Bay is completed and opened to the public,” Uy said.
Since President Rodrigo Duterte assumed power, Uy has been on a buying spree, building a conglomerate around Udenna.