MANILA - PH Resorts Group Holdings, Inc. (PHR) on Friday said the Philippine Stock Exchange has given its approval on the firm's follow-on offering aimed to fund the construction of its Mactan Cebu casino resort.
PHR, Dennis Uy's gaming and hospitality unit under the Udenna Group will list up to 450,000,000 common shares inclusive of overallotment option at an offer price of between P1 to 2.50 per share.
Offer period is set on Oct. 19 to 26 it said, while net proceeds will be used to partially fund the completion of Emerald Bay integrated casino beach front resort in Mactan Cebu.
“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," said PHR chairman Dennis Uy in a statement.
Emerald Bay, touted as the first integrated casino resort in Mactan Island is designed to be accessible from the Cebu-Mactan International Airport.
The first phase of Emerald Bay is set to be done by the second quarter of 2022, but it added an earlier opening by the end of 2021 was also on the table.
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, it said.
“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.