Despite Tourism Bust, Dennis Uy’s Gaming Resort Gets Greenlight for P1.125 Billion Share Sale
The pandemic may have slowed down the economy, but it’s apparently not slowing down tycoon Dennis Uy. The head of Udenna Corp. just received a greenlight from the Securities and Exchange Commission (SEC) for its follow-on P1.125 billion stock offering of common shares of Uy’s gaming and hospitality subsidiary PH Resorts Group Holdings, Inc. (PHR).
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PHR is the developer of Emerald Bay, a rising casino hub serving as the company’s flagship beachfront resort in Mactan, Cebu. The giant resort sits on 13.5 hectares of land, which includes a 838-room five-star hotel, 8,000 square meters of retail, 18 restaurants, a convention center, and a 7,500 square meter gaming floor. It also occupies a 300-meter long stretch of the beachfront.
Once completed, it will be one of the largest resorts in the region, but that won’t be until next year. The pandemic has slowed down Uy’s gaming hub, but according to PHR, the company is still aiming for a soft opening by the end of 2021, but the first phase should be fully operational by the second quarter of 2022.
The Philippine economy has taken a hit from COVID-19, and the tourism industry has seen its revenues wiped out due to lockdowns. Despite the less than stellar conditions for tourism, PHR is still pushing through with its plans, even though the company posted P138 million in losses, as per its first quarter report.
“Despite the ongoing COVID-19 pandemic, we are confident that the Philippine tourism and gaming industry will be on the road to recovery when Emerald Bay opens,” said Uy.
“This is another milestone on the way to completing Emerald Bay and continuing on our journey to further put the Philippines on the regional and international gaming map.”
Proceeds of the P1.125 billion sale will go toward completing the first phase of Emerald Bay, which is just one of the company’s projects in development. PHR is also reportedly planning to open a similar mega-casino in Clark, which will be called The Base.
Take a look at what the Emerald Bay will look like below: