PH Resorts Group Holdings Inc., the hospitality and casino arm of Philippine billionaire Dennis Uy’s Udenna Group, has announced a new strategy to fund two new casino resorts in the country.
On March 1, PHR President Raymundo Martin M. Escalona issued a statement saying the company has discovered “more strategically suitable alternative options for its funding needs,” reported Inside Asian Gaming.
Earlier this year the Philippines Securities and Exchange Commission approved the original plan, a PHP18.5 billion (US$353.5 million) follow-on offering.
According to CDC Gaming Reports, the company still hopes to pursue the offering in time, with proceeds going to fund the development of the first phases of PHR’s two integrated casino resorts: the US$341 million Emerald Resort and Casino in Mactan, Cebu, which broke ground in December 2017 and the Clark Resort in the Clark Freeport Zone.
Uy acquired a 62 percent stake in PHR, formerly known as Philippine H20 Ventures Corp., in late 2018 in order to complete a backdoor listing, after which he changed the entity’s name and became chairman.
