PH Resorts Group, the gaming and hospitality arm of Philippines conglomerate Udenna Group has described the successful completion of a share placement offer as a clear sign that investors are confident the industry will rebound strongly from the impact of the Covid-19 pandemic.
According to Inside Asian Gaming, this month the company announced a series of placing and subscription transactions, including an offer of 352.4 million newly issued common shares aimed at raising US$119 million.
On Friday, PH Resorts Group confirmed it had successfully completed the offer, raising enough funds from qualified buyers top continue development of the Emerald Bay Resort & Casino in Mactan, Cebu.
“Despite continuing fears about Covid-19 and with the Delta variant reaching our shores, we are very happy that there are investors that continue to remain bullish on the prospects of the country’s tourism and gaming industry,” said PH Resorts Chief Operating Officer Jose Ángel Sueiro.
“In fact, the participants in our top-up placement are existing shareholders and also participated in the company’s follow-on offer last November.”
PH Resorts Group says an expected return of international and local flights plus an increase in vaccination rates in the country will form the foundation of a solid recovery in the tourism sector.
Phase 1 of Emerald Bay is due to open toward the end of next year. It will feature 122 gaming tables, 600 electronic gaming machines and 270 hotel rooms.
