Despite recent warnings that its Cebu, Philippines casino resort could be delayed, PH Resorts Group Holdings, the gaming and hospitality arm of Philippines conglomerate Udenna Corp., now says it will open Phase 1 of resort, called Emerald Bay, by late 2021.
In a filing to the Philippine Stock Exchange, the group stated, “The first phase of Emerald Bay is scheduled to open by 2Q of 2022, but the management team is planning for an early opening by the end of 2021.”
Phase 1 will include 122 gaming tables, 600 electronic gaming machines, and a 270-room hotel, with more rooms to be added in Phase 2, for a total of 780 hotel rooms and five villas.
“Despite the challenges of Covid-19, we are diligently working on the completion of the first phase of Emerald Bay,” said PH Resorts Group Chief Operating Officer Jose Angel Sueiro. “Our team continues working to ensure to reduce project costs without sacrificing quality. Our focus is getting Emerald Bay to open on time without cutting corners.”
PH Resorts Group recently flagged a follow-on offer for up to PHP1.125 billion (US$22.8 million) in common shares, the proceeds of which will partially fund the completion of the first phase of The Emerald Bay.
