Plans for Cebu, Clark Freeport
The Philippines Securities and Exchange Commission has approved a plan by billionaire Dennis Uy to proceed with a PHP18.5 billion (US$354.6 million) follow-on share offering.
The proceeds will fund two new casino resorts, the PHP17.8 billion (US$341 million) Emerald Resort and Casino in Mactan, Cebu, which broke ground in December 2017, and the Clark Resort in the Clark Freeport Zone.
According to Inside Asian Gaming, the plan by Uy’s company, PH Resorts Group Holdings Inc. will move ahead in the first quarter and include the sale of 1.78 billion common shares and an oversubscription of another 268 million shares. The price will come in at around PHP9 (US$.17) per share.
PH Resorts Group Holdings Inc. was formerly known as Philippine H20 Ventures Corp. It’s the parent company of gaming and hospitality unit Travel and Leisure Holdings Corp., acquired from Uy’s Udenna Corp. in 2018. PH Resorts is now the holding entity for Udenna’s tourism and casino firms including LapuLapu Leisure Inc., Clark Grand Leisure Corp. and Donatela Hotel Panglao Corp.
