PH Resorts gets P2.1 billion infusion from affiliate

Iris Gonzales (The Philippine Star) - October 19, 2019 - 12:00am

MANILA, Philippines — PH Resorts Group Holdings Inc., the listed tourism and gaming subsidiary of Dennis Uy, has obtained an advance of $42.5 million or roughly P2.1 billion from Emerald Development Holdings Ltd.

Emerald is an offshore entity wholly-owned by PHR’s parent entity, Udenna Corp.

Proceeds will be used to fund the ongoing construction of The Emerald Bay Resort and Casino, PHR’s integrated resort hotel and casino project located in Mactan, Cebu.

PHR president and chief executive officer Raymundo Martin Escalona said the funding would allow the company to complete the project.

“This advance represents a significant step in realizing the completion of The Emerald Bay Resort and Casino. We are very excited to finish the first integrated resort in the Philippines outside of Entertainment City in Metro Manila,” he said.

PHR is the holding entity for the tourism-related businesses of the Udenna Group which includes The Emerald Bay Resort and Casino integrated resort in Lapu-Lapu City, Mactan, Cebu; the Donatela Hotel in Panglao, Bohol; and The Base integrated resort in Clark Global City in Angeles, Pampanga.

Escalona is optimistic about the gaming industry.

Uy’s Udenna Group earlier acquired 62 percent of the issued and outstanding capital of Philippine H2O under a share purchase agreement with Jolliville Holdings Corp. It changed the name to PH Resorts Group Holdings Inc.

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