SEC OKs PH Resorts follow-on offering

MANILA, Philippines — PH Resorts Group Holdings Inc. (PHR), Dennis Uy’s gaming and tourism company, has received the green light from the Securities and Exchange Commission (SEC) to proceed with its P1.125 billion follow-on offering.

Net proceeds of the offer will be used to partially fund the completion of the first phase of Emerald Bay, PH Resorts’ flagship integrated casino beachfront resort in Mactan, Cebu.

“This is another milestone on the way to completing Emerald Bay and continuing on our journey to further put the Philippines on the regional and international gaming map,” said Uy.

Emerald Bay is envisioned to be the first integrated casino resort on Mactan Island with convenient access from the Cebu-Mactan International Airport (CMIA).

With the offer, PHR’s public ownership levels will increase from the current 10 percent.

According to PHR, Emerald Bay will be constructed in two phases, with the first phase targeted for completion by the second quarter of 2022.

Upon completion of the first phase of the project, Emerald Bay will have 122 gaming tables for mass, premium mass and junkets; 600 EGMs and 270 hotel room bays.

Management is pushing for a soft opening by the end of 2021 and will continue to increase its gaming capacity and hotel rooms starting 2022.

“Our location in an urbanized area in the Visayas-Mindanao region, close to a major international airport, the seven-year exclusivity and the offering of a high-quality vacation beach experience creates the perfect scenario for a successful integrated resort,”said PHR chief operating offider Jose Angel Sueiro.

Uy said despite the COVID-19 pandemic, the company is confident that the Philippine tourism and gaming industry would be on the road to recovery when Emerald Bay opens.

PRH has appointed Unicapital, Inc. and Abacus Capital and Investment Corporation as lead and co-lead underwriters, respectively.