PSE OKs P1.125 billion follow-on share offering of PH Resorts

MANILA, Philippines — PH Resorts Group Holdings Inc., Dennis Uy’s gaming and hospitality subsidiary, is ready with its P1.125 billion follow-on offer of common shares.

It has obtained the approval of the Philippine Stock Exchange (PSE), removing the last hurdle to its new share sale.

“It’s all systems go. Despite the ongoing COVID-19 pandemic we are playing our long game and our objective of delivering a world-class integrated resort in Cebu remains unchanged,” PH Resorts chairman Dennis Uy said.

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

The offer consists of up to 300 million common shares in base offer and an over allotment option of up to 150 million.  The target listing date is Nov. 3.

PH Resorts tapped Unicapital Inc. and Abacus Capital and Investment Corp. as lead and co-lead underwriters for the offer.

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

With the offering, PH Resort’s public ownership level will increase from the current 10 percent.

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

“Upon completion of the first phase, Emerald Bay will feature 122 gaming tables for mass, premium mass and junkets; 600 EGMs and 270 hotel room bays. However, the management team is pushing for a soft opening by the end of 2021, and will continue to increase gaming capacity and hotel rooms starting 2022,” PH Resorts said.

PH Resorts COO Jose Angel Sueiro said Emerald Bay’s first phase is scheduled for completion and opening by the second quarter of 2022 but the company is targeting to have a soft opening by the end of 2021.

“With continued support from our stakeholders and shareholders, we can achieve this,” he said.