PHR’s flagship project Emerald Bay under construction
The Securities and Exchange Commission has approved a follow-on stock offering of as much as P1.12 billion planned by Davao-based businessman Dennis Uy-led PH Resorts Group Inc. (PHR), developer of integrated casino beachfront resort Emerald Bay 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,” Uy said in a statement on Tuesday.
Braving the stock market at a time when the coronavirus (COVID19) pandemic has bludgeoned the tourism and gaming space, PHR plans to offer as much as 450 million common shares for as much as P2.50 per share. The base offer is 300 million common shares but there will be an overallotment option of up to 150 million new shares.
“Despite the ongoing COVID‐19 pandemic, we are confident that the Philippine tourism and gaming industry will be on the road to recovery when Emerald Bay opens,” Uy said.
PHR – which debuted on the local stock exchange through the backdoor two years ago – has appointed local investment houses Unicapital Inc. and Abacus Capital and Investment Corp. as lead and co‐lead underwriters, respectively, for this re-initial public offering.
Net proceeds from the re-IPO will be used to partially fund the completion of the first phase of Emerald Bay, its flagship integrated casino beachfront resort.
Emerald Bay will be constructed in two phases. The first phase is targeted to be completed by the second quarter of 2022. During the first phase of development, Emerald Bay will feature 122 gaming tables for mass, premium mass and junkets; 600 electronic gaming machines and 270 hotel rooms. It will also have a 300-meter beachfront.
Soft opening of Emerald Bay is targeted by the end of 2021, while gaming capacity and hotel rooms will be expanded starting 2022.