Clark integrated resort developer all set to brave the stock market
Han Dae-sik —PHOTOS FROM HANN RESORTS
MANILA, Philippines — Hann Resorts, developer of a luxury integrated gaming resort in Clark Freeport Zone, has filed for a P12.98-billion initial public offering (IPO) this year despite a challenging environment for casino operators.
The company led by South Korean businessman Han Dae-sik confirmed to the Inquirer its submission of a prospectus to the Securities and Exchange Commission for its stock market debut.
Based on the prospectus, about 500 million primary shares and 50 million secondary shares will be offered to the public at a maximum price of P23.60 per share.
“We are exploring fundraising options and will make further disclosures at the appropriate time given that we are now undergoing a regulatory process,“ Hann says in a statement.
“We will await feedback on evaluation and related matters and provide updates as and when circumstances allow or developments are more definite,” the company adds.
Betting on Clark
Hann brought its brand of luxury integrated resorts in the country via Hann Philippines, which has an 11-hectare property in Pampanga. Its portfolio includes the first five-star luxury hotel in Central Luzon, Clark Marriott, and the first Swissotel in the country. It was originally the Widus Hotel in 2006.
Han first stepped foot in Clark in 2005 when he observed that accommodations were sparse at the former American military base.
READ: Oppa’s bold bet on Clark pays off
In an April 2024 interview with the Inquirer, Han said Clark “kept lingering in my mind,” and he decided to invest capital he got from selling his real estate holdings in Korea’s Widus Hotel and Casino.
While it was initially a challenging venture, he was granted a license to operate a Philippine casino in 2009 that soon helped turn around his fortunes.
Headwinds
Prior to its IPO filing, Hann had been delaying its stock market debut with an initial price tag of P12 billion due to volatile market conditions.
Casino operators have also been having some difficulty recovering postpandemic, with Enrique Razon Jr.-led Bloomberry Resorts Corp. seeing weak demand from its high rollers.
Analysts also previously noted that online gaming has been gaining more traction, with Bloomberry already planning to compete directly with market leader DigiPlus Interactive Corp.
