Manila, PHILIPPINES – PH Resorts Group Holdings, Inc. (“PHR” or the “Company”), the Udenna Group’s gaming and hospitality subsidiary, conducted a successful listing ceremony for its recently concluded Follow-On Offer of 450 million primary common shares on the Philippine Stock Exchange (PSE) trading floor. Joining PHR Chairman Dennis A. Uy and his wife Cherylyn C. Uy in the ceremonial ringing of the opening bell were PSE President and CEO Ramon S. Monzon along with Philippine Amusement and Gaming Corporation (PAGCOR) Chairman and CEO Andrea D. Domingo and President and COO Alfredo C. Lim.
In his opening remarks, PSE President and CEO Ramon S. Monzon said, “I am pleased that the PSE was able to support PHR in its capital raising requirement. Bulk of the funds will be utilized by the company for the construction of Emerald Bay, which is a much-awaited integrated resort and casino development expected to have its soft opening by end of next year.” He also said, “This massive project has generated and will continue to generate much-needed jobs for Filipinos and will help boost tourism in Cebu and stimulate the province’s economy after this pandemic.”
PHR Chairman Dennis A. Uy expressed bullishness despite the current COVID-19 pandemic in his issuer’s speech, “Given how tough this year has been for all of us, I consider it miraculous that we are here today to celebrate this milestone for PH Resorts. The success of this follow-on offer, being five times oversubscribed and having raised P756 million, is a considerable achievement not just for our Company but also for the industry. With the travel restrictions and the folding up of businesses due to the pandemic, restarting the tourism and gaming sector is one of the top concerns of leaders across the world.”
The net proceeds 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. Emerald Bay will be the first integrated casino resort on Mactan Island with convenient access from the Cebu-Mactan International Airport (CMIA).
The first phase of Emerald Bay is scheduled to open by the second quarter of 2022 but the management team is planning for any early opening by the end of next year. It will initially feature 122 gaming tables for mass, premium mass and junkets; 600 EGMs and 270 hotel room bays. It will then increase its gaming capacity and hotel rooms by 2022.
PHR today closed at P2.18, 29.76% higher than its FOO price of P1.68.