Operator News
Philippines – PH Resorts Group to invest $1bn on two casinos in the Philippines
By Phil - 12 February 2019
PH Resorts Group Holdings, the leisure and gaming unit of Davao-based businessman Dennis Uy, has said it will invest $1bn to build two casinos in the Philippines; one on Mactan Island in Cebu and the other in Clark Freeport Zone.
The company will sell P18.48bn of shares next month and spend $665m to complete the build of The Emerald, an integrated resort and casino on a 13.5-hectare site in Punta Engaño, Mactan Island, Cebu. Construction got underway in December 2017 with the casino expected to open by the third quarter of 2020.
The gaming floor will cover 7,585 square meters and boast 1,186 electronic gaming machines, 146 gaming tables, alongside a five-star hotel with 838 rooms including five villas, a retail complex covering 8,000 square meters, a convention center and 18 restaurants.
The second phase will add 9,400 square meters to the gaming floor along with a five-star hotel with 1,300 rooms and F&B and retail areas.
In Clark Freeport Zone, PH Resorts will invest $276.6m building Clark Resort, which is expected to open by 2022 with around 600 electronic gaming machines, 100 gaming tables, several hotels with 400 rooms and a retail and restaurant complex.
The company will also spend $40.9m on buying Donatela Hotel in Bohol and expanding the hotel’s current operations.
PH Resorts said the casino projects and hotel expansion would be partially funded by the proceeds from the planned share sale next month.
PH Resorts will have a public float of 30 per cent, once it successfully sold the shares and exercised the over-allotment option.
