Operator News

Philippines – PH Resorts Group to raise $12m for construction of Emerald Bay

By Phil - 20 August 2021

Udenna Group, owner of Philippine entity PH Resorts Group, has said it will now quickly raise US$12m for the construction of the beach front Emerald Bay, a new integrated resort in Mactan, Cebu, in the Philippines, via a series of share transactions.

The company said that by placing and subscription transactions, it will sell 352,441,000 common shares it currently holds in PH Resorts Group to buyers at a price of Php1.70 per share, raising Php599.1m (US$11.9m).

“The Placing and Subscription Transaction allows the company to raise capital in a most expeditious and efficient manner to partially fund the ongoing construction and development of Emerald Bay Resort and Casino project,” it said.

Designed by world renowned Steelman Partners, it is expected to open by the second quarter of 2022, with a soft launch towards the end of 2021. Emerald Bay’s first phase will boast 122 gaming tables offering mass, premium mass and junkets, plus 600 EGMs and 270 hotel rooms.

PH Resorts Group Holdings, Inc. (formerly known as Philippine H2O Ventures Corp.) is the parent company of PH Travel and Leisure Holdings Corp., the holding company for the gaming and hospitality arm of the Udenna Group, which includes LapuLapu Leisure, Inc., The Base Corp., and Donatela Hotel Panglao Corp.

LapuLapu Leisure is the developer of Emerald, an integrated tourism resort to be located on a prime beachfront area on Mactan Island, Lapu-Lapu City, Cebu. Emerald will be located on a 13.5-hectare site located on the Punta Engaño peninsula of Mactan Island. The first phase of Emerald is expected to have approximately 7,585 square meters of aggregate gaming floor area, with approximately 1,186 electronic gaming machines, approximately 146 gaming tables, a five-star hotel, with approximately 838 rooms, including five villas, a retail complex covering an approximate area of 8,000 square meters, a convention center, and 18 restaurants.

CGLC is the developer of The Base, an integrated tourism resort to be located in Clark Freeport Zone, Luzon, Philippines. DHPC is the owner of the Donatela Hotel, a boutique-style, upscale hotel in Tawala, Panglao Island, Bohol. The Donatela Hotel has 12 upscale villas with pools, fine-dining restaurants and a wine cellar. It is located on a 7.5 hectare property approximately a 14-minute drive from the Bohol International Airport.