In the Philippines and the PH Resorts Group Holdings Incorporated subordinate of local conglomerate Udenna Corporation has reportedly announced that its coming Emerald Bay Resort and Casino should be fully open before the second quarter of 2022.
According to a report from Inside Asian Gaming, the Manila-listed firm made the declaration after receiving ‘pre-effective approval’ for a follow-on common share offer that it believes will bring in approximately $23.3 million. The operator purportedly also stated that it intends to use some of the proceeds of this tender to complete work on the under-construction resort casino in anticipation of being able to conduct a ‘soft launch’ by the conclusion of next year.
PH Resorts Group Holdings Incorporated began work on the $600 million Emerald Bay Resort and Casino in July of 2017 with the intention of inaugurating the Philippines facility by the end of this year. However, the source additionally detailed that construction of the Paul Steelman-designed property was subsequently delayed due to the coronavirus pandemic, which prompted its owner to go in search of supplementary sources of external funds.
Being built on a 13.5-acre plot of beachfront land on the central island of Mactan, the first stage of the finished Emerald Bay Resort and Casino is reportedly due to open featuring some 270 hotel rooms alongside a casino offering a selection of 600 slots and 122 gaming tables authorized under a seven-year exclusivity deal. The source furthermore explained that the coming five-star enterprise will sit roughly 3.7 miles from Mactan-Cebu International Airport and later add as many as 18 restaurants alongside a convention center and 86,111 sq ft of retail space.
Dennis Uy, Chairman for PH Resorts Group Holdings Incorporated, reportedly described the endorsement of his firm’s coming share deal as ‘another milestone on the way to completing Emerald Bay Resort and Casino’. The executive purportedly moreover pronounced that the completed tender is destined to take public ownership in the operator beyond its current 10% level and allow it ‘to further put the Philippines on the regional and international gaming map.’
Reportedly read a statement from Uy…
“Despite the ongoing coronavirus pandemic, we are confident that the Philippines tourism and gaming industry will be on the road to recovery when Emerald Bay Resort and Casino opens.”