In the Philippines, local trading and shipping firm Udenna Corporation has reportedly announced that it is to make a second run at raising enough cash to build a new $600 million integrated casino resort on the central island of Mactan.
According to a report, the new fund-raising exercise is due to be conducted by the firm’s PH Resorts Group Holdings Incorporated subsidiary after the Davao City-headquartered company failed to bring in enough development funds via a recent share offering.
Bulging bank balance:
The President for PH Resorts, Raymundo Martin Escalona (pictured), reportedly told investors yesterday that his firm is prepared to borrow up to 70% of the cash it will need in advance of securing the remaining amount by issuing equity in the coming integrated casino resort project. He purportedly also revealed that he had already asked Manila-listed, China Banking Corporation to arrange a loan that could top out at about $420 million.
“We will still do a follow on. I don’t know when but we will. We have the option until end of 2020, depending on the market situation.”
GGRAsia reported that Udenna, which is a privately-held enterprise of Filipino businessman Dennis Uy, is hoping to build its first integrated casino resort on the outskirts of the central Philippine city of Cebu and near the region’s Mactan-Cebu International Airport. Due to be branded as The Emerald Resort Hotel and Casino, the first phase of this planned facility is purportedly due to feature around 400 hotel rooms as well as a gaming floor offering approximately 600 slots and 100 gaming tables.
Should everything go to plan, Udenna hopes to additionally construct and open a follow-on facility within Luzon’s Clark Freeport Zone sometime before the end of 2024. Escalona told The Philippine Star newspaper that his firm is ‘very optimistic’ about the future prospects of any future integrated casino resorts that are built in the Philippines due to the nation’s ever-rising gross gaming revenues.
“If you look at the growth rate of gross gaming revenues in the Philippines in the last seven years, it was above 20%. That will continue to grow to help tourism.”