Formerly Philippine H2O Ventures. Listed unit of Udenna Corp.
Angel Sueiro - Chief Operating Officer, PH Resorts
PH Resorts, which is developing the Emerald Bay resort on Cebu, has signed an accord with a junket operator aimed at tapping into Japan’s VIP market.
PH Resorts Group’s Emerald Bay casino resort is set to open before the end of the year despite difficult market conditions. The company said the new resort will target Asia’s growing gaming market.
Udenna Corp. now holds 86.59 percent of PH Resorts following the issue of new shares. Prior to the transaction, the company owned 82.28 percent. The funds will be used to help finance the development of PH Resort's flagship project, the Emerald Bay Resort.
PH Resorts said it has topped off two hotel towers at Emerald Bay Resort on Mactan Island and that it has also got a further funding pledge from parent company Udenna Corp through a share subscription.
PH Resorts said its net loss in the nine months to end September widened to PHP336.4 million from PHP266.0 million a year earlier, primarily due to the ramp up of construction activity for its Emerald Bay resort on Mactan island.
PH Resorts Group Inc. expects its $465 million Emerald Bay casino in central Philippines to break even within seven years from its opening late next year and for the Philippine gaming industry to surpass pre-pandemic levels by 2022.
Angel Sueiro, chief operating officer of PH Resorts, talks with Asia Gaming Brief managing editor Sharon Singleton about the concept for the company’s next property in the highly competitive Clark Freeport Zone and opportunities post-Covid 19 in the Philippines. The mass market is paying the bills, but international visitors are needed to put the cream on top.
PH Resorts has asked for a voluntary trading suspension of its shares at the Philippine Stock Exchange (PSE) during its follow-on offering. Shares of PH Resorts will be suspended from today through November 5.
Some areas of the Philippines have been able to tentatively open their resorts for business after the Covid-19 lockdowns but for now they are just available to local residents. The resorts are in Negros Occidental in the middle of the archipelago.
PH Resorts Group Holdings, Inc, the Udenna Group’s gaming and hospitality subsidiary, has set the offer price for its follow-on offering of up to 450 million primary common shares at P1.68, a 32.8 percent discount from the top-end of its price range.
PH Resorts Holdings said Tuesday that it moved the timetable for its planned PHP1.1 billion share sale by two days to avoid competing with two big-ticket equity offerings.
PH Resorts Chairman Dennis Uy said the company had reached a “significant milestone” towards the opening of its Emerald Bay integrated resort on Mactan Island after the Securities and Exchange Commission gave pre-effective approval for a P1.12 billion ($23 million) follow on share offer.
PH Resorts’ total revenues in the April-June 2020 quarter fell by more than 99.9 percent from the previous year, reaching only PHP12,537 (US$263). The corresponding figure for 2019 was nearly PHP14.3 million. The net losses for the company in the quarter were over PHP138.4 million, and the losses for the year 2020 until the end […]
PH Resorts Group Holdings says it is pushing to open its Emerald Bay resort in late 2021, with the full first phase offering then to be available by the second quarter of 2022.
PH Resorts Group Holdings says it expects to complete the construction of the first phase of its Mactan Island integrated resort in the first quarter of 2022, according to the company’s first-quarter results released on Monday. “The Group expects to commence the hiring process in respect of The Emerald Bay’s gaming and hotel operations and […]
The lack of capacity due to social distancing measures will be the key challenge for operators in opening their properties and not the lack of demand, says Angel Sueiro, chief operating officer of PH Resorts.
The shareholders of PH Resorts Group have agreed on a merger between the company and its wholly-owned subsidiary PH Travel and Leisure Holdings, with the aim of achieving greater operational efficiency. PH Travel is the holding company for the gaming and hospitality arm of the Udenna Group, which includes LapuLapu Leisure, Inc., Clark Grand Leisure […]
PH Resorts Group is looking to raise around $600 million in funds to support the construction of its $600 million integrated resort in Mactan, Cebu, local media reports. In an interview, PH Resorts president Raymundo Martin Escalona said the company was looking to raise debt and equity to finance the construction of The Emerald, which […]
Philippine H2O Ventures Corp, a subsidiary of Udenna Corp, says it is planning to raise P18.5 billion in capital in order to fund its upcoming casino projects. Said projects include a $300 million casino development called Lapu-Lapu Leisure Mactan in Cebu, as well as a second casino in Clark Global City in the Clark Freeport […]
Privately owned Udenna Corp is planning to shift its hotel and casino assets into a listed unit as it pushes further into the tourism sector in the Philippines.
Regional casinos in the Philippines are likely to resume their outperformance once the global pandemic eases as infrastructure improves and major projects come online.
The Philippines’ regional casinos may not get the same headline publicity as the bigger resorts in Manila, but the number of properties has been growing and their client base evolving as amenities and infrastructure improves.