Dennis Uy owned PH Resorts Group is planning to spend more than P52 billion (US$1 billion) to fund the construction of two casino resorts.
In a registration statement related to its planned P18.5 billion share sale, PH Resorts said it budgeted $665 million for the completion of The Emerald in Cebu – which is expected to complete by the third quarter of 2020.
The first phase of The Emerald is expected to have 7,585 square meters of gaming floor space, with 1,186 electronic gaming machines, 146 gaming tables, a five-star hotel with 838 rooms, a retail complex, convention center, and 18 restaurants.
The company is also looking to spend $276.6 million for the development of Clark Resort, integrated gaming, and tourism resort in Clark Freeport Zone.
Construction of the Clark Resort is expected to start this quarter and will be completed in 2022.
Once completed, the resort would have 600 electronic gaming machines, 100 gaming tables, several hotels with 400 rooms, retail, and restaurants.
There is another $40.9 million budgeted for the acquisition of Donatela Hotel in Bohol and expansion of the hotel’s current operations.
Next month’s share sale will help to partially fund PH Resorts’ expansion plans, it said.