Good Morning. And again….Emerald Bay. Much to be talked about as the group secured its re-financing, totaling $128 million, with intentions to finalize the Cebu-based project even as its talks with investors continue. In Entertainment City, City of Dreams Manila saw a massive first half-year, with gaming profit up 44 percent. Meanwhile, PAGCOR has announced that it garnered some $54 million in profit during 1H23, as domestic gaming booms and international travelers return.
What you need to know
- Board of directors of PH Resorts approves proposal to increase capital by $128 million to finish flagship IR in Cebu.
- City of Dreams Manila shines within the first half-year, with a 44 percent increase in gaming profit during the period.
- PAGCOR records some $54 million in profit for the first half-year, up 37 percent, as the nation continues its post-COVID rise.
On the radar
- Premium Leisure Corp sees 49 percent increase in net income in 2Q23.
- Summit Ascent providing $246 million to PH-based Suntrust.
- Osaka casino project already attracting foreign investors to invest.
- Cambodian casino mogul sees former partners deny affiliation.
- Macau got 349k package tourists in 1H23, still at 8.5 percent of 2019 levels.
- Steve Wynn pays $10 million fine to settle misconduct allegations.
- MGM Resorts appoints former Aristocrat strategy head to CSO role.
AGB Intelligence
PHILIPPINES
PH Resorts approves $128 million refinancing move
Emerald Bay integrated resort developer PH Resorts has received the green light from investors for a $128 million capital increase, as the company targets the finalization of its project in Cebu. Despite fiscal authorities denying the discussion of a sell-off of certain assets to finance the group’s ongoing endeavors, PH Resorts appears confident in its outlook for Emerald Bay, ideally moving on to its other scheduled projects after partners and investors are secured.
Industry Updates
- Wazdan starts the hunt for the Grand Jackpot with Mighty Wild: Panther.
- Videoslots now features 10,000 games on Its online casino.
- Sands ranks in the top 1 percent for ESG.
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