Hann Resorts is planning an IPO either this year or early next year, worth up to PHP20 billion ($242.2 million), according to the head of the nation’s gaming regulator.
In statements to Reuters, PAGCOR Chairman Alejandro H. Tengco indicated that the IPO was part of the group’s expansion plan, with its new Hann Reserve featuring “three championship golf courses and five-star hotels” as part of its “growth story”.
According to reports, the IPO is intended to bring in new funding for expanding Hann’s gaming operations and the development of Hann Reserve.
The company currently operates some 147 gaming tables, 868 slot machines, two VIP clubs and two five-star hotels at its Hann Casino Resort.
The company’s parent firm, Hann Philippines, is currently developing the $2 billion Hann Reserve (with potential expenditure reaching $4 billion), the 450-hectare luxury estate in Tarlac.
If it materializes, the IPO would be the largest this year, and encourage further investment in the country, as companies have been stagnant in regards to recent IPOs.
