Philippine integrated resorts operator Hann Resorts has announced that it has secured a PHP9 billion ($165.66 million) loan to ‘partially finance the ongoing construction and development of its Hann Reserve’ integrated resort project in New Clark City.
According to a social media post by the company, the loan was provided by Asia United Bank and UnionBank of the Philippines.
The project, described last year by Hann Holdings Chairman Daesik Han, is “the ultimate millionaire’s playground”- providing three 18-hole championship golf courses within a 450-hectare property.
The resort dovetails a $600 million expansion of the group’s existing Hann Casino Resort in Clark, completed in 2021, and is expected to cost billions of dollars, as it brings together luxury hotels including the Banyan Tree, Sofitel, Emblem and Westin hotels alongside luxury retail, convention space and restaurants. It also includes residences and commercial spaces.
The first phase of the development includes the Banyan Tree hotel and an 18-hole golf course, as well as a clubhouse and a 10-hectare public park.
Hann Casino Resort was formerly known as Widus.
Daesik Han is a keynote speaker at this year’s ASEAN Gaming Summit, recounting his success story and sharing his plans for expansion in a special fireside chat format debuting at this year’s summit.