PH Resorts bullish about recovery as its raises P600 million

Emerald-Bay, Cebu, Philippines, pool render
Emerald Bay Render

PH Resorts, which is building the Emerald Bay Resort and casino project in Cebu, announced it has successfully raised approximately P600 million (US$11.9 million) from a select group of Qualified Buyers. 

The transaction consisted of 352 million shares sold by parent company Udenna Corp. The proceeds it said would be used for the continued expansion of the company’s project in Cebu. 

“Despite continuing fears about COVID-19 and with the Delta variant reaching our shores, we are very happy that there are investors that continue to remain bullish on the prospects of the country’s tourism and gaming industry. In fact, the participants in our top-up placement are existing shareholders and also participated in the Company’s follow-on offer (FOO) last November,” said PH Resorts COO gaming veteran Jose Angel Sueiro.

PH Resorts said that with more of the population vaccinated in the coming months, they expect the resumption of both international and local flights which will spurr recovery in the Philippines and the region.