PH Resorts bullish about recovery as its raises P600 million

PH Resorts, Emerald-Bay, Cebu, Philippines

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. 

Felix is the Asia Editor and Events Director of the Asia Gaming Brief. He has over a decade of experience developing conferences for industries including gaming, telecoms, investment, biotechnology, and mining. He has developed some of the most well-known conferences for the Asian gaming industry, most recently being the ASEAN Gaming Summit, the Australasian Gaming Seminars, and the Mekong Gaming Summit. Felix covers gaming technology and innovation and is passionate about developing engaging and eye-catching content for the industry.