Udenna Corp. now holds 86.59 percent of PH Resorts following the issue of new shares. Prior to the transaction, the company owned 82.28 percent. The funds will be used to help finance the development of PH Resort's flagship project, the Emerald Bay Resort.
PH Resorts said it has topped off two hotel towers at Emerald Bay Resort on Mactan Island and that it has also got a further funding pledge from parent company Udenna Corp through a share subscription.
PH Resorts Group Inc. expects its $465 million Emerald Bay casino in central Philippines to break even within seven years from its opening late next year and for the Philippine gaming industry to surpass pre-pandemic levels by 2022.
PH Resorts Group Holdings, Inc, the Udenna Group’s gaming and hospitality subsidiary, has set the offer price for its follow-on offering of up to 450 million primary common shares at P1.68, a 32.8 percent discount from the top-end of its price range.
PH Resorts Chairman Dennis Uy said the company had reached a “significant milestone” towards the opening of its Emerald Bay integrated resort on Mactan Island after the Securities and Exchange Commission gave pre-effective approval for a P1.12 billion ($23 million) follow on share offer.
PH Resorts Group Holdings says it is pushing to open its Emerald Bay resort in late 2021, with the full first phase offering then to be available by the second quarter of 2022.