PH Resorts postponed its planned sale of stock to explore other financing opportunities for the development of two casino resorts
Leisure and gaming operator PH Resorts Group Holdings Inc., owned by Philippine businessman Dennis Uy, said late last week that it has decided to postpone its previously announced share sale to a later date.
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The company planned to use proceeds from the sale of stock to fund the development of two casino resorts in the Philippines.
In a letter to the Philippine Stock Exchange, PH Resorts said last Friday that it has been presented with “more strategically suitable alternative options for its funding needs” and that was why it has decided to give up plans for a share sale for now. The company went on to say that it would still pursue the sale of stock, but would postpone the realization of that plan to a later time.
Under initial plans, PH Resorts was set to conduct the share sale this month. The company previously said that it intended to sell 2.054 billion common shares at a price of between PHP3.65 and PHP5.84 per share. PH Resorts would have thus raised between PHP7.5 billion (approx. $144.7 million) and PHP12 billion (approx. $231.5 million).
Casino Resort Plans
PH Resorts is planning to expand its portfolio of properties with two more integrated resorts. As mentioned earlier, the company actually intended to use proceeds from the share sale to fund its new projects. It now seems that it would explore other options to finance the development of its new operations.
It was in late 2017 when the company broke ground on The Emerald, a $340-million hotel and casino resort in Punta Engaño on the Mactan Island in Cebu. Phase one of the property is expected to be completed and launched in the third quarter of 2020.
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The resort will occupy 13.5 hectares of land and its first phase will feature a 7,585-square-meter casino floor with nearly 1,200 slot machines and 146 gaming tables, a hotel with 838 rooms and five villas, a retail center, a convention venue, and multiple food and beverage facilities. Phase two of the project will include the addition of 9,400 square meters of gaming space and a 1,300-room five-start hotel, among other facilities.
PH Resorts is also planning to spend more than $276 million on another integrated resort. The property will be located in the Clark Freeport Zone. Development of Clark Resort was expected to begin during the first quarter of the year, but the postponed share sale would probably affect the project’s timetable.
When operational, Clark Resort will feature a casino with 600 slot machines and 100 table games, several hotels, a dining complex, and retail space.
PH Resorts has also announced plans to expand and upgrade its existing Donatela Hotel. The upscale resort is located in Panglao, Bohol and features 21 villas. PH Resorts will add more than 60 hotel rooms to the existing offering at the complex.
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