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PHR Emerald Bay flagship project under construction
The Securities and Exchange Commission has approved a follow-up share offering of up to P1.12 billion planned by Davao-based businessman Dennis Uy, led by PH Resorts Group Inc. (PHR), developer of the integrated casino complex. across from Emerald Bay Beach in Mactan. , Cebu.
“This is another milestone on the road to completing Emerald Bay and continuing our journey to put the Philippines on the map of the regional and international game,” Uy said in a statement Tuesday.
Defying the stock market at a time when the coronavirus (COVID19) pandemic has hit the tourism and gaming space, PHR plans to offer up to 450 million common shares for up to P2.50 per share. The base offering is 300 million common shares, but there will be an over-allotment option of up to 150 million new shares.
“Despite the ongoing COVID-19 pandemic, we are confident that the gaming and tourism industry in the Philippines will be on the road to recovery when Emerald Bay opens,” Uy said.
PHR, which debuted on the local stock exchange through the back door two years ago, has designated local investment houses Unicapital Inc. and Abacus Capital and Investment Corp. as primary and co-lead underwriters, respectively, for this public offer of restart.
The net proceeds from the new IPO will be used to partially finance the completion of the first phase of Emerald Bay, its main integrated beachfront casino complex.
Emerald Bay will be built in two phases. The first phase is expected to be completed in the second quarter of 2022. During the first phase of development, Emerald Bay will feature 122 table games for masses, premium masses and travel; 600 electronic game machines and 270 hotel rooms. It will also have a 300 meter beach front.
Emerald Bay’s soft opening is scheduled for late 2021, while gaming capacity and hotel rooms will expand beginning in 2022.
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