As the Asian gaming market undergoes exciting transformations, the Philippines is gearing up to be a major player in the industry. Leading the charge is PH Resorts Group, a gaming investor determined to secure funding for its grand Emerald Bay resort project in the beautiful Cebu region. And guess what? It seems like lady luck is smiling upon them!
The Philippines’ projected casino gambling scale
After a temporary setback in March, when a deal with Bloomberry Resorts for projects in Cebu and Clark Freeport Zone fell through, PH Resorts remained undeterred. The company firmly believes in the potential of its two ambitious initiatives in the Philippines, and now, they have a well-thought-out plan to keep the momentum going!
PH Resorts, a subsidiary of the renowned Udenna Group, which operates in diverse sectors like oil, logistics, telecommunications, and gaming, aims to bounce back and soar to new heights. While its shares on the Philippine Stock Exchange faced a 23% decline in the past year, PH Resorts is on a determined quest for rejuvenation.
The game-changing move on the table is a stock sale! To bolster the Cebu integrated resort dream, shareholders agreed on a significant increase in authorized capital stock by nearly 100%. In plain terms, there will be 15 billion shares available, up from the existing eight billion. The board of directors has the liberty to issue the shares as needed, leveraging both cash and non-cash properties as valid forms of payment.
While there was an idea of selling off some assets to raise capital, it didn’t make the cut for Wednesday’s meeting. However, it remains an intriguing option that might be revisited in the future.
PH Resorts Group: Getting back on track
With consecutive years of losses, amounting to $2.8 million in 2021 and $14.5 million in 2022, PH Resorts is in dire need of funds to bring the captivating Emerald Bay project back on track. The departure of Bloomberry Resorts added to the delays, but PH Resorts is not one to back down from challenges!
Dennis Uy, the Chairman of PH Resorts, has been engaging in negotiations with potential investors to secure the necessary funding. Though specifics remain under wraps, sources suggest that they are in the “final stages” of discussions with both foreign and local investors. We eagerly await further updates!
Once the Emerald Bay resort is complete, it promises a grand experience with 780 rooms, five luxurious villas, an extravagant casino featuring 729 electronic slots, and 146 thrilling gaming tables! It’s a project brimming with excitement and entertainment, bound to captivate visitors from around the world.
For now, the spotlight is on Cebu, and PH Resorts has redirected all its energy towards this promising venture. The Clark Freeport Zone resort, Base Resort Hotel and Casino, is on hold, allowing the company to concentrate fully on bringing Emerald Bay to life. The launch was initially projected for 2022, but now, it’s all about overcoming challenges and striving for success!
The anticipation is palpable, and with potential investors knocking on their door, PH Resorts is moving closer to realizing its vision of creating an unforgettable gaming destination in the heart of the Philippines. Let’s raise a toast to their resilience and determination, for the future holds exciting prospects for PH Resorts Group!
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