PH Resorts expected to receive funding for Cebu resort casino
PH Resorts Group, a gaming & hospitality giant behind construction of the Emerald Bay Resort Casino in Cebu, Philippines, is reportedly making headway towards receiving funding for the gambling-friendly project. The Emerald Bay Resort Casino is already under-construction in Cebu, an island city in the south-central Philippines. The developer of the gambling-friendly project, PH Resorts, is in search of new funds to complete the project.
Previously, PH Resorts hit a deal with Bloomberry Resorts for two casino projects – one in Cebu and the other in the Clark Freeport Zone of the country. Unfortunately, after negotiating the terms of the funding deal for around a year, the company owned by billionaire investor Enrique Razon Jr. pulled out earlier this year.
However, that was just a momentary impediment for the developer as it has two initiatives on the table in the Southeast Asian archipelagic country that are expected to deliver robust results and allow it to continue to move head.
PH Resorts is a subsidiary of Udenna Group, which is a conglomeration based in Philippines having diverse businesses, including logistics, oil, telecommunications, and gaming. In spite of its connection to the multibillion-dollar diverse businesses, it has failed to perform well, which dragged its stock on the Philippines Stock Exchange down by more than 23 per cent in the past one year. In order to raise fresh cash, the company is going to increase its authorized capital stock by nearly 100 per cent. Shareholders have already approved the plan. The money generated through increased capital stock will go toward the Cebu resort casino.
Some fresh reports also suggest that the company’s chairperson, Dennis Uy, is working with at least one foreign and one Philippines-based investor to collect funds. Unfortunately, details remain scarce. A representative to the company just said that more information would be released at the earliest possible.
For the last few years, the Asian region is experiencing an unprecedented shift in gaming market, and analysts are of the view that the Philippines will eventually emerge as a major player.
Once the under-construction resort casino in Cebu is complete, it will offer nearly 800 well-furnished rooms and five villas, in addition to a spacious casino with 729 electronic slot machines and 146 gaming tables. The project missed its initially projected launch in 2022 due to the aforementioned financial difficulties, and it still remains uncertain when it might be ready.