PH Resorts Group Holdings Inc., the listed gaming and tourism company of businessman Dennis Uy, is working to open his Emerald Bay casino in Cebu by the second quarter of 2022 despite the challenges brought about by the coronavirus disease 2019 or COVID-19 pandemic.
“Despite the challenges of COVID-19 we are diligently working on the completion of the first phase of Emerald Bay. Our team continues working to ensure to reduce project costs without sacrificing quality. Our focus is getting Emerald Bay to open on time without cutting corners,” PH Resorts chief operating officer Jose Angel Sueiro said during the company’s annual shareholders meeting on Wednesday.
Emerald Bay will have a total of 146 gaming tables and 729 electronic gaming machines (EGMs) as well as 780 hotel room bays and five villas.
The first phase of Emerald Bay is scheduled to open by the second quarter of 2022 but the management team is planning for an early opening by the end of 2021, which will initially feature 122 gaming tables for mass, premium mass and junkets, 600 EGMs and 270 hotel room bays.
It will then increase its gaming capacity and hotel rooms by 2022.
PH Resorts recent filed for a follow on offer of up to P1.125 billion. Net proceeds of which will be used to partially fund the completion of the first phase of Emerald Bay.
Uy said this is a testament to the company’s commitment to pursue the project.
“We remain very committed to the long-term growth story of tourism and gaming in the Philippines. While many challenges remain, we are confident of overcoming them as we see some recovery by the time the first phase of Emerald Bay is completed and opened to the public,” Uy said.
PH Resorts has appointed Unicapital, Inc. and Abacus Capital and Investment Corp. as lead and co-lead underwriters, respectively.
Source: Iris Gonzales, The Philippine Star
Source: Peso Economics
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