• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Casino investor PH Resorts delays share sale

Mar 04, 2019 Newsdesk Latest News, Philippines, Top of the deck  


Casino investor PH Resorts delays share sale

PH Resorts Group Holdings Inc says it will postpone a follow-on-offering of its shares to a more appropriate time. The decision was made after recent investment initiatives and “careful consideration of its business strategies,” said the firm in a filing to the Philippine Stock Exchange (PSE).

PH Resorts is a listed vehicle used by Philippine entrepreneur Dennis Uy’s privately-held Udenna Corp for the purposes of raising money for investing in new-build Philippine casino projects.

“During the course of PH Resorts’ roadshow and marketing efforts, it [the company] was presented with more strategically suitable alternative options for its funding needs. Thus, upon careful consideration, PH Resorts has decided to defer its offering,” said the firm’s president, Raymundo Martin Escalona, in a prepared statement contained in the filing.

PH Resorts confirmed to the country’s main bourse in January that it had obtained approval from regulators for a follow-on offer for its stock worth nearly PHP18.5 billion (US$357.3 million).

Documents previously filed by the listed entity had indicated PH Resorts planned to sell up to 1.78 billion shares, plus – depending on demand – an oversubscription of as many as 267.94 million shares at PHP9.00 per unit. The latter exercise was aimed at realising PHP24.1 billion gross.

Proceeds of the sale were intended to fund the design, construction and development of the first phases of two casino resorts in the Philippines, the company had said. Part of the proceeds would have been to finance the expansion of the Donatela Hotel in Panglao, in Bohol, while the rest would have been for general corporate purposes, added the firm.

The group confirmed in the latest filing plans to invest in a casino resort – referred to by the name “The Emerald” – on Mactan island, in the central Philippine province of Cebu; and in a second casino resort scheme – dubbed “Clark Resort” – at Clark Global City in the Clark Freeport Zone in Pampanga. The projected completion date of the latter scheme was said to be 2022, according to previous filings.

PH Resorts was previously known as Philippine H2O Ventures Corp. Udenna had its proposal to use Philippine H2O Ventures as a listed vehicle for tourism investment approved by the country’s Securities and Exchange Commission in December.

In Friday’s filing, PH Resorts said it is “still eager” in pursuing the offering and fully intends “to resume the follow-on offer at the most apt time”.

“We shall keep the PSE informed of PH Resorts’ further plans once we have determined the new timetable for the offering,” PH Resorts’ Mr Escalona stated.


  • tweet
Related articles
  • Philippine 2023 GGR likely 5pct up on 2019: consultancy
    Philippine 2023 GGR likely 5pct up on...

    Nov 30, 2023  

  • Kazuo Okada properly removed from IR op: Philippine court
    Kazuo Okada properly removed from IR...

    Nov 28, 2023  

More news
  • Welcome mat, pricey hotels drag Macau MICE: sector
    Welcome mat, pricey hotels drag Macau...

    Dec 01, 2023  

  • Kangwon Land Inc CEO Lee Sam-Geol resigns: reports
    Kangwon Land Inc CEO Lee Sam-Geol...

    Dec 01, 2023  


Latest News

Welcome mat, pricey hotels drag Macau MICE: sector

Welcome mat, pricey hotels drag Macau MICE: sector

Dec 01, 2023  

Fresh event space in casino resorts is welcomed by Macau’s meetings, incentives, conferences and exhibitions (MICE) sector, but visitors’ reception on arrival in the city, high hotel prices, and...
Read More
Kangwon Land Inc CEO Lee Sam-Geol resigns: reports

Kangwon Land Inc CEO Lee Sam-Geol resigns: reports

Dec 01, 2023  

Paradise Co Nov casino rev top US$43mln, down sequentially

Paradise Co Nov casino rev top US$43mln, down sequentially

Dec 01, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”We committed to the government to provide a full business idea and plan for Phase 1b around 12 months after the casino opens, therefore, probably early 2025”

Chen Si

President of the Mohegan Inspire Entertainment Resort in South Korea



Most Popular

  • Macau op premium play reinvestment 17pct of GGR: CLSAMacau op premium play reinvestment 17pct of GGR: CLSA November 30, 2023
  • Inspire Arena leads Mohegan debut in Asia gaming resort bizInspire Arena leads Mohegan debut in Asia gaming resort biz November 30, 2023
  • Macau November GGR down 18pct on October: govtMacau November GGR down 18pct on October: govt December 1, 2023
  • Mohegan Inspire still eyes 1Q24 casino debut: presidentMohegan Inspire still eyes 1Q24 casino debut: president December 1, 2023
  • Miriam Adelson selling US$2bln LVS stock to buy sports teamMiriam Adelson selling US$2bln LVS stock to buy sports team November 29, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us