PH Resorts gets Pagcor nod to suspend Clark gaming licence
PH Resorts Group Holdings Inc, an investor in casino projects in the Philippines, says that the country’s gaming regulator has approved the request from one of its units to suspend the provisional gaming licence for a casino in Clark Global City (pictured), on the main island of Luzon.
“On 5 October, 2021, Clark Grand Leisure Corp … received approval from the Philippine Amusement and Gaming Corp (Pagcor) of its request to voluntarily suspend its … provisional licence for its integrated resort and casino project situated in Clark Global City in the Clark Freeport Zone,” in the northern province of Pampanga, said the parent company in a Wednesday filing.
PH Resorts said its subsidiary “sought for the voluntary suspension of its licence due to some lingering uncertainties surrounding the casino gaming industry especially with more competition in the Clark, Pampanga location.”
The suspension “shall be effective until further notice and its lifting shall be subject to the approval of the Pagcor board of directors,” it added.
The filing stated: “The voluntary suspension also allows PH Resorts to ramp up and focus all efforts for the construction and development of its flagship integrated resort and casino project, the Emerald Bay Resort and Casino, located in Mactan, Cebu.”
According to a August filing to the Philippine Stock Exchange, the first phase of Emerald Bay is due to be completed “in the third quarter 2022”. PH Resorts is pledged to spend, via an affiliate, a minimum of US$300 million on the Emerald Bay scheme, as part of its deal with Pagcor for a provisional gaming licence.
The complex is due, at completion of its first phase, to have 122 gaming tables to be shared between mass-market play, premium mass and junkets; 600 electronic gaming machines; and 270 hotel room bays.
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