Hann Resorts, the master entity behind the Hann Casino Resort and Hann Reserve schemes at Clark in the Philippines, as “any enterprise seeking to expand”, is “continually looking at various options for funding, including debt, and capital markets, either in debt or equities,” said the firm’s vice president for finance, Mitchell Amador-Estacio, in a reply to GGRAsia.
Her remarks were made in a written reply to GGRAsia’s question about the possibility of the company pursuing an initial public offering (IPO), as reported by local newspaper The Star in late June.
On Tuesday, both Bloomberg and Reuters reported about Hann Resorts’ plan for an IPO. According to unidentified sources quoted by Bloomberg, the company has already engaged investment banks, with the timing of the share sale depending on market conditions.
Reuters cited the head of the Philippine Amusement and Gaming Corp (Pagcor), Alejandro Tengco, as saying that the casino firm was planning an IPO worth between PHP15 billion (US$256.6 million) and PHP20 billion.
The chief executive and chairman of the country’s gaming regulator said Hann Resorts was targeting to list on the Philippine bourse early next year.
“The growth story is they have a casino expansion including three championship golf courses and five-star hotels,” Mr Tengco told Reuters.
In her reply to GGRAsia, Ms Amador-Estacio said that while Hann Resorts was “open to all options at this time,” there was “no board or shareholder action on which action to take as regards fund-raising activities, and consequently, no timetable”.
“Hann Group is actively engaged in various stages of development over its committed investments to Philippine regulators and stakeholders,” she stated.
“We will make any announcements on our projects and initiatives in the normal course and in due time,” she added.
Hann Casino Resort (pictured), in Clark Freeport Zone, launched in December 2021 as an upgrade and rebranding from the former Widus Hotel and Casino at Clark.
The luxury development called Hann Reserve will feature a golf course from a design firm founded by retired champion Jack Nicklaus, due to be completed in 2025. It will be one of three 18-hole courses to be built at Hann Reserve at New Clark City.
The whole multi-phase development is due to have several upmarket hotels, villas, and “residences”, according to its promoter, Hann Philippines Inc, a company led by entrepreneur Daesik Han.
In December, a Banyan Tree-branded hotel broke ground at the site of Hann Reserve.
