• 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

Udenna ready to list casino resorts in Philippines

Jun 26, 2018 Newsdesk Latest News, Philippines, Top of the deck  


Udenna ready to list casino resorts in Philippines

Udenna Corp – a privately-held conglomerate led by Filipino entrepreneur Dennis Uy – will use a subsidiary as a vehicle to list its tourism ventures, including a casino resort in Cebu and one in Pampanga province.

The subsidiary – Philippine Stock Exchange-listed Philippine H2O Ventures Corp – issued a written statement after its annual general meeting on Monday, saying its shareholders agreed it should be renamed PH Resorts Group Holdings Inc. The newly-named entity will focus on hotels, gaming and entertainment as its main businesses.

The announcement to the Philippine bourse said PH Resorts would run a casino resort project on Mactan island, in the central Philippine province of Cebu, and another at what the filing termed “Clark Global City” – a development within the Clark Freeport Zone – in the northern province of Pampanga.

Monday’s shareholder meeting also saw Udenna acquire 62 percent of PH Resorts. Mr Uy was elected chairman of the group and a motion was approved to increase the authorised capital of the company to PHP8 billion (US$149.8 million) from PHP500 million.

“PH Resorts will allow the Udenna Group to take advantage of the many opportunities in the tourism sector, create stronger synergies among our existing businesses and make more meaningful contributions to the Philippine economy,” Mr Uy was quoted in the press release from H2O Ventures Corp as saying after the shareholder meeting.

Work on The Emerald Resort and Casino in Lapu-Lapu City in Cebu province began in July last year. Udenna has said it will invest about US$341 million in the development taking shape on a 12.5-hectare (31-acre) beachfront property, 6 kilometres (3.7 miles) from Cebu’s international airport. A further US$200 million is the likely expenditure on the second casino, at Clark Freeport.

Udenna was incorporated in 2002 and has business interests in: petroleum and oil via Phoenix Petroleum; shipping and logistics through Chelsea Logistics and 2GO; real estate through Udenna Development; education through Enderun Colleges; and convenience stores through FamilyMart, among others.

According to a story published in May this year by Bloomberg, Mr Uy is a supporter of the nation’s leader, President Rodrigo Duterte.

Philippine H2O Ventures said in a follow up filing on Tuesday that the listed entity had not yet completed the asset injection; involving an aggregate of four projects, including a hotel in Davao City on the southern island of Mindanao, Mr Duterte’s power base; and one on Bohol, an island province.

(Updated 9.20am June 27)


  • tweet
Related articles
  • Pagcor boss Tengco hails chance to probe E-sabong claims
    Pagcor boss Tengco hails chance to...

    Sep 06, 2023  

  • Casino backers among top 3 of Forbes’ Philippines Richest
    Casino backers among top 3 of Forbes’...

    Aug 10, 2023  

More news
  • Sands China to revitalise firecracker factory, old streets
    Sands China to revitalise firecracker...

    Sep 29, 2023  

  • Bloomberry aims to raise up to US$99mln via share sale
    Bloomberry aims to raise up to US$99mln...

    Sep 29, 2023  


Latest News

Sands China to revitalise firecracker factory, old streets

Sands China to revitalise firecracker factory, old streets

Sep 29, 2023  

Macau casino operator Sands China Ltd is to add more cultural and tourism elements to the site of the old Iec Long Firecracker Factory and its surrounding areas in Taipa, as part of a government-led...
Read More
Bloomberry aims to raise up to US$99mln via share sale

Bloomberry aims to raise up to US$99mln via share sale

Sep 29, 2023  

S.Korea Daegu Casino fined US$776k for AML breaches 

S.Korea Daegu Casino fined US$776k for AML breaches 

Sep 29, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”The Philippines has been the primary growth driver, but really the broader Asian gaming industry is something that’s really important to us”

Matt Wilson

Chief executive of casino equipment provider Light & Wonder



Most Popular

  • International Ent to invest at least US$1bln in Manila IRInternational Ent to invest at least US$1bln in Manila IR September 28, 2023
  • Resorts World Sentosa fined again for AML rule breachesResorts World Sentosa fined again for AML rule breaches September 27, 2023
  • Galaxy Ent to build ice rink, bookshop at Macau old shipyardsGalaxy Ent to build ice rink, bookshop at Macau old… September 28, 2023
  • Events a boon, Citi ups Macau 4Q GGR forecast to US$6.5blnEvents a boon, Citi ups Macau 4Q GGR forecast to US$6.5bln September 27, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us