GGRAsia – Uy’s Mactan resort scheme gets US$43mln via related party

Uy’s Mactan resort scheme gets US$43mln via related party

Oct 18, 2019 Newsdesk Latest News, Philippines, Top of the deck

PH Resorts Group Holdings Inc, a Philippine-listed firm controlled by local entrepreneur Dennis Uy, says it has obtained a US$42.5-million advance from a related entity, toward the cost of developing a Cebu “leisure complex” that aims to have a casino.

In May, PH Resorts said it would spend US$600 million – including borrowings of US$420 million – to build a casino resort with the branding “Emerald” on the island of Mactan (pictured), near the central Philippine city of Cebu on Cebu island.

In a Friday filing to the Philippine Stock Exchange, PH Resorts said the US$42.5-million advance was from Emerald Development Holdings Ltd, an offshore entity wholly-owned by PH Resorts’ parent entity, Udenna Corp.

“The proceeds of the advance will be used to fund the ongoing construction of the Emerald Bay Resort and Casino, PH Resorts’ integrated resort hotel and casino project located in Mactan, Cebu,” stated the filing.

A press release also lodged that day with the Philippine bourse quoted Raymundo Escalona, president and chief executive of PH Resorts, as saying the cash advance represented a “significant step” in realising the Mactan venue.

The PH Resorts portfolio is also developing another resort – in the northern province of Pampanga, in the Clark Freeport Zone – with the aim of offering casino gaming. In December last year a projected completion date of 2022 was mentioned for the construction work.

Entrepreneur Mr Uy was listed in 22nd spot in the latest edition of Forbes’ “Philippines’ 50 Richest” list, with an estimated net worth of US$660 million. His conglomerate Udenna has interests spanning petroleum, oil and gas, shipping, logistics, real estate and education.