The Udenna Group’s gaming and hospitality unit, PH Resorts Group Holdings, Inc. (PHR), said it has obtained funds for the ongoing construction of The Emerald Bay Resort and Casino on Mactan Island.
In a disclosure to the Philippine Stock Exchange on Friday, October 18, 2019, PH Resorts said it received a US$42.5-million advance from Emerald Development Holdings Ltd., an offshore entity wholly-owned by parent firm Udenna Corporation.
The amount, equivalent to P2.167 billion at an exchange rate of P51 to US$1, will be used to finance the ongoing construction of The Emerald Bay Resort and Casino.
“This advance represents a significant step in realizing the completion of The Emerald Bay Resort and Casino,” PHR president and CEO Raymundo Martin M. Escalona said in the statement.
“We are very excited to finish the first integrated resort in the Philippines outside of Entertainment City in Metro Manila,” he added.
The Emerald, estimated to cost P34 billion, is targeted to open in 2020. It will be the first integrated gaming resort outside Luzon.
The resort is being developed on a 13.5-hectare property in Punta Engaño. It will feature an aggregate gaming floor area of around 7,000 square meters, a five-star hotel with over 800 rooms, a retail complex with a gross floor area of 8,000 square meters, a convention center, and 18 restaurants.
PHR is developing it through Lapu-Lapu Leisure, Inc., a subsidiary.
Udenna was granted a provisional license to operate a casino by gaming regulator Philippine Amusement and Gaming Corporation (PAGCOR) in May 2017.
PH Resorts Group Holdings, Inc. (PHR), formerly Philippine H2O Ventures Corp. (H2O), was originally incorporated as Calapan Equity Ventures, Inc. on January 30, 2009 as an investment holding company.
Udenna acquired majority stake in June 2018 through a sale and purchase agreement. PHR now serves as the holding company for all tourism-related businesses of the Udenna Group, such as The Emerald in Mactan, the Clark Global City in Pampanga, and the upscale Donatela Hotel on Panglao Island in Bohol.
The Emerald was granted fiscal incentives by the BOI in the first quarter of 2019, according to a report by the BOI Domestic Investments Promotion Service Cebu extension office. (Ventures Cebu)