PH Resorts Group Holdings, Inc, the gaming and hospitality arm of Philippines conglomerate Udenna Corporation, says it has now topped off the two hotel towers of its Cebu integrated resort, The Emerald Bay.
The milestone, which keeps PH Resorts Group on track for a late 2021 launch, comes at the same time as the company revealed an additional US$58.9 million in funding after parent firm Udenna agreed to subscribe to almost 1.69 billion shares of unissued capital stock at Php1.68 per share. The funds, coming on top of a recent follow-on offer of up to 450 million shares, will be used for the ongoing development of The Emerald Bay.
PH Resorts Group is aiming for a soft launch in Cebu by the end of 2021 followed by a full opening in 2Q22.
The first phase of Emerald Bay will feature 122 gaming tables split between mass, premium mass and junkets, plus 600 EGMs and 270 hotel room bays located alongside a 300-meter strip of beach front.
“The topping off of Towers A and B represent a significant milestone in the on-going construction of Emerald Bay,” said PH Resorts Group COO José Angel Sueiro.
“Going forward one will see more construction accomplishment on the façade as well as in the interiors. We are very much excited to be on the road to open Emerald Bay on spec, on time and on budget.”
Chairman Dennis Uy added, “Despite a very challenging year caused by the current COVID-19 pandemic, we were able to achieve many project and company milestones. The topping off of the two towers in Emerald Bay represent a very major tangible and visible milestone in its construction.
“Our timetables make the scheduled completion of the first phase of Emerald Bay ready by the time we anticipate a marked recovery in the country’s tourism and gaming sector.”
PH Resorts Group holds a seven-year exclusivity agreement with the City Government of Lapu‐Lapu which begins from the commencement of commercial operations.