• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Wednesday 29 June 2022
  • 中文中文
  • 日本語日本語
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • Vietnam
  • Events
  • Consulting
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • Vietnam
  • Events
  • Consulting
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

Udenna boosts PH Resorts Group stake to 86.6%

Ben Blaschke by Ben Blaschke
Thu 17 Dec 2020 at 04:52
Opening of Cebu integrated resort The Emerald Bay delayed to early 2022

The Emerald Bay

47
SHARES
1.2k
VIEWS
Print Friendly, PDF & Email

Philippines conglomerate Udenna Corporation has increased its stake in PH Resorts Group, the company’s gaming and hospitality arm, by more than 4% to 86.59% following completion of a new shares subscription.

According to a Comprehensive Corporate Disclosure on Issuance of Shares filed by PH Resorts Group on Wednesday, the subscription was undertaken as compensation for Ph2.83 billion (US$58.9 million) in funding previously provided by Udenna via two tranches in March 2019 and March 2020.

“The issuance of shares will benefit the Company because the deposit of Php2.83 billion can be booked as equity,” PH Resorts Group said.

“Otherwise, if not exchanged for shares, the deposits will have to be treated as the company’s liability to Udenna Corporation, which will increase the company’s total debts.”

The money, it added, was used to partially fund and continue the construction of the company’s flagship project, Emerald Bay Resort & Casino, in Mactan, Cebu, and to acquire Lapulapu Land Corp, the entity that owns the land upon which Emerald Bay sits.

Udenna’s transaction has seen it increase its stake in PH Resorts Group from 82.28% to 86.59% via the acquisition of 1,686,309,523 common shares at a price of Php1.68 per share.

PH Resorts Group, which is aiming for a soft launch by the end of 2021 followed by a full opening in 2Q22, recently topped off the two hotel towers at Emerald Bay.

The first phase of the property 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.

RelatedPosts

Century Entertainment granted two gaming tables as Ng Man Sun opens new casino in Cambodia’s Dara Sakor

Century Entertainment says loss narrowed for FY22

Tue 28 Jun 2022 at 05:26
Philippines power giant reveals plan to develop new Metro Manila IR

PAGCOR says US$43 million in uncollected POGO fees mostly accounted for

Mon 27 Jun 2022 at 16:05
2021 Asian Gaming Power 50: Ones to watch

“Casino king” Dhammika Perera asked to save Sri Lanka’s failing economy

Mon 27 Jun 2022 at 05:43
Pacific puzzle

Imperial Palace planning to reopen Saipan casino in November

Mon 27 Jun 2022 at 05:21
Load More
Tags: casinoCebuintegrated resortPH ResortsPhilippinesThe Emerald BayUdenna Corp
Share19Share3
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial: The Philippines: Asia’s rising star

Editorial: The Philippines: Asia’s rising star

by Ben Blaschke
Mon 30 May 2022 at 23:55

Macau has for the best part of two decades been recognized as the undisputed king of Asia when it comes...

We’re Back!

We’re Back!

by Ben Blaschke
Mon 30 May 2022 at 23:39

While Macau’s operators have reached nine consecutive quarters of substantial GGR losses, the rest of Asia is opening up and...

Into the Sunset

Into the Sunset

by Pierce Chan
Mon 30 May 2022 at 23:29

Pawnbroking has a long history in Macau, dating all the way back to the late Qing Dynasty. The rapid development...

Metaverse: The ultimate destination marketing tool?

Metaverse: The ultimate destination marketing tool?

by Victoria White
Mon 30 May 2022 at 23:17

In the first of a two-part series, MdME’s Victoria White takes a closer look at the rising world of metaverses...

Related Posts

Confirmed number of COVID cases in Macau reaches 414

Confirmed number of COVID cases in Macau reaches 414

by Pierce Chan
Tue 28 Jun 2022 at 10:39

The number of confirmed positive cases of COVID-19 since the continuing Macau outbreak began on 19 June has reached 414, as of 9am (Macau time) on Tuesday 28 June. There were 57 new cases found in the past 24 hours...

Aristocrat completes US$965 million fundraising exercise for Playtech bid

Aristocrat Gaming names Oriana Branon as Vice President of Communications and Corporate Affairs

by Newsdesk
Tue 28 Jun 2022 at 05:57

Aristocrat Gaming, the gaming division of Aristocrat leisure Ltd’s subsidiary Aristocrat Technologies Inc, has announced the appointment of Oriana Branon as Vice President of Communications and Corporate Affairs. Branon, who previously led corporate communications for financial tech giant Bill.com, will report...

Century Entertainment granted two gaming tables as Ng Man Sun opens new casino in Cambodia’s Dara Sakor

Century Entertainment says loss narrowed for FY22

by Newsdesk
Tue 28 Jun 2022 at 05:26

Century Entertainment International Holdings has issued a profit alert, revealing it expects to narrow its loss attributable to owners of the company to HK$3.3 million (US$421,500) for the year ended 31 March 2022. This is down from a loss of...

SJM confirms casino table, machine limits for Grand Lisboa Palace opening day

Moody’s downgrades SJM’s outlook to negative on Macau COVID concerns

by Ben Blaschke
Tue 28 Jun 2022 at 05:13

Moody’s Investors Service has downgraded the outlook on Macau’s SJM Holdings Ltd and its subsidiary Champion Path Holdings Ltd to negative, citing uncertainty around its recovery runway. The agency has, however, confirmed SJM’s Ba3 corporate family rating (CFR) and the...


HKUST

HKUST

Simple Play

IAG

© 2005-2022
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • Contributors
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文
  • 日本語

No Result
View All Result
  • 中文
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Consulting
  • Magazines
  • Advertise
  • Contact
  • About
  • 中文
  • 日本語

© 2005-2022
Inside Asian Gaming.
All rights reserved.