PH Resorts Obtains Pre‐Effective Approval from SEC

PH Resorts Group Holdings, Inc. (PSE:PHR), the Udenna Group’s gaming and hospitality subsidiary, has obtained from the Securities and Exchange Commission (SEC) its Pre‐Effective Approval for its up to P1.125 billion follow‐on offer of common shares.

PHR Chairman Dennis A. Uy said, “This is another milestone on the way to completing Emerald Bay and continuing on our journey to further put the Philippines on the regional and international gaming map.”

The net proceeds will be used to partially fund the completion of the first phase of Emerald Bay, PH Resorts’ flagship integrated casino beach front resort in Mactan, Cebu. Emerald Bay will be the first integrated casino resort on Mactan Island with convenient access from the Cebu‐Mactan International Airport (CMIA).

Moreover, this offer also increases PHR’s public ownership levels from the current 10%.

Emerald Bay has a strong competitive position having a seven‐year exclusivity agreement with the City Government of Lapu‐Lapu which will start from the commencement of commercial operations. One of Emerald Bay’s remarkable features, upon completion of its first phase, will be a 300‐meter long stretch of beach front, a significant feature in the South East Asia integrated resorts context.

Emerald Bay will be constructed in two phases, with the targeted completion of the first phase by the second quarter of 2022. Upon completion of the first phase, Emerald Bay will feature 122 gaming tables for mass, premium mass and junkets; 600 EGMs and 270 hotel room bays. However, the management team is pushing for a soft opening by the end of 2021, and continue to increase its gaming capacity and hotel rooms starting 2022.

PHR COO gaming veteran José Angel Sueiro further added, “Our location, in the largest urbanized area in the Visayas‐Mindanao region, close to a major international airport, the 7‐year exclusivity and the offering of a high‐quality vacation beach experience creates the perfect scenario for a successful integrated resort.”

PHR Chairman Uy concluded, “Despite the ongoing COVID‐19 pandemic, we are confident that the Philippine tourism and gaming industry will be on the road to recovery when Emerald Bay opens.”

PH Resorts has appointed Unicapital Inc. and Abacus Capital and Investment Corp. as lead and co‐lead underwriters, respectively.

The public offer shall be subject to compliance with existing laws and regulations, registration with the Securities and Exchange Commission, and listing approval by the Philippine Stock Exchange.

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