PH Resorts Group Holdings, Inc. Plans to Invest in Emerald Bay
October 21, 2020 at 11:23 pm EDT
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PH Resorts Group Holdings, Inc. announced that it is expected to raise up to PHP 756.0 million in gross proceeds upon the full exercise of the over-allotment option. The net proceeds will be used to partially fund the completion of the first phase of Emerald Bay, PH Resorts' 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). 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 electronic gaming machines and 270 hotel room bays. However, the management team is pushing for a soft opening by the end of 2021, and expects to increase its gaming capacity and hotel rooms starting 2022. Emerald Bay under construction as of 9 September 2020.
PH Resorts Group Holdings, Inc. is a Philippines-based holding company of PH Travel and Leisure Holdings Corp. (PH Trave). PH Trave is a holding company for the gaming and hospitality arm of the Udenna Group, which includes LapuLapu Leisure, Inc., The Base Corp., and Donatela Hotel Panglao Corp. LapuLapu Leisure, Inc. is the developer of Emerald, an integrated tourism resort to be located on a prime beachfront area on Mactan Island, Lapu-Lapu City, Cebu. Clark Grand Leisure Corp. is the developer of The Base, an integrated tourism resort to be located in Clark Freeport Zone, Luzon, Philippines. Donatela Hotel Panglao Corp. is the owner of the Donatela Hotel, a boutique-style, upscale hotel in Tawala, Panglao Island, Bohol. The Donatela Hotel has 12 upscale villas with pools, fine-dining restaurants and a wine cellar. It is located on a 7.5 hectares property approximately a 14-minute drive from the Bohol International Airport. It has two segments: Hotel and restaurant and Gaming.
PH RESORTS GROUP HOLDINGS, INC. 
