PH Resorts to spend US$1 billion for casino expansion
US$665 million for The Emerald resort in Cebu aims completion by Q3 2020
PH Resorts Group has announced plans to invest more than P52 billion (US$1 billion) in the construction of two casino resorts. In a registration statement related to its planned P18.5 billion share sale, Dennis Uy owned, PH Resorts, said it budgeted US$665 million for the completion of The Emerald in Cebu, in The Philippines. which expects completion by the third quarter of 2020.
The first phase of The Emerald is expected to have 7,585 square meters of gaming floor space, with 1,186 electronic gaming machines, 146 gaming tables, a five-star hotel with 838 rooms, a retail complex, convention centre, and 18 restaurants.
The company is also looking to spend US$276.6 million for the development of Clark Resort, integrated gaming, and tourism resort in Clark Freeport Zone. Construction of the Clark Resort is expected to start this quarter and will be completed in 2022.
Once completed, the resort would have 600 electronic gaming machines, 100 gaming tables, several hotels with 400 rooms, retail, and restaurants.
PH Resorts also has provision for another US$40.9 million budgeted for the acquisition of Donatela Hotel in Bohol and expansion of the hotel’s current operations. Filing for next month’s share sale added that investment provisions will help to partially fund PH Resorts’ expansion plans.
