PH Resorts Group Holdings Inc. said it remains committed to complete a portion of its Emerald Bay Resort and Casino in Mactan, Cebu by 2022.
Jose Angel Sueiro, PH Resorts chief operating officer, said the company is “diligently working on the completion of the first phase of Emerald Bay” in its time frame.
“Our team continues working to ensure to reduce project costs without sacrificing quality. Our focus is getting Emerald Bay to open on time without cutting corners” he said.
Emerald Bay will have a total of 146 gaming tables and 729 EGMs as well as 780 hotel room bays and 5 villas. The first phase of Emerald is planned to open by end of 2021 and will initially feature 122 gaming tables for mass, premium mass and junkets; 600 electronic gaming machines (EGM) and 270 hotel room bays. The second phase expected to be completed around a year later will increase the capacity to its envisaged total.
Sueiro said the proceeds of the planned P1.125-billion follow-on offer of PH Resorts Group will be used to partially fund the completion of the first phase of Emerald Bay.
PH Resorts has appointed Unicapital, Inc. and Abacus Capital and Investment Corp. as lead and co-lead underwriters, respectively.
