PH Resorts Group Holdings Inc. said it has received $42.5 million in additional funding from mother firm Udenna Corp. through offshore entity Emerald Development Holdings Ltd., a wholly-owned unit of Udenna.
“This advance represents a significant step in realizing the completion of The Emerald Bay Resort and Casino,” said Raymundo Martin Escalona, PH Resorts president.
Escalona said proceeds of the advance will be used to “fund the ongoing construction of
The Emerald Bay Resort and Casino, PH Resorts’s flagship project located in Mactan, Cebu and the first integrated resort in the Philippines outside of Entertainment City in Metro Manila.
The design, construction and development of the first phase of The Emerald Bay, amounts to P9.37 billion.
The funding follows the shelving in March of a planned P11.96- billion follow-on offering by PH Resorts.
The company was earlier looking to offer as much as 2.05 billion shares, divided into 1.79 initial offer and another 267.94 million to cover the greenshoe option, at an offer price of up to P5.84 per share.
PH Resorts was the former Philippine H2O Ventures Corp. (H2O), in which the Udenna Group infused its gaming and tourism-related portfolio, that include the integrated resort and casino project in Lapu-Lapu City, Cebu, and Clark Global City in Angeles, Pampanga, after buying the listed vehicle from its previous owners.
PH Resorts operated the businesses under units PH Travel and Leisure — the holding company for the gaming and hospitality arm of the Udenna Group — which holds the interest in LapuLapu Leisure, Inc., Clark Grand Leisure Corp. and Donatela Hotel Panglao Corp.