Dennis Uy’s PH Resorts Group to raise PHP 7B; group confident of opening Cebu integrated resort

PH Resorts Group, the hospitality and gaming company of Dennis Uy’s Udenna Group, aims to raise capital through new shares amounting to about USD 128 million; issue to be discussed in the company’s upcoming annual stockholders meeting tomorrow.
Original story by Asia Gaming Brief

PH Resorts Group is the gaming and hospitality arm of the Philippines business conglomerate Udenna Group, founded by Davao-based businessman Dennis Uy.
PH Resorts aims to garner approval for the issuance of shares for an equity offering, private placement, top-up placement or similar transaction to be determined by its board of directors.
Last week, the Philippines Securities and Exchange Commission (SEC) denied a request by PH Resorts to disclose to the public its plan for a possible sale of assets of subsidiaries in shareholders meeting.
PH Resorts’ auditing firm, SyCip Gorres Velayo & Co. (SGV), has already raised concerns about the company’s ability to continue operating.
PH Resorts revealed that it has ongoing discussions with lenders, including the state-owned Land Bank of the Philippines, to support its liquidity requirements by extending maturities to up to September 2028.
In an exclusive interview with AGB, PH Resorts’ COO Angel Sueiro expressed his confidence that the company will open its flagship property, Emerald Bay, despite financial difficulties.
This year, gaming and entertainment giant Bloomberry, terminated its partnership with PH Resorts Group for Emerald Bay. The move by Enrique Razon’s Bloomberry is borne out of the need to refocus its priorities towards Solaire North in Manila.
To learn more about the exclusive interview of Asia Gaming brief with the PH Resorts Group COO, including the timeline of Emerald Bay, read the original story at https://agbrief.com/news/philippines/24/07/2023/embattled-ph-resorts-group-is-seeking-new-funding/