Philippines casino developer PH Resorts Group Holdings Inc says it remains undecided on how it will fund two planned casino resorts in Cebu and the Clark Freeport Zone after the company’s President hinted it could borrow as much as 70% of the US$850 million required.
Raymundo Martin Escalona told local reporters last week that PH Resorts Group, the gaming entity owned by billionaire businessman Dennis Uy, was potentially looking at 70% debt with the remainder to be financed via public float in order to reach the Philippines Stock Exchange (PSE) minimum 20% requirement.
“We will still do a follow on. I don’t know when but we will,” Escalona said after the company recently deferred its original Php18.5 billion follow-on offering. “We have the option until end of 2020, depending on the market situation.”
In response to clarification inquiries from the PSE, PH Resorts Group stated on Friday that it is “still considering several options as regards its funding plans and no definitive action has been decided by the Board as of the moment.
“In addition, the company also wishes to clarify that there is no definitive agreement or decision for a stock offering over the next three months to lift the public float to 20%, nor is there a requirement given by the PSE to do so by 2020.”
PH Resorts Group broke ground on its US$341 million Emerald Resort and Casino in Mactan, Cebu, in December 2017, while the proposed Clark Resort will sit on a site covering 13.5 hectares in the Clark Freeport Zone.
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