After President Duterte threw in the towel regarding his strong stance against gambling, casino projects are back on track – mostly.
The Emerald Resort and Casino in Mactan, Cebu and proposed Clark Resort by PH Resort Group will likely continue development now that Philippine President Rodrigo Duterte has halted his firm anti-gambling stance. Filinvest is also looking to Clark City for a $200 million casino resort project, and Windus is looking to build their fourth casino tower in the area.
PAGCOR is expected to have their executive stop on issuing new licenses reversed and construction operations to continue. However, the order has not been made yet, but developers are moving along anyway.
Clark City is a premium spot for casino construction due to its airport and potential government investment as rumors emerge regarding the movement of government offices and business away from Manila. Even newly elected Senator Bong Go recommended Clark City as an alternative to Manila for politicians.
However, the two planned PH Resorts Group casinos in the Clark Freeport Zone and Cebu are still trying to find funding after the President of the company hinted he would borrow almost 70% of the total construction fund. The company’s President Dennis Uy is hoping the remaining will be financed via public float to reach the 20% minimum requirement by the Philippines Stock Exchange.
Dennis Uy has played with the structure of PH Resorts Group sine purchasing it in June of 2018. PH Resorts Group was formerly known as Philippine H20 Ventures Corp. Uy purchased the company to fulfill his gambling and casino construction desires.
The Philippines Stock Exchange has requested for clarification by the PH Resorts Group. PH Resorts Group responded 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.” Shareholders for PH Resorts Group holdings will merge with its subsidiary and holding company PH Travel and Leisure Holdings Corp in efforts to achieve greater efficiency and “economy in management and operations of both companies” according to a Wednesday filing.
Whether this will affect the timeline for Ph Resorts Group’s casinos is unknown at this time, but we will update readers as soon as we can find and confirm more information. Nonetheless, legal online PH casinos are still available for Filipinos to enjoy.