Businessman Dennis Uy plans to put his two casino ventures under newly-acquired and listed firm PH Resorts Group Holdings Inc., formerly Philippine H20 Ventures Inc.
Uy said in an interview following the stockholders’ meeting of Philippine H2O the casino projects in Clark and Cebu and two other tourism-related projects in Bohol and Davao would be placed under PH Resorts.
Shareholders of Philippine H20 approved a change in the company’s corporate name to PH Resorts Group Holding Inc. and an increase in the authorized capital stock to P8 billion from P500 million.
Udenna Group, the holding company of Uy, earlier acquired 62 percent of the issued and outstanding capital stock of H2O Ventures under a share purchase agreement with Jolliville Holdings Corp. of businessman Jolly Ting.
“PH Resorts will allow the Udenna Group to take advantage of the many opportunities in the tourism sector; create stronger synergies among our existing businesses, and make more meaningful contributions to the Philippine economy,” Uy said.
“As we foray deeper into the tourism sector, we hope to usher in a new era of growth for our shareholders,” he said.
Uy is building a $300-million casino project in a 12-hectare lot in Cebu called Lapu-Lapu Leisure Mactan.
He is also finalizing plans for a second casino within the 177-hectare Clark Global City in Clark Freeport Zone, Pampanga. The project is slated for completion by 2022.
Uy said while the master plan for the Clark casino was still being finalized, the minimum investment for the project based on the agreement with state-run Philippine Amusement and Gaming Corp. would be at least $200 million.
Under the plan, the casino project will have 400 to 500 hotel rooms. It is expected to be completed by 2023. Uy said his group was in talks with potential casino operators.
PH Resorts plans to build an events place and hotel in Davao in partnership with Enderun, which is owned also by Uy. The company also has an existing hotel in Panglao called Donetella Hotel.
PH Resorts president Raymundo Martin Escalona said the company was studying plans to raise capital to fund its projects.
“We have always been supportive of the capital markets. We are now studying our options whether to go to the capital markets through equities or leverage the company by tapping the debt market,” Escalon said.