The Emerald Bay Cebu casino resort project in the Philippines is on budget and on schedule for its expected soft opening in December 2021. That is according to Jose Angel Sueiro, chief operating officer of PH Resorts Group Holdings Inc, the project’s promoter.
The executive of PH Resorts said that Emerald Bay will primarily target local players, with five-star hotel facilities, although the property would also be “well-positioned” to draw international visitors, including VIP gamblers.
Mr Sueiro’s remarks – confirmed by CNN Philippines – were made during a company investor briefing on Tuesday.
PH Resorts Group – a Philippine-listed company owned by local entrepreneur Dennis Uy – is looking to raise up to PHP1.125-billion (US$ 23.2 million) through a follow-on sale of its common shares. The net proceeds from this exercise – which has already been approved by the Philippine stock exchange – will be used partially to finance the construction of the first phase of Emerald Bay, a beach front casino resort complex in Mactan, Cebu.
According to PH Resorts, the complete opening of the first phase of Emerald Bay is to take place in the second quarter of 2022.
The property is expected to feature 122 gaming tables, 600 electronic gaming machines and 270 hotel-room bays”upon the opening of the first phase of Emerald Bay, PH Resorts noted in a release on October 1. In two stages, the whole casino resort project is to be built.
The Emerald Bay project will eventually host 146 gaming tables and 729 electronic gaming machines, as well as 780 hotel room bays and five villas, PH Resorts Group said in a July statement. In May last year, the company had indicated that it would invest US$ 600 million on the Cebu casino resort project.
CNN Philippines also cited the president and chief executive of PH Resorts, Raymundo Martin Escalona, as predicting that the gaming industry in the country will return to sound growth in 2021 and 2022. That followed a business relaxation in 2020 related to the ongoing Covid-19 pandemic, which translated into “entry limits” for gaming properties in the Philippines due to the implementation of a range of community quarantine rules by the local authorities.