August 20, 2021

Investors remain optimistic about the Philippines’ tourist and gaming potential

According to an industry executive, investors have maintained a positive view of the country’s tourist sector as recovery growth continues after the epidemic.

Jose Angel Sueiro, chief operating officer of PH Resorts Group Holdings, expressed optimism about tourism since his firm is eager to complete the Emerald Bay Resort and Casino in Mactan, Cebu, in the near future.

“We are extremely pleased that there are investors who continue to be optimistic on the possibilities of the country’s tourist and gambling sector, despite ongoing concerns about Covid-19 (coronavirus disease 2019) and the Delta variant hitting our shores,” he said in a statement.

This positive investor attitude was evident during the company’s top-up placement, which raised about PHP600 million from a limited group of eligible purchasers as specified by the Securities Regulation Code.

Sueiro said that the firm expects that as more people get vaccinated in the coming months, international and domestic flights will resume, resulting in a rebound in tourism in the Philippines and the area.

By the third quarter of next year, Emerald Bay will be open.

Emerald Bay will include 122 gaming tables for mass, premium mass, and junkets, 600 electronic gambling machines, and 270 hotel room bays when the first phase is completed.

The gaming and hospitality subsidiary of Davao billionaire Dennis Uy’s Udenna Group completed a top-up placement to generate money for the Cebu casino project.

Despite the reimposition of the increased community quarantine limitation in the National Capital Region and some provinces close to it, as well as continuously increasing Covid-19 cases countrywide, the top-up installation was successfully completed.

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