October 06, 2021 at 07:55 pm
Jenniffer B. Austria
PH Resorts Corp., the gaming and hospitality firm of businessman Dennis Uy, said Wednesday it deferred the planned development of a second integrated casino hotel project in Clark Freeport Zone, Pampanga.
PH Resorts said in a disclosure to the stock exchange unit Clark Grand Leisure Corp. sought for the voluntary suspension of its gaming license for the integrated resort and casino project in Clark Global City in the Clark Freeport.
PHR cited lingering uncertainties surrounding the casino gaming industry and increased competition as primary reasons for the voluntary suspension of its gaming license.
CGLC’s request was approved by government-owned Philippine Amusement and Gaming Corp.
PHR said the voluntary suspension would enable it ramp up and focus all efforts for the construction and development of its flagship integrated resort and casino project, the Emerald Bay Resort and Casino, in Mactan, Cebu.
The voluntary suspension will be effective until further notice and its lifting will be subject to the approval of PAGCOR’s board of directors.
“As present financial projections center on PHR’s plans for the Emerald Bay project, the voluntary suspension of CGLC’s license will have no effect on current financial numbers. Thus, PHR expects that the suspension will have little to no impact on the business of PHR,” the company said.
The planned casino development in Clark sits on a 4.4-hectare property inside the 177-hectare Clark Global City. The project was supposed to be completed by 2022 with 600 electronic gaming machines, 100 gaming tables, several hotels with 400 rooms and a retail and restaurant complex.
Meanwhile, the Emerald Bay is scheduled for completion by the third quarter of 2022. Upon completion of the first phase, Emerald Bay will feature 122 gaming tables for mass, premium mass and junkets; 600 electronic gaming machines and 270 hotel room bays.
The second phase is expected to have another 8,210 square meters of gaming floor area, with 729 electronic gaming machines, 146 gaming tables, a five-star hotel with 780 hotel bays, including five villas and convention facilities.