Dennis Uy building second resort project in 2nd half of 2019

Businessman Dennis Uy is set to start constructing his second integrated resort and casino complex in Clark, Pampanga by the first half of 2019.Uy said in an interview at the sidelines of the stockholders’ meeting of ISM Communications Friday the company planned to break ground on Clark Resort in the first half of next year. The resort and casino complex is expected to be completed by 2022.

Upon completion, Clark Resort will offer approximately 600 electronic gaming machines, 100 gaming tables, several hotels with about 400 rooms, and a retail and restaurant complex.Clark Resort, which is located on a four-hectare property within the 177 hectare Clark Global City, is being developed by Clark Grand Leisure Corp., one of the subsidiaries of Uy’s PH Resorts Group Holdings Inc.CGLC obtained a provisional license from Philippine Amusement and Gaming Corp. to establish Clark Resort in Clark Freeport Zone, Pampanga on August 2018.Clark Global City is a 177-hectare master planned mixed-use commercial and business center. It offers an ideal blend of prime real estate and facilities.Uy in July started developing his first integrated resort and casino, The Emerald, in Mactan Island, Lapu-Lapu City, Cebu province.

The first phase is expected to start operating by the third quarter of 2020 and will approximately 7,585 square meters of aggregate gaming floor area, with approximately 1,186 electronic gaming machines, 146 gaming tables, a five-star hotel with about 834 rooms, including five villas, a retail complex covering an approximate area of 8,000 square meters, a convention center, and 18 restaurants.The two integrated resort developments will be integrated in Philippine H2O Ventures Corp., which will soon be renamed PH Resorts Group Holdings.Philippine H20 in August filed with the Securities and Exchange Commission an application to sell up to 2.054 billion in common shares with an indicative price of up to P9 apiece to raise as much as P18.48 billion in proceeds.The company has tapped China Banking Corp. and CLSA Ltd. as underwriters of the follow-on offering.Uy said the company was pushing the share sale within the year despite volatile market conditions.

 

SOURCE

Jenniffer B. Austria (2018 September 30). Dennis Uy building second resort project in 2nd half of 2019 Retrieved from http://manilastandard.net/business/biz-plus/276793/dennis-uy-building-second-resort-project-in-2nd-half-of-2019.html