PH RESORTS Group Holdings, the Udenna Group’s gaming arm, has obtained an advance funding of US$42.5 million from Emerald Development Holdings Ltd., an offshore entity wholly owned by its parent firm, Udenna Corp.
In a stock exchange disclosure Friday, Oct. 18, 2019, the firm said the proceeds will be used to fund the ongoing construction of The Emerald Bay Resort and Casino in Mactan, Cebu.
“This advance represents a significant step in realizing the completion of The Emerald Bay Resort and Casino,” president and chief executive officer Martin Escalona said.
The Emerald is the country’s first integrated casino resort outside of the Entertainment City in Metro Manila. It is a $600 million integrated resort and casino project that is slated for completion by end-2020. (CSL)