PH Resorts Group Holdings Inc. (PHR), has managed to secure a $42.5-million loan from a unit of its parent firm, Udenna Corp., for its casino project in Mactan in Cebu, Philippines.
In a disclosure to the Philippine Stock Exchange on Friday, PHR president and chief executive Raymundo Martin Escalona said that “This advance represents a significant step in realizing the completion of the Emerald Bay Resort and Casino.”
The funds were provided by Udenna Corp’s Emerald Development Holdings Ltd., which an offshore entity wholly owned by them.
Escalona added: “We are very excited to finish the first integrated resort in the Philippines outside of Entertainment City in Metro Manila.”
The Emerald Bay will rise on a 13.5-hectare site in Punta Engaño, Mactan.
The new project is expected to have 7,585 square meters of gaming floor area, with around 1,186 electronic gaming machines, 146 gaming tables, an 838-room hotel (including five villas), a retail complex with 8,000 sqm of space, a convention center, and 18 restaurants.
The second phase covers 9,400 sqm of the gaming area and a five-star hotel with 1,300 rooms.