Business magnate Dennis Uy is poised to launch an initial public offering (IPO) or a backdoor listing for his planned casino in Cebu. The move comes as part of a strategy to fund the project. At present, the construction of the casino is pending certain legal approvals, but the company behind the project Udenna Corp. expects to start the project in the near future.
Davao-based Dennis Uy aims at expanding his business operations in the Philippines. Earlier this year, Cebu City Council received an application from Udenna Development Corp. (a holding company owned by Uy), asking for a casino license from the country gambling regulator the Philippine Amusement and Gaming Corporation (PAGCOR). The authoritative body has already greenlighted the construction of the $341 million Emerald Resort and Casino. The gambling complex is to spread over a 12.5-hectare plot of land in Mactan Island in Lapu-Lapu City.
Speaking of the upcoming casino project, Raymundo Martin Escalona, director for special projects of Udenna explained that the company still needs to receive an Environmental Clearance Certificate. He added that the company expects to receive the final approval before Christmas and move its project forward. Escalona elaborated that the company is exploring different opportunities to fund the project, including initial public offering and backdoor listing. Davao-based businessman Dennis Uy unveiled its plan to take more of his companies public in order to fund his rapidly-growing business.
The company is expected to announce if it is to operate its upcoming casino project through a partner or it is to deal with that task by itself. Escalona explained that the company is able to run the casino without appointing a partner, as its staff is experienced enough to manage with that task. However, it surfaced that the hotel, which is part of the casino project is to be operated by Enderun Colleges’ hotel management team.
Emerald Resort and Casino to Boost Local Economy
The $341 million casino project is to include both gambling and non-gambling amenities in order to attract people with various interests. Apart from the planned casino that features a rich assortment of games, the complex is to include a hotel, dining and beverage areas. This summer, the casino officials celebrated a groundbreaking ceremony. Philippine Amusement and Gaming Corp. (PAGCOR) chairman and CEO Andrea Domingo were among the special guests, who attended the event.
Casino gambling has turned into a profitable industry in the Philippines. The country has become extremely popular among Singaporeans, Koreans and Chinese players. According to Udenna officials, the world-class casino project aims at maximizing the potential of Mactan Island, which is to give a strong boost to Cebu’s economic growth.