SOUTH EAST ASIA 28
philippines
Projects advance as long-term optimism undented Operators in the Philippines say they are moving ahead with their capital expansion projects, expressing optimism in the future of the market.
“W
e remain very committed to the long-term growth story of tourism and gaming in the Philippines,” PH Resorts Group Holdings Chairman Dennis Uy recently told shareholders. “While many challenges remain, we are confident of overcoming them as we see some recovery by the time the first phase of Emerald Bay is completed and opened to the public.” PH Resorts is developing the Emerald Bay Resort on Mactan island, which is now scheduled to open in late 2021. Designed by Steelman Partners, the resort spans 12 hectares and will be the largest IR in the country outside of Manila. PH says the debut will be late in the year, with the full Phase 1 offering to be available by the second quarter of 2022. “Despite the challenges of COVID-19 we are diligently working on the completion of the
Asia Gaming Briefings | September 2020
first phase of Emerald Bay,” Chief Operating Officer Jose Angel Sueiro said. “Our team continues working to ensure to reduce project costs without sacrificing quality. Our focus is getting Emerald Bay to open on time without cutting corners.” Emerald Bay will have a total of 146 gaming tables and 729 electronic gaming machines (EGMs) as well as 780 hotel rooms and 5 villas. In the early opening phase it will have 122 gaming tables for mass, premium mass and junkets, 600 EGMs and 270 hotel rooms. Bloomberry Resorts & Entertainment also expressed confidence in the market’s future prospects saying it’s going ahead with its plans for a second IR in Quezon City, known as Solaire North. Chairman and CEO Enrique Razon said it believes the opening of the resort will “coincide with a meaningful upcycle that is typical after a
period of economic weakness.” Bloomberry is now targeting a late 2022, or early 2023 launch for the property, which will be on a 15,676-square-meter piece of land and will be very similar to the original Solaire’s layout. It will be targeted at the mass market and in particular to locals. Hong Kong-listed Suncity Group Holdings is also showing its commitment to the market, putting up an additional $82 million deposit to Westside City Resort World. This represents the third refundable deposit following earlier installments of US$20 million and US$46 million, making a total of US$148 million. Moreover, Suntrust currently has until December 31 to raise at least US$300 million for the construction and development of the project, under the terms of the agreement. In February, Suncity announced that its
