PH RESORTS Group Holdings, Inc. (PHR) announced that it voluntarily suspended the Philippine Amusement and Gaming Corp. (PAGCOR) license of its Clark resort and casino due to the “lingering uncertainties” hanging over the casino industry.
In a disclosure to the exchange Wednesday, PH Resorts said it received approval from gaming regulator PAGCOR to suspend the provincial license of Clark Grand Leisure Corp. (CGLC). The company said the move was also driven by the increasing competition in its location.
PH Resorts clarified that the move will have “little to no impact” on its business operations or its finances.
“The voluntary suspension also allows PHR to ramp up and focus all efforts for the construction and development of its flagship integrated resort and casino project, the Emerald Bay Resort and Casino, located in Mactan, Cebu,” the company said.
In August, PH Resorts conducted a top-up placement to raise P600 million from the sale of 352 million shares at P1.70 apiece to qualified buyers.
The offer shares were owned by PH Resorts’ parent firm, Udenna Corp. Udenna used its proceeds to subscribe for the same number of PH Resorts primary shares for the same price to complete the private placement.
The suspension of CGLC’s provincial license will be effective until the company applies to lift the suspension, which will also require approval from PAGCOR’s board of directors. — Keren Concepcion G. Valmonte