PH RESORTS Group Holdings, Inc. (PHR)聽announced that it聽voluntarily suspended聽the Philippine Amusement and Gaming Corp. (PAGCOR) license of its Clark resort and casino聽due to the 鈥渓ingering uncertainties鈥 hanging over the casino industry.
In a聽disclosure to the exchange Wednesday,聽PH Resorts聽said it received approval from gaming regulator PAGCOR to suspend the provincial license of Clark Grand Leisure Corp.聽(CGLC).聽The company said the move was also driven by the increasing competition in its location.
聽PH Resorts clarified that聽the move聽will have 鈥渓ittle to no impact鈥 on its business operations聽or its finances.
聽鈥淭he 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,鈥 the company said.
聽In August, PH Resorts conducted a top-up placement to raise P600 million from the聽sale of聽352 million聽shares聽at P1.70 apiece聽to qualified buyers.
聽The offer shares were owned by PH Resorts鈥櫬爌arent firm,聽Udenna聽Corp.聽Udenna聽used聽its聽proceeds to subscribe for the same number of PH Resorts primary shares for the same price to complete the private placement.
聽The suspension of聽CGLC鈥檚 provincial license聽will be effective until the company聽applies to聽lift聽the suspension, which will聽also聽require聽approval from PAGCOR鈥檚 board of directors.聽鈥 Keren Concepcion G. Valmonte
