PH Resorts Group, the gaming and hospitality arm of the Philippine conglomerate Udenna Group, described the successful completion of an equity offering as a clear sign that investors are confident the industry will rebound strongly from the impact of the COVID-19 pandemic.

The company last week announced a series of placement and subscription transactions, including an offer of 352,441,000 newly issued common shares aimed at increasing its coffers to Php 599.1 million ($ 11.9 million US).

PH Resorts Group confirmed on Friday that it has successfully finalized the offer, raising enough funds from qualified buyers to further develop the Emerald Bay Resort & Casino in Mactan, Cebu.

He also noted that the complementary placement had been successfully completed despite the reimposition of Enhanced Community Quarantine (QEC) measures in and near the National Capital Region (RCN) due to the country’s ongoing battle against COVID- 19.

“Despite lingering fears about COVID-19 and with the Delta variant reaching our shores, we are very pleased that there are investors who continue to remain optimistic about the outlook for the country’s tourism and gambling industry,” said PH Resorts general manager Jose ngel Sueiro.

“In fact, the participants in our complementary placement are existing shareholders and also participated in the Company’s follow-up offer (FOO) last November.

PH Resorts Group added that it expects international and local flights to pick up, spurring a recovery in tourism to the Philippines and the region, as vaccination rates rise in the coming months.

Phase 1 of Emerald Bay, scheduled to open in 3Q22, will include 122 table games, 600 electronic gaming machines (EGMs) and 270 hotel rooms.