Udenna Development Corp Will Continue To Work In The Philippines
Philippine businessman dennis uy recently received the approval of the securities and exchange commission (sec) to participate in one of its company in operations related to casino activities.
Photo source: asia.Nikkei.Com
According to the statement of the philippine stock exchange, philippine h2o ventures corp., 62% of whose shares uy acquired in march last year will change its name on the phue resorts group holdings, inc. Changes will also be made to the charter of the company: the main goal will be declared «hotel and / or igor and entertainment business». The authorized capital has also been increased from 500 million philippine pesos ($ 9.5 million) to 8 billion ($ 152 million).
The changes were approved by the majority of shareholders in june.
Uy and udenna development corp. Invested $ 341 million in the construction of emerald resort and casino in the city of lapa lapa, makan island in cebu province – project licensed by the philippine gambling regulator (pagcor) last year. It was preceded by the order of president of president of rodrigaro dotterte on the cessation of applications for new casinos due to concerns that the local gambling industry was overloaded.
The company also allocated $ 5 billion on the development of a business district in clark global city, located in the free access zone to the north of manila.
While the ph resorts group contines to implement his plans, other operators are lucky much less. In august, landing international development limited registered in hong kong terminated the lease agreement of the estimated casino in pasay after the estimated cost of the object was taken too low.
Pagcor is looking for industry development opportunities outside metro manila, especiallyally in visayas. Dottelta, however, gave an indication of the state regulator not alloowing the galaxy entertainment group from hong kong to promote his project worth $ 500 million on the island of boracay, even teugh the company received a license to operate in march.
Recall, five licensed philippine casinos were registered in the organization for financial monitoring.