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Hann Resorts will plan for an initial public offering (IPO) valued up to PHP20bn (US$342.2m), as announced by the Philippines Amusement and Gaming Corporation (PAGCOR).
This could be the “largest maiden share sale in the Philippines since MREIT Inc’s PHP15bn IPO in 2021,” according to Philippines news agencies.
“The growth story is they have a casino expansion including three championship golf courses and five-star hotels,” said Alejandro Tengco, Chairman of PAGCOR.
Hann Resorts is said to be “weighing whether it can pursue an IPO this year, with fresh capital allotted for expanded gaming activities and the development of luxury estate Hann Reserve.”
Hann Resorts, led by Korean national Dae Sik Han, operates a casino resort with 147 gaming tables, 868 slot machines, two VIP clubs, and two five-star hotels in a former US military air base in Pampanga province.
Its parent company, Hann Philippines, is spending around US$2bn for Hann Reserve, a “450-hectare luxury estate development” at Tarlac province. It is one of the investments worth up to US$6bn made into the Philippines’ gambling sector in the next five years, PAGCOR stated.
Recently, PAGCOR announced its net income for the first half of 2024, which amounted to PHP6.56bn (US$0.11bn), an increase of 121.48% from its net income of PHP2.96bn in the same period last year.
Other listed IR operators in the Philippines include Okada Manila’s TRLEI and Solaire’s Bloomberry.
