Dennis Uy's gaming unit gets PAGCOR nod to suspend Clark casino project license

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Metro Manila (CNN Philippines, October 7) — The gaming unit of Davao-based businessman Dennis Uy has been granted voluntary suspension of the provisional license for its integrated resort and casino project in Clark.

In a disclosure on Wednesday, PH Resorts Group Holdings (PHR) confirmed its subsidiary Clark Grand Leisure Corp. secured approval from the Philippine Amusement and Gaming Corporation (PAGCOR) for its request.

The voluntary suspension shall be effective until further notice, with its lifting subject to the gaming regulator's board of directors, PHR added.

"CGLC sought the voluntary suspension of its license due to some lingering uncertainties surrounding the casino gaming industry especially with more competition in the Clark, Pampanga location," the listed company said.

PHR also said the voluntary suspension will allow it to "ramp up and focus all efforts" on the construction and development of Emerald Bay Resort Casino, its flagship project situated in Mactan, Cebu.

PHR earlier disclosed to the local stock exchange that it eyes a March 2022 soft opening for the casino.

"As present financial projections center on PHR's plans for the Emerald Bay project, the voluntary suspension of CGLC's license will have no effect on current financial numbers. Thus, PHR expects that the suspension will have little to no impact on the business of PHR," the disclosure stated.

PHR shares finished at ₱1.21 each on Wednesday, up 1.68% from Tuesday's close.