Hann Holdings Inc, the holding company and parent of Hann Philippines Inc, “has submitted a prospectus” to the Securities and Exchange Commission (SEC) for an initial public offering (IPO) in the Philippines, a company representative said in a statement to GGRAsia.
Hann Philippines runs the Hann Casino Resort at Clark Freeport Zone, and is developing the Hann Reserve property at New Clark City, in the province of Pampanga. The first facility at Hann Reserve (pictured in a rendering) – a golf course designed by former world number-one-ranked golfer Nick Faldo – is expected to open by the end of this year.
“We are exploring fundraising options and will make further disclosures at the appropriate time given that we are now undergoing a regulatory process,” said the company representative.
“We will await feedback on evaluation and related matters and provide updates as and when circumstances allow or developments are more definite,” the person added.
According to local media outlets, Hann Holdings has filed for a PHP12.98-billion (US$232.5-million) IPO.
Based on the prospectus, about 500 million primary shares and 50 million secondary shares are to be offered to the public at a maximum price of PHP23.60 per share, said the reports.
The company is eyeing the IPO by September, subject to the approval of the SEC and the Philippine Stock Exchange, reported the Philippine Star.
The casino firm is to use the proceeds from the IPO to support its expansion plans in Clark.
In a recent interview with GGRAsia, Daesik Han, chairman and chief executive of Hann Philippines, said the company had a “very strong first-mover advantage” in the Clark market.
“We have the Hann Reserve project, and we are about to deliver the first facility of this project by the end of this year,” the CEO added. “Then, everything is in the pipeline to open gradually in the coming years.”
Mr Han also revealed that the company had decided to develop its announced InterContinental hotel as part of the expansion of the group’s existing Hann Casino Resort, instead of at the under-construction Hann Reserve property.
The firm expects to complete the InterContinental-branded hotel – with about 350 rooms – “by 2029”.
The Hann Casino Resort expansion also includes the construction of a 640-room hotel under the Novotel brand, according to the chairman.
Hann Casino Resort launched in December 2021 as an upgrade and rebranding from the former Widus Hotel and Casino at Clark. The existing complex offers 865 hotel rooms under the Swissôtel, Marriott, and Widus brands. It features a casino with 200 gaming tables and electronic games, and more than 1,000 slot machines.
The group said the casino expansion consists of two new floors. The first floor will feature 35 gaming tables, and an additional 450 slot machines, along with two more restaurants. The second floor – dedicated to private gaming, and with a new restaurant – will include 30 gaming tables, and 140 slot machines.
The company is also moving ahead with its Hann Reserve project, which will feature three 18-hole courses, several upmarket hotels, villas, and a casino. The project will also feature a “commercial centre”, residences, and an international school, according to its promoter.
The firm has already announced a number of hotel brands for Hann Reserve, including the So, Sofitel and Emblems by French hospitality group Accor SA; and The Luxury Collection and Westin brands by Marriott International Inc.
In December 2023, a Banyan Tree-branded hotel project broke ground at the Hann Reserve site.
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