“We will look into it when the market conditions are better,” Han said in a text message to InsiderPH on Friday.
No listing in 2025
Asked if the offer might still happen this year, with Manuel V. Pangilinan-backed Maynilad Water Services being only IPO in the pipeline, he said, “I don’t think so.”
The IPO deferral was first reported by Bloomberg News.
The operator of the 11-hectare Hann Casino Resort in the Clark Freeport Zone had earlier scheduled the sale of up to 550 million shares from Sept. 9-15, with listing set for Sept. 23 this year.
Weak market conditions cited
Han also wrote the Securities and Exchange Commission, which had cleared the listing last July 17, expressing his appreciation for the regulator’s guidance.
“The decision was driven by prevailing market conditions and sentiment, which, in our view, are not conducive to a successful offering that would best reflect the value and prospects of the company and ensure the best outcome for our investors and stakeholders,” Han said.
“It should be emphasized that this decision is not reflective of any change in the company’s fundamentals and long-term prospects, which remain strong as ever and aligned with our vision for the company, its operating subsidiary, and the broader group of companies,” he added.
Hann still keen on eventual IPO
“While we are deferring the offer and listing currently, we intend to pursue the offer and listing at an opportune time once market and industry conditions are more favorable,” Han said in the letter.
“We look forward to re-engaging with the Commission at such time and to contribute to the continued development of the Philippine capital market,” he added.
IPO would have bankrolled aggressive expansion
Based on its IPO prospectus, Hann plans to use the proceeds to help finance nearly P57 billion in capital and operating costs for gaming, hotels, and the 455-hectare Hann Reserve estate.
Han said they’re still targeting to grow the business, although targets will be adjusted.
“Yes [we plan to expand] but not with a very aggressive pace,” he said in a text message.
While Manila’s integrated resorts have struggled with weaker earnings, Hann’s Clark location, just minutes from Clark International Airport, has helped it sustain resilient growth.
Revenue climbed to P12.57 billion in 2024 and P3.42 billion in the first quarter of 2025, with earnings jumping 35 percent at the start of this year despite higher costs.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
