InsiderPH has learned that Hann Holdings, led by South Korean gaming tycoon Dae Sik Han, has filed papers to list its IPO this year, potentially becoming the third to go public after Maynilad Water Services and Top Line Business Development.
Hann Holdings plans to sell up to 550 million shares at a maximum offer price of P23.60 each.
This is equivalent to a public float of 22 percent, valuing the enterprise at about P59 billion—larger than tycoon Enrique Razon Jr.’s Bloomberry Resorts Corp., which is currently worth P48 billion.
Hann Resorts operates in the Clark Freeport Zone in Pampanga, which is minutes away from the Clark International Airport, the largest air gateway in central Luzon.
Big banks tapped for IPO
Hann Holdings has hired CLSA as global coordinator and joint bookrunner, as an offer of this size requires the participation of foreign investors to succeed.
Domestic investment banks in the deal are Sy-led BDO Capital, China Bank Capital, Tan’s PNB Capital and the Ng Family’s Asia United Bank.
Big picture
Major land-based casino players have seen gaming earnings slow down as high rollers remain absent from the gaming scene.
However, Hann Resorts’ business has stayed resilient thanks to its loyal base of South Korean customers, who visit Clark for games and golf.
Dae Sik Han himself dreamt up plans for a resort when he first visited Clark in 2005 as a tourist. Despite his lack of experience in the segment, he launched the Widus Hotel just a year later.
“I thought to myself, ‘What can I do here?’ And then I was looking for a property, I found this one and I built the first hotel,” he said in an article posted on Hann Resorts’ website.
Clark’s gaming jewel
At present, Hann Resorts is a full-fledged integrated complex with 1,137 slot machines, 240 gaming tables, and 72 electronic games. The resort complex also features global hotel chains such as Marriott and Swissotel.
Data from the Philippine Amusement and Gaming Corp. showed Clark’s growing importance in the national gaming sector with licensed casino gross gaming revenues of P26.9 billion in 2024.
This is the second-largest in the country after Manila’s P164 billion.
Proceeds for the next big thing: Hann Reserve
Money raised from the IPO will help bankroll the 450-hectare Hann Reserve, a luxury estate rising in the New Clark City in Tarlac province.
Last year, the group signed an agreement to open the 250-room InterContinental Clark in Hann Reserve in 2031.
The sprawling estate will feature three 18-hole championship golf courses designed by Nicklaus Design, KJ Choi, and Sir Nick Faldo, ultra luxury residences, commercial centers and an international school.
Last year, the group also secured P9 billion in debt financing to support the development of Hann Reserve.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
