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Dae Sik Han, Chairman and CEO of Hann Philippines Inc., recently discussed the company’s plans to pursue an initial public offering (IPO) on the Philippine Stock Exchange. The move is intended to secure funding to advance the company’s ambitious expansion projects in Clark without encountering cash flow interruptions.
Han explained in an interview that after careful consideration, he chose to proceed with the IPO through Hann Holdings Inc., raising approximately PHP11.8 billion (US$207 million). While staying privately owned would mean maintaining complete control, he acknowledged that an IPO is necessary to maintain momentum and accelerate growth efforts.
“The most important thing is I have a lot of plans in place for future expansion,” Han said. “If I don’t go for an IPO right now I can have 100% ownership of my company, but then in two or three years from now, what will be the value of the company? … I’m very confident in my master plan and that’s why instead of trying to keep everything myself and maybe having to slow down all of this development, it’s much better to go to the public market and then be aggressive.”
Hann Reserve: A Vision for Luxury and Differentiation
Central to Hann’s expansion is the development of Hann Reserve Phase 1, set on 450 hectares near New Clark City. This luxury golf and gaming resort will feature three 18-hole championship golf courses, including the Philippines’ only PGA-affiliated player development facilities. Other components include international hotel brands, a commercial center, exclusive residences, a casino, and an international school. The first golf course is expected to open by the end of this year.
Han has invested roughly PHP50 billion into Clark thus far and cites golf as a key differentiator for the resort in a highly competitive market. “The market is very, very competitive. Whether it’s the gaming or retail industry,” he said. “…One of the most important things is you have to make yourself different.”
While gaming forms about 85% of the company’s revenue, Hann views golf as a supporting attraction that enhances the overall appeal rather than a standalone profit center. “This is going to be the differentiator because at the other IRs they simply don’t have the property to build golf courses and bring this kind of nature experience for the golfers, so this is one of the main differentiators.”
Embracing Regulation and Omnichannel Opportunities
Hann also acknowledged the ongoing discussions about tightening regulations on online gambling or even considering outright bans. As a recent entrant into remote gaming, with a proprietary platform launched from Hann Casino Resort, he anticipates stricter rules but remains confident about the company’s integrated approach.
He described an “omni-channel” model combining land-based and online gaming, designed to deliver a seamless experience across platforms. This approach also includes themed rewards programs blending golfing experiences for luxury clients and “Korean experience” elements like K-Pop, K-Food, and K-Fashion for the mass market.
“It is very foreseeable for me to see this regulator [PAGCOR] come up with something stricter, but to me, whatever I’m doing right now is not only about online-offline together, so it won’t affect any of my plans,” he said.
IPO Timeline and Market Impact
Hann Holdings’ initial public offering is scheduled in early September 2025, with shares to be listed on the Philippine Stock Exchange’s main board on September 23. The funds will be used mainly to finance current capital expenditures associated with the Clark expansion and general corporate purposes.
Han’s move to pursue an IPO is an indication of his faith in Hann’s growth prospects in the changing Philippine gaming market.
Source: Inside Asian Gaming (IAG)
