The Philippine gaming scene just got a reality check. Hann Holdings Inc., the South Korean-led company behind one of Clark’s most impressive casino resorts, has decided to pump the brakes on its massive PHP 13 billion ($236 million) initial public offering. What was supposed to be September’s big market debut has now been shelved indefinitely, leaving investors and industry watchers wondering what’s next for one of the country’s most ambitious gaming companies.
When the Market Says “Not So Fast”
Sometimes timing is everything, and for Hann Holdings, the timing just wasn’t right. The company’s leadership, spearheaded by Chairman and CEO Dae Sik Han, made it clear that current market conditions simply aren’t favorable for the kind of successful IPO they had envisioned. They weren’t willing to settle for a lackluster debut that wouldn’t properly reflect the company’s true value and potential.
The decision came just weeks after the Philippines Securities and Exchange Commission had already given the green light to their ambitious plans. Originally, Hann was looking to offer 500 million common shares at PHP 23.60 each, with an additional 50 million shares available through an overallotment option. The goal was to raise up to PHP 11.43 billion to fuel their expansion into Central Luzon’s premium integrated resort and leisure market.
This postponement reflects a broader challenge facing the Philippine IPO market in 2025. So far, only one company has successfully gone public this year, Top Line Business Development Corp., which raised PHP 732.6 million in February. The Philippine Stock Exchange had been hoping for six IPOs in 2025, but global uncertainties and challenging market conditions have made investors much more cautious.
The Man Behind the Vision
Dae Sik Han isn’t your typical casino developer. When the South Korean businessman first visited Clark Freeport Zone in 2005 as a tourist, the area was pretty much a blank canvas. There were hardly any luxury facilities in what was once a U.S. Air Force Base, just a few basic hotels and a golf course. But Han saw something others missed, he recognized the enormous potential of Clark International Airport and envisioned the area becoming a major hub for Central Luzon and beyond.
Starting with zero casino experience and limited connections in the Philippines, Han took a massive leap of faith in 2006. His background was in construction through his company Seewoom Construction in South Korea, but developing integrated resorts was entirely new territory. What drove him was a simple philosophy: “I am a dreamer. I spend at least a couple of hours just looking at the master plan. What would be the next step? I plan at least five or 10 years ahead.”
Han’s approach has always been about being a first mover rather than following the competition. When he insisted on bringing the Marriott brand to Clark, many doubted whether the market was mature enough for a five-star hotel. But Han believed there was demand that simply lacked proper facilities to serve it. Within a year of opening Clark Marriott, the hotel achieved 80% occupancy rates, proving his instincts right.
What Hann Has Built So Far
Today, Hann Casino Resort stands as a testament to Han’s vision. Spread across 13 hectares in Clark Freeport Zone, it’s become Pampanga’s first fully integrated luxury resort and a major economic driver for the region. The property houses over 800 hotel rooms across two five-star international brands: Clark Marriott, Central Luzon’s first five-star hotel, and Swissotel Clark, the Philippines’ first Swissotel property.
The gaming floor is impressive by any measure. With over 800 slot machines, 147 gaming tables, and 44 electronic table games spread across 130,000 square meters, it offers the biggest Las Vegas-style gaming experience in Clark. The resort has earned the nickname “Culinary Capital of Clark” thanks to its 15 restaurants, bars, and cafes, with ten of them making it onto TripAdvisor’s list of top restaurants in the area.
The property employs around 3,000 people and has become one of the top revenue generators for the Philippine Amusement and Gaming Corporation (PAGCOR) outside Metro Manila. In 2024, Hann Casino Resort reported PHP 14.2 billion ($253 million) in gross gaming revenue, representing a solid 37% increase from the previous year.
The Bigger Picture: A Booming Industry
Hann’s IPO delay comes during what’s actually been a remarkable period for Philippine gaming. The industry hit record numbers in 2024, with total gross gaming revenue reaching PHP 410 billion ($7.16 billion), a 25% jump from 2023. This made the Philippines the second-largest gaming market in Asia after Macau.
What’s particularly interesting is how the growth has been driven. Electronic gaming and online platforms exploded by 165% year-on-year, generating PHP 154.51 billion and actually surpassing their annual target by September. Meanwhile, traditional brick-and-mortar casinos like Hann’s still contributed PHP 201 billion, nearly half of the total revenue.
The Philippine Amusement and Gaming Corporation expects this growth to continue, projecting revenues could reach PHP 450-480 billion in 2025. They’ve been encouraging this expansion by reducing fees for electronic gaming operators from 35% to 30% of gross gaming revenue, making the Philippines more competitive with other online gaming jurisdictions globally.
How Clark Has Transformed
The transformation of Clark Freeport Zone has been nothing short of remarkable. What was once a lahar-covered former U.S. Air Force Base has become one of the Philippines’ most dynamic economic zones. In 2024 alone, Clark secured PHP 77 billion worth of investments, with 60-70% directed toward construction projects that will sustain long-term infrastructure growth.
The area now attracts millions of tourists annually and hosts 1,136 locator companies employing over 127,000 workers across 11 different industries. Clark’s recognition as Central Luzon’s top tourist destination for two consecutive years reflects how successful this transformation has been.
The development of New Clark City, a 9,450-hectare greenfield development, represents the next phase of this growth. Once fully developed, it’s projected to house over a million residents and provide job opportunities for around 600,000 Filipinos. This massive undertaking is part of the government’s strategy to decongest Metro Manila and drive economic growth in Central and Northern Luzon.
Hann’s Ambitious Expansion Plans
Despite the IPO delay, Hann isn’t scaling back its expansion ambitions. The company has outlined aggressive plans to strengthen its Clark presence through expanded gaming capacity and new non-gaming attractions. These include additional food and beverage outlets, entertainment venues, and a retail complex featuring premium brands and upscale dining options.
The crown jewel of their expansion is Hann Reserve, a massive 450-hectare luxury development in New Clark City. This $3 billion project, when fully realized over the next decade, will feature three championship golf courses designed by legendary names including Nicklaus Design, KJ Choi, and Sir Nick Faldo. The development will also include luxury hotels from Accor’s SO, Sofitel, and Emblems brands, plus Marriott’s Westin and Luxury Collection properties.
Phase one of Hann Reserve, scheduled to open in 2027, will include a Banyan Tree hotel and residences along with the Nicklaus golf course. Future phases will add 1,363 hotel rooms and a new luxury casino by 2028. The project will also feature a prestigious international school, residential components, and a comprehensive commercial center.
Han has committed to investing “100% of everything” the company generates from hotel and casino operations back into these expansion projects. This aggressive reinvestment strategy has been supported by local banks, which are now much more willing to back Clark development projects compared to when Han started 18 years ago.
The Competitive Landscape
Hann’s expansion comes at a time when competition in the Philippine gaming market is intensifying. DigiPlus Interactive Corp., which operates popular online platforms like BingoPlus and ArenaPlus, has seen explosive growth, with its stock becoming one of the world’s hottest gaming investments before recent regulatory concerns caused significant volatility.
Major established players are also making moves. Bloomberry Resorts, operator of the Solaire casino brand, is planning a $1 billion expansion that will add 2,000 rooms by 2026. They’ve also launched their own online gaming platform, MegaFUNalo, to compete in the digital space. Meanwhile, Universal Entertainment’s Okada Manila has been slashing room rates by 30% to recapture market share after ownership changes.
The regulatory environment is also evolving rapidly. The government banned Philippine Offshore Gaming Operators (POGOs) in 2024, removing them from the market entirely by November. There’s also ongoing discussion about potentially requiring all online gaming operators to list on the Philippine Stock Exchange to increase transparency and oversight.
Why Timing Matters for IPOs
Hann’s decision to delay reflects the challenging state of the Philippine IPO market. Investment bankers and market experts have noted that 2025 has been particularly difficult for new listings, with geopolitical tensions and global trade uncertainties making investors extremely cautious.
The broader Southeast Asian IPO market has also struggled, with only $3.0 billion raised across 122 IPOs in the first 10.5 months of 2024, the lowest capital raised in nine years. In the Philippines specifically, experts are now predicting only 2-4 successful IPOs for the entire year, well below the Philippine Stock Exchange’s target of six.
Alfred Benjamin Garcia, research head at AP Securities, suggested that Hann’s postponement “seems the best option,” noting that bookbuilding likely wasn’t going well and there wasn’t enough demand to achieve their desired valuation. This reflects a broader trend where companies are choosing to wait for better market conditions rather than accept disappointing valuations.
The Future Gaming Landscape
Looking ahead, the Philippine gaming industry faces both opportunities and challenges. The rapid growth in electronic gaming shows no signs of slowing, with PAGCOR projecting that e-games will account for 45% of total gaming revenue in 2025, up from 38% in 2024. This shift toward digital platforms is creating new revenue opportunities but also increasing regulatory scrutiny. Crypto based platforms for gaming are also experiencing a tremendous growth.
For integrated resorts like Hann’s, the challenge is balancing traditional gaming revenue with diversified offerings that can attract broader customer bases. The company’s strategy of combining luxury hospitality, championship golf, retail, and entertainment venues positions them well for this evolving landscape.
The Indonesian and other Southeast Asian markets are also showing interest in the integrated resort model, potentially creating opportunities for experienced operators like Hann to export their expertise. However, the immediate focus remains on maximizing the potential of the Clark market and completing the ambitious Hann Reserve project.
What This Means for Investors
For potential investors, Hann’s IPO delay might actually be a positive sign. It demonstrates management’s commitment to achieving fair valuation rather than rushing to market during unfavorable conditions. The company’s strong fundamentals, including 37% revenue growth in 2024 and ambitious expansion plans backed by proven execution, suggest that waiting for better market timing could result in a more successful eventual listing.
The delay also gives Hann more time to demonstrate the success of their expansion projects and potentially improve their financial metrics before going public. With Clark continuing to attract major investments and the broader Philippine gaming market showing sustained growth, the underlying investment thesis remains compelling.
When market conditions do improve and Hann eventually proceeds with their IPO, investors will have access to one of the few pure-play integrated resort operators in a high-growth Asian gaming market. The combination of established operations, ambitious expansion plans, and experienced leadership could make it an attractive addition to gaming-focused investment portfolios.