Hann postpones IPO rollout over gambling row, market jitters
Casino developer Hann Holdings Inc has postponed its much-anticipated initial public offering (IPO), citing unfavourable market conditions. The company, which owns Hann Philippines Inc, had originally planned to list on the Philippine Stock Exchange next month but has now delayed the move.
In a filing to the Securities and Exchange Commission (SEC), the group explained that the current market environment was “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”. The firm added that it would set a new timetable for the listing once it sees more favourable conditions in both the market and the gaming industry.
The decision was first reported by financial agency Bloomberg, quoting Hann Philippines’ chairman and chief executive, Daesik Han. He stressed that the group wanted to ensure the IPO delivered value rather than proceed under uncertainty.
Delay even after SEC Approval
The SEC had approved Hann’s IPO application in mid-July, with trading scheduled to begin on 23 September 2025. The offering was expected to raise up to PHP 11.43 billion (€183.8 million) through the sale of more than 500 million shares priced at PHP 23.60 each. Funds from the float were to be allocated for capital expenditures, expansion projects, and general corporate purposes.
Hann Philippines currently operates Hann Casino Resort at Clark Freeport Zone in Pampanga. The company is also developing Hann Reserve, a large-scale leisure and hospitality estate in New Clark City. Its first facility, a golf course designed by former world number one Nick Faldo, is due to open later this year.
The group has also adjusted its development strategy, with plans to construct an InterContinental hotel as part of its existing Hann Casino Resort rather than at Hann Reserve, reflecting a renewed focus on strengthening its core property. Dae Sik Han, the CEO and Founder of Hann Resorts, recently noted the company had a ‘very strong first-mover advantage’ in Clark’s emerging casino and leisure market.
GCash retreats, online gambling row deepens
The delay comes just weeks after GCash, the Philippines’ largest digital wallet provider, also signalled that its own IPO was unlikely to take place in 2025. The fintech company, widely used for everyday payments, operates a “Games” section within its mobile app that links users directly to betting platforms such as Bingo Plus, Casino Plus, and Arena Plus.
This feature has attracted scrutiny from gambling support groups, who warn that it makes betting highly accessible to ordinary users. GCash also offers GCredit, a microloan facility allowing users to borrow up to PHP 50,000 (€675). Critics argue that this service risks fuelling gambling debts by enabling people to borrow money to fund wagers.
The Philippine Senate is still debating stronger oversight of digital payments and gambling. But with two high-profile IPOs now delayed, uncertainty is deepening over gaming expansion, regulation, and investor confidence in the country’s financial markets.
