Philippine businessman Dennis Uy has just gotten approval from the local Securities and Exchange Commission (SEC) to have one of his publicly traded companies engage in casino operations.

According to a filing with the Philippine Stock Exchange, Uy’s Philippine H2O Ventures Corp., which he bought a 62% stake in last March, will be changing its name to PH Resorts Group Holdings, Inc. Its articles of incorporation will also be amended to list the company’s primary purpose as pertaining to “the hotel and/or gaming and entertainment business.” Authorized capital stock has also been raised from PHP500 million ($9.5 million) to PHP8 billion ($152 million).

The changes had previously been approved by a majority of shareholders in June.

Uy, with his Udenna Development Corp., has invested $341 million for the construction of the Emerald Resort and Casino in Lapu-Lapu City, Mactan Island in Cebu province, a project greenlit by the Philippine Amusement and Gaming Corp. (PAGCOR) last year, prior to a directive from President Rodrigo Duterte to no longer accept applications for new casinos, on concerns that the local industry was getting congested.