PH Resorts has announced that PAGCOR has approved its request to suspend the provisional gaming licence for a casino in Clark Global City.
The Philippines.- Gaming and hospitality firm PH Resorts Group Holdings has confirmed that The Philippine Amusement and Gaming Corp (PAGCOR) has approved its request to voluntarily suspend its provisional licence for an integrated resort with a casino in Clark Global City, on the main island of Luzon.
PH Resorts said the company had “sought for the voluntary suspension of its licence due to some lingering uncertainties surrounding the casino gaming industry especially with more competition in the Clark, Pampanga location.”
The casino operator will now focus on the development of its Emerald Bay casino resort in Mactan, Cebu. PH Resorts had originally hoped for a soft launch by the end of this year, but that was put back due to the impact of the Covid-19 pandemic. Completion of phase 1 is expected in the third quarter of 2022.
The second phase, which will add more than 700 electronic gaming machines and 146 additional gaming tables, is slated for completion by 2026. The second phase will also include space for meetings and exhibitions and a second five-star hotel.
According to PH Resorts, the Emerald Bay IR first phase development has an estimated cost of US$238.5m. The second phase has a budget of US$465.4m.
PH Resorts posts loss of US$3.5m for H1
PH Resorts Group Holding has shared its financial results for the first half of the year, revealing a total comprehensive loss of PHP175.5m (US$3.5m). That compares to PHP134.4m in the prior-year period.
Through its latest report, the group said it has ongoing negotiations with its lenders for the conversion of a bridge loan to a long-term project loan, availability of an additional long-term loan, deferral of principal and interest payments, and testing of a subsidiary’s debt to equity ratio.
The company believes that considering the progress to date, these financing and capital raising plans are feasible and will generate sufficient cash flows to enable PH Resorts to meet its obligations.