PH Resort completion pushed back to Q2 2022

PH Resorts Group previously expected to finish the casino resort complex in the first quarter of 2022.

Philippines.- PH Resorts Group Holdings has announced it now expects to launch its Emerald Bay casino resort at Mactan, Cebu, in the second quarter of 2022.

It made the announcement in a statement to the Philippine Stock Exchange.

The company, controlled by Philippine entrepreneur Dennis Uy, had previously been aiming to open in the first quarter of 2022.

The group said it expected to start hiring staff for Emerald Bay’s gaming and hotel operations and for a number of managerial and administrative roles at the company’s main office in the fourth quarter of 2021.

on its financial situation, PH Resorts said: “The group has ongoing plans for suitable capital-raising and refinancing options including the conversion of its bridge loan to a long-term facility, and a planned equity offer between the third and fourth quarter of 2020.”

It said Covid-19 had “directly impacted the operations of the group” due to the slowdown in economic activity in the Philippines.

On Saturday, the national government announced Cebu City would stay under general community quarantine until at least August 31.