PH Resorts derecognises Emerald Bay land and construction site
PH Resorts Group said that it had derecognised the property and related improvements.
The Philippines.- PH Resorts Group has derecognised a PHP8.75bn (US$153.5m) financial liability linked to the unfinished Emerald Bay casino project in Cebu. The expiration of the buyback option on March 31 motivated the removal of PHP13.65bn (US$236m) in assets and PHP8.6bn (US$149m) in related liabilities and transaction costs from the company’s balance sheet.
PH Resorts had previously described the US$300m Emerald Bay as its “most ambitious gaming project.” In October 2023, the subsidiaries Lapulapu Leisure (LLI) and Lapulapu Land (LLC) had restructured their outstanding debt with Chinabank via a sale and leaseback deal. Under the terms, the companies had an option to repurchase the property by March 31, 2025, with the condition of covering associated taxes, legal expenses and related costs. That option has expired without renewal.
In its 2024 annual report, PH Resorts indicated that it would revisit the possibility of repurchasing the property. PH Resorts was discussing a possible partnership with EEI Corp to finance and complete construction following a Memorandum of Understanding (MoU) signed by parent firm Udenna Corp last December. Talks with other potential partners, including Okada Group’s Tiger Resort Leisure & Entertainment Inc. (TRLEI), Bloomberry, and Apple One, led to no final agreements.
