PH Resorts has again put back the completion date for the first phase of its Cebu IR development and now it hopes to launch it by the first quarter of 2023.
The Philippines.- PH Resorts has again pushed back the launch date for its Cebu IR, Emerald Bay, mainly due to the Covid-19 pandemic. The casino operator now hopes to launch the first phase of the IR by the first quarter of 2023 instead of the third quarter of 2022.
The first phase of the US$465m IR will include 122 gaming tables, 600 electronic gaming machines and a five-star hotel, with 270 rooms. The second phase, which will add more than 700 electronic gaming machines and 146 additional gaming tables, is now slated for completion by 2027.
In August, the firm announced that Udenna Corporation will provide 352,441,000 PH Resorts common stocks that it already owns to certain qualified buyers, priced at PHP1.70.
The company will raise nearly PHP599.2m (US$11.9m) through the transaction in order to “bring in capital to support the ongoing construction and development of the Emerald Bay resort and casino project.” Any funds left will be used for general company purposes.
PH Resorts posts loss of US$3.5m for H1
PH Resorts Group Holding 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.
PH Resorts reported that its liabilities exceeded its assets by nearly PHP7.29bn as of June 30. It pledged to spend a minimum of US$300m on the Emerald Bay development as part of the deal with the PAGCOR to obtain a gaming licence.