PH Resorts posts net loss of US$4m for Q2

The group had no net operating revenue for the first six months of 2022 due to the temporary closure of the Donatela Resort & Sanctuary.

The Philippines.- PH Resorts Group Holdings Inc shared its second-quarter results. It’s reported a net loss of PHP224m (US$4m). That’s nearly twofold higher than its loss of PHP95m (US$1.7m) in the second quarter of the year 2021.

The casino operator was heavily affected by the temporary closure of the Donatela Resort & Sanctuary due to the Covid-19 pandemic. As a result, the group had no net operating revenue for the first six months of 2022.

The company said: “With the continuing resumption of both domestic and international flights and the general reopening of the economy, the company is pursuing plans to reopen Donatela by the start of the fourth quarter of the year.”

Due to the lack of operations, the company’s operating loss narrowed down to PHP39m (US$0.7m). For the first three months of the year, PH Resorts Group had reported a loss of PHP109.1m (US$2m), up from PHP80.9m (US$1.5m) in the previous quarter.

The firm is currently developing the Emerald Bay integrated resort in Cebu, which is due to open its first phase in early 2023. During the results presentation, the company said it was in ongoing negotiations with Bloomberry Resorts Corp to invest in PH Resorts units. PH Resorts said it received a “deposit payable” of PHP1bn from Bloomberry Resorts as negotiations between the two parties continued. 

Bloomberry Resorts had said in a May filing that it had signed a non-binding agreement on the potential investment. However, PH Resorts noted that the term sheet is subject to several conditions prior to closing, including “execution of a mutually acceptable definitive agreement; regulatory approval; creditor approval; completion of audited financial statements; corporate approval; due diligence. investigative cooperation”. It said the payment method and contract timing “are still being finalized”.