PH Resorts posts net loss of US$4m for Q3

The company continues to be affected by the temporary closure of the Donatela Resort & Sanctuary on Panglao Island.

The Philippines.- PH Resorts Group Holdings Inc has shared its third-quarter results, reporting a net loss of PHP232.6m (US$4m). In the third quarter of 2021, the company had posted a net loss of PHP200.9m.

The net loss for the year to September widened to PHP549.3m, compared to PHP376.3m in the prior-year period. Since the group’s current liabilities exceed its current assets by PHP10.77bn, it has given a going concern warning.

The casino operator is still 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 nine months of 2022. The company expects to reopen the venue by December.

PH Resorts noted that it is in talks with its lenders to convert a bridge loan into a long-term project loan as well as “the future availment of an additional long-term loan; and deferral of 2022 principal and interest payments” on the group’s short-term loans with China Banking Corp.

The company said it was in talks with several potential creditors and equity investors for financing, citing a term sheet with Bloomberry Resorts Corp, the promoter of the Solaire Resort and Casino in Manila.

PH Resorts is currently developing the Emerald Bay integrated resort in Cebu, which is due to open its first phase in early 2023. However, no completion date for the IR was mentioned in the company’s third-quarter earnings statement.

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 will add more than 700 electronic gaming machines and 146 additional gaming tables.