{"id":21648,"date":"2021-08-17T12:44:16","date_gmt":"2021-08-17T15:44:16","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=21648"},"modified":"2026-04-23T16:33:53","modified_gmt":"2026-04-23T19:33:53","slug":"ph-resorts-posts-loss-of-us3-5m-for-h1","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/ph-resorts-posts-loss-of-us3-5m-for-h1","title":{"rendered":"PH Resorts posts loss of US$3.5m for H1"},"content":{"rendered":"\n

PH Resorts Group Holdings saw a comprehensive loss of PHP175.5m (US$3.5m) for the six first months of the year.<\/p>\n\n\n\n\n\n\n\n

The Philippines.- The gaming operator\u00a0PH Resorts Group Holding\u00a0<\/strong>has shared its financial results for the first half of the year, revealing a\u00a0total comprehensive loss of PHP175.5m (US$3.5m)<\/strong>. That compares to PHP134.4m in the prior-year period.<\/p>\n\n\n\n

The company said the loss was due to the development of Emerald Bay<\/strong>, a beachfront casino resort in Mactan, Cebu, which it expects to officially open in the\u00a0third quarter of 2022<\/a>. The company had originally hoped for a\u00a0soft launch by the end of this year<\/strong>. That was put back to\u00a0the third quarter of 2022<\/strong>\u00a0due to the impact of the Covid-19 pandemic.\u00a0<\/p>\n\n\n\n

The second phase, which will add more than 700 electronic gaming machines and 146 additional gaming tables, is now slated for completion by 2026<\/strong>.<\/p>\n\n\n\n

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<\/strong> as part of the deal with the PAGCOR to obtain a gaming licence.<\/p>\n\n\n\n

Meanwhile,\u00a0Clark Grand Leisure Corp<\/strong>, a PH Resorts\u2019 subsidiary, is required to invest at least US$200m in an integrated resort with a casino in Clark Global City, on the main island of Luzon, as a condition of getting a Pagcor provisional licence there.<\/p>\n\n\n\n

Through its latest report,\u00a0the group said it has ongoing negotiations with its lenders\u00a0<\/strong>for the conversion of a bridge loan to a long-term project loan, availability of an additional long-term loan, deferral of principal and interest payments, and testing of a subsidiary\u2019s debt to equity ratio.\u00a0<\/p>\n\n\n\n

The company believes that\u00a0considering the progress to date<\/strong>, these financing and capital raising plans are feasible and will generate sufficient cash flows to enable PH Resorts to meet its obligations.<\/p>\n","protected":false},"excerpt":{"rendered":"

PH Resorts Group Holdings saw a comprehensive loss of PHP175.5m (US$3.5m) for the six first months of the year.<\/p>\n","protected":false},"author":176,"featured_media":18122,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"PH Resorts Group Holdings reported a comprehensive loss of PHP175.5m for H1, an increase from the prior year, primarily due to the Emerald Bay casino resort development in Mactan, Cebu, now slated for a Q3 2022 opening. The company faces significant liabilities exceeding assets and is actively negotiating with lenders for long-term financing and payment deferrals to meet its substantial PAGCOR-mandated investment commitments for both the Emerald Bay and Clark Global City projects.","focusai_entities":"PH Resorts Group Holdings, Clark Grand Leisure Corp, PAGCOR","focusai_location":"Philippines, Mactan, Cebu, Clark Global City, Luzon","focusai_target_profile":"ceo_executive (0.9), regulator (0.9), compliance_legal (0.8), operator_casino (0.85), investor_analyst (1.0), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Debt Restructuring Impact","query":"What specific terms are PH Resorts Group Holdings negotiating with lenders for the bridge loan conversion and additional long-term financing, and how will these terms impact the company's debt-to-equity ratio and future capital structure?"},{"label":"Emerald Bay Project Viability","query":"Given the significant liabilities and ongoing losses, what is the revised capital expenditure plan for Emerald Bay, and what specific milestones must be achieved to ensure the Q3 2022 opening and the 2026 second phase completion?"}],"footnotes":""},"categories":[163,16333],"tags":[22872,23907,23807],"class_list":["post-21648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-south-east-asia-news","tag-emerald-bay","tag-land-based-casino","tag-ph-resorts"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/21648","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=21648"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/21648\/revisions"}],"predecessor-version":[{"id":21684,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/21648\/revisions\/21684"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18122"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=21648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=21648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=21648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}