{"id":23669,"date":"2021-10-19T10:23:48","date_gmt":"2021-10-19T13:23:48","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=23669"},"modified":"2026-04-23T14:40:26","modified_gmt":"2026-04-23T17:40:26","slug":"ph-resorts-postpones-cebu-ir-first-phase-opening-to-q1-2023","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/ph-resorts-postpones-cebu-ir-first-phase-opening-to-q1-2023","title":{"rendered":"PH Resorts postpones Cebu IR first phase opening to Q1 2023"},"content":{"rendered":"\n

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.<\/p>\n\n\n\n\n\n\n\n

The Philippines.- PH Resorts has again pushed back the launch date for its Cebu IR<\/strong>, 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\u00a0third quarter of 2022<\/a>.<\/p>\n\n\n\n

The first phase of the\u00a0US$465m IR<\/a>\u00a0will 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\u00a0by 2027<\/strong>.<\/p>\n\n\n\n

In August,\u00a0the firm<\/a>\u00a0announced that\u00a0Udenna Corporation will provide 352,441,000 PH Resorts common stocks<\/strong>\u00a0that it already owns to certain qualified buyers, priced at PHP1.70.<\/p>\n\n\n\n

The company will raise nearly PHP599.2m (US$11.9m) through the transaction <\/strong>in order to \u201cbring in capital to support the ongoing construction and development of the Emerald Bay resort and casino project.\u201d Any funds left will be used for general company purposes<\/strong>. <\/p>\n\n\n\n

PH Resorts posts loss of US$3.5m for H1<\/h2>\n\n\n\n

PH Resorts Group Holding<\/a> <\/strong>shared its financial results for the first half of the year, revealing a total comprehensive loss of PHP175.5m (US$3.5m)<\/strong>. That compares to PHP134.4m in the prior-year period.<\/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","protected":false},"excerpt":{"rendered":"

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.<\/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 has again delayed the launch of Phase 1 of its Emerald Bay integrated resort in Cebu, Philippines, to Q1 2023, citing the Covid-19 pandemic. Concurrently, the company is raising PHP599.2m (US$11.9m) through a stock transaction by Udenna Corporation to fund ongoing construction, amidst reporting a US$3.5m H1 loss and significant liabilities.","focusai_entities":"PH Resorts, Udenna Corporation, PAGCOR","focusai_location":"Philippines, Cebu","focusai_target_profile":"ceo_executive (0.9), regulator (0.9), compliance_legal (0.8), operator_casino (0.8), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Impact on PAGCOR License","query":"How do these repeated delays and the current financial position of PH Resorts impact its ongoing gaming licence agreement and minimum investment commitments with PAGCOR?"},{"label":"Capital Raising Strategy","query":"Given the significant liabilities and H1 losses, is the current PHP599.2m capital raise sufficient to ensure the timely completion of Emerald Bay Phase 1, or are further financing rounds anticipated?"}],"footnotes":""},"categories":[157,158,16333],"tags":[23632,23807],"class_list":["post-23669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-slider-home","category-south-east-asia-news","tag-integrated-resorts","tag-ph-resorts"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/23669","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=23669"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/23669\/revisions"}],"predecessor-version":[{"id":23685,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/23669\/revisions\/23685"}],"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=23669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=23669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=23669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}