The company’s loss in the period widened to PHP109.1m (US$2m).<\/p>\n\n\n\n\n\n\n\n
The Philippines.- PH Resorts has reported that its loss in the period ended March 31 widened to PHP109.1m (US$2m)<\/strong> from PHP80.9m (US$1.5m) in the previous quarter. The value of current assets decreased by PHP 37.3m (US$705,220), from PHP107.2m (US$2m) at the end of Q4 2021. Total liabilities increased from PHP11.9m (US$226,814) to PHP12.3m (US$234,438).<\/p>\n\n\n\n Manila-based PH Resorts generated no revenue in Q1<\/strong>, owing to Covid-19 restrictions being in throughout Q1 2022. Stockholders\u2019 equity amount decreased this quarter from PHP5.6m (US$106,736) in Q4 2021 to PHP5.49m (US$104,639).<\/p>\n\n\n\n The group affirmed a \u201cgoing concern\u201d warning<\/strong>, due to its current liabilities exceeding its current assets by PHP8.05bn (US$153.6m) as of March 31. The operator\u2019s current deficit stands at PH 1.58bn (US$28.5m), which indicates \u201ca material uncertainty exists that may cast significant doubt on the company’s ability to continue.\u201d<\/p>\n\n\n\n PH Resorts noted that it was in \u201congoing negotiations\u201d with its lenders for the conversion of a bridge loan to a long-term project loan and an additional long-term loan, and further deferral of 2020 and 2021 principal and interest payments on short-term loans with China Banking Corp<\/strong> and its long-term loan with United Coconut Planters Bank<\/strong>.<\/p>\n\n\n\n See also:<\/strong> PAGCOR approves PH Resorts request to suspend Clark gaming licence<\/a><\/p>\n\n\n\n The firm is currently developing the Emerald Bay integrated resort in Cebu<\/a><\/a>, which is due to open its first phase in early 2023. It said it was in \u201congoing negotiations for financing and capital raising transactions with several potential creditors and equity investors,\u201d mentioning a term sheet with Bloomberry Resorts Corp<\/strong>, promoter of Solaire Resort and Casino in the Philippine capital, Manila.<\/p>\n","protected":false},"excerpt":{"rendered":" The company’s loss in the period widened to PHP109.1m (US$2m).<\/p>\n","protected":false},"author":226,"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 reported a widened Q1 loss of PHP109.1m and issued a \"going concern\" warning due to current liabilities significantly exceeding assets, exacerbated by zero revenue from COVID-19 restrictions. The operator is actively negotiating with lenders for loan restructuring and seeking new financing and equity investors, including a term sheet with Bloomberry Resorts Corp, to support its Emerald Bay integrated resort development.","focusai_entities":"PH Resorts, China Banking Corp, United Coconut Planters Bank, PAGCOR, Bloomberry Resorts Corp","focusai_location":"The Philippines, Manila, Cebu, Clark","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), compliance_legal (0.75), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Emerald Bay Financing Outlook","query":"What specific milestones or conditions must PH Resorts meet to secure the long-term project loan and additional equity financing required to complete the Emerald Bay integrated resort by early 2023?"},{"label":"Bloomberry Strategic Intent","query":"What are the strategic implications for Bloomberry Resorts Corp's market position in the Philippines if its term sheet with PH Resorts leads to a significant equity investment or acquisition, particularly concerning the Emerald Bay development?"}],"footnotes":""},"categories":[163,16334],"tags":[23807,128],"class_list":["post-29947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-south-asia-news","tag-ph-resorts","tag-philippines"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29947","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\/226"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=29947"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29947\/revisions"}],"predecessor-version":[{"id":29968,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29947\/revisions\/29968"}],"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=29947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=29947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=29947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}