{"id":777030460,"date":"2025-08-18T08:14:44","date_gmt":"2025-08-18T11:14:44","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777030460"},"modified":"2026-04-21T20:02:46","modified_gmt":"2026-04-21T23:02:46","slug":"ph-resorts-derecognises-emerald-bay-land-and-construction-site","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/ph-resorts-derecognises-emerald-bay-land-and-construction-site","title":{"rendered":"PH Resorts derecognises Emerald Bay land and construction site"},"content":{"rendered":"\n

PH Resorts Group said that it had derecognised the property and related improvements.<\/p>\n\n\n\n\n\n\n\n

The Philippines.- PH Resorts Group has derecognised a PHP8.75bn (US$153.5m) financial liability linked to the unfinished Emerald Bay casino project<\/a> in Cebu. The expiration of the buyback option on March 31 motivated the removal of PHP13.65bn (US$236m) in assets and PHP8.6bn (US$149m) in related liabilities and transaction costs from the company\u2019s balance sheet. <\/p>\n\n\n\n

PH Resorts had previously described the US$300m Emerald Bay as its \u201cmost ambitious gaming project.\u201d In October 2023, the subsidiaries Lapulapu Leisure (LLI) and Lapulapu Land (LLC) had restructured their outstanding debt with Chinabank via a sale and leaseback deal. Under the terms, the companies had an option to repurchase the property by March 31, 2025, with the condition of covering associated taxes, legal expenses and related costs. That option has expired without renewal.<\/p>\n\n\n\n

In its 2024 annual report, PH Resorts indicated that it would revisit the possibility of repurchasing the property. PH Resorts was discussing a possible partnership with EEI Corp to finance and complete construction following a\u00a0Memorandum of Understanding (MoU)<\/a>\u00a0signed by parent firm Udenna Corp last December. Talks with other potential partners, including Okada Group\u2019s\u00a0Tiger Resort Leisure & Entertainment Inc. (TRLEI)<\/a>,\u00a0Bloomberry<\/a>, and Apple One, led to no final agreements.<\/p>\n\n\n

\n\t\t\tSee also:<\/span><\/p>\n
\n\t\t\t\t\"\"<\/p>\n

\n\t\t\t\t\tSee also:<\/span> Sands China net revenue declines in first half of 2025<\/a>\n\t\t\t\t<\/p>\n<\/p><\/div>\n<\/p><\/div>","protected":false},"excerpt":{"rendered":"

PH Resorts Group said that it had derecognised the property and related improvements.<\/p>\n","protected":false},"author":226,"featured_media":777029785,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":true,"focusai_summary":"PH Resorts Group has derecognized a PHP8.75bn financial liability and associated assets\/liabilities pertaining to its Emerald Bay integrated resort project in Cebu. This action stems from the expiration of a buyback option within a sale-leaseback agreement, significantly impacting the company's financial statements. While prior M&A discussions with entities like Okada Group and Bloomberry did not materialize, PH Resorts is actively pursuing new financing and B2B partnership avenues, including a potential collaboration with EEI Corp, to advance the project.","focusai_entities":"PH Resorts Group, Lapulapu Leisure, Lapulapu Land, Chinabank, Udenna Corp, EEI Corp, Okada Group, Tiger Resort Leisure & Entertainment Inc., Bloomberry, Apple One","focusai_location":"The Philippines, Cebu","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.7), operator_casino (0.8), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Impact on PH Resorts Valuation?","query":"How will the derecognition of PHP8.75bn in liabilities and associated assets impact PH Resorts Group's balance sheet, capital structure, and overall enterprise valuation in the short to medium term?"},{"label":"Emerald Bay Project Future?","query":"What specific financing mechanisms and B2B partnership structures is PH Resorts Group exploring with EEI Corp or other potential investors to ensure the completion and operationalization of the Emerald Bay integrated resort, and what is the revised timeline?"}],"footnotes":""},"categories":[157,16338],"tags":[29,24619,23807],"class_list":["post-777030460","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-casino","tag-finance","tag-ph-resorts"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777030460","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=777030460"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777030460\/revisions"}],"predecessor-version":[{"id":777030478,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777030460\/revisions\/777030478"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/777029785"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777030460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777030460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777030460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}