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Emerald Bay developer PH Resorts Group warns of going concern risk as 1Q22 losses widen

Ben Blaschke by Ben Blaschke
Tue 17 May 2022 at 17:56
Emerald Bay developer PH Resorts Group warns of going concern risk as 1Q22 losses widen

The Emerald Bay, Cebu

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PH Resorts Group, the gaming and hospitality arm of Philippines business conglomerate Udenna Group, has revealed that a “material uncertainty” exists around its ability to continue as a going concern after recording a loss of Php109.1 million (US$2.1 million) in the three months to 31 March 2022.

Details of the company’s financial position were outlined in its Quarterly Report, filed with the Philippine Stock Exchange on Tuesday, with the widened year-on-year loss seeing its current liabilities exceeding its assets by Php8.05 billion (US$153.6 million) as of the end of the March quarter.

PH Resorts Group is currently developing an integrated resort in Cebu, called Emerald Bay, which is due to open its first phase in early 2023. It also operates a boutique hotel, Donatela Resort & Sanctuary, in Bohol. Donatela suspended operations in November in response to nationwide COVID-19 lockdown measures.

News of the company’s financial concerns likely go some way to explaining last week’s announcement that Bloomberry Resorts Corp, owner and operator of Solaire Resort & Casino, is set to buy a stake in Emerald Bay after signing a term sheet. The size of Bloomberry’s planned investment has not yet been revealed.

PH Resorts Group also announced last August that it had entered into a series of share transactions to raise US$12 million for the ongoing development of Emerald Bay. It was subsequently granted permission by Philippines gaming regulator PAGCOR to voluntarily suspend a provisional license it had been issued to develop another integrated resort in Clark, to be known as The Base, in order to put all of its resources into its Cebu IR development.

In its Quarterly Report, the company divulged that it is now in ongoing negotiations with its lenders for the conversion of a bridge loan to a long-term project loan, for provision of an additional long-term loan and for further deferral of 2020 and 2021 principal and interest payments on the Group’s short-term loans with China Banking Corporation (CBC) and long-term loan with United Coconut Planters Bank (UCPB). Other discussions with potential creditors and investors are also ongoing.

“Management believes that considering the progress of the steps undertaken to date, these financing and capital raising plans are feasible and will generate sufficient cash flows to enable the Group to meet its obligations when they fall due and address the Group’s liquidity requirements to support its operations and the completion of its projects,” the company said.

Previously due to launch in 2022, phase 1 of Emerald Bay is set to include 122 gaming tables, 600 EGMs and 270 hotel rooms.

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Tags: casinoCebuEmerald BayGoing concernintegrated resortPH ResortsPhilippinesUdenna Group
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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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