PH Resorts Group Holdings Inc, the gaming and hospitality arm of Philippines business giant Udenna Group, has reported a 2Q21 loss of Php94.6 million (US$1.9 million) as it looks ahead to the launch of its Cebu integrated resort, Emerald Bay.
According to the company’s quarterly report, the 2Q result saw its loss widened from a loss of Php45.1 million (US$895,000) recorded 12 months earlier, primarily due to a non-cash foreign exchange loss.
It also came despite a slight decrease in operating expenses to Php51.1 million, which was attributed to the rationalization of payroll expenses and cost cutting measures effected during the recent lockdowns
Net revenues were up from near zero in 2Q20 to Php556,100 (US$11,000), but down 78% for the first six months of 2021 combined to Php1.4 million (US$28,000), primarily due to lower occupancy of its a boutique-style hotel in Bohol, Donatela Resort & Sanctuary.
However, the company’s focus remains primarily on Emerald Bay which remains on track to open in the third quarter of 2022. The first phase of Emerald Bay will feature 122 gaming tables, 600 electronic gaming machines (EGM) and 270 hotel rooms.
PH Resorts Group is also planning development of an integrated resort project in Clark.
