• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

PH Resorts says enough cash coming to cover obligations

Nov 16, 2020 Newsdesk Latest News, Philippines, Top of the deck  


PH Resorts says enough cash coming to cover obligations

PH Resorts Group Holdings Inc, the promoter of Emerald Bay, an under-construction casino beachfront resort in Mactan, Cebu, in the Philippines, outlined in its third-quarter results an assessment of its prospects as a “going concern”.

It stated the belief that its “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”.

PH Resorts, the gaming and hospitality subsidiary of entrepreneur Dennis Uy’s Udenna Corp, said in late October it had been given permission by that country’s Securities and Exchange Commission to start raising up to PHP756 million (US$15.7 million), via a follow-on offering of as many as 450 million primary common shares at PHP1.68 per share.

Monday’s quarterly results filing said the exercise had been completed successfully, raising PHP756 million gross.

For the nine months to September 30, the net loss attributable to the equity holders of the parent widened by 26.5 percent, to PHP336.35 million, from PHP265.96 million, said PH Resorts.

The group’s revenue – including from its existing hotel and restaurant operations – stood at PHP9.63 million for the first nine months this year.

The firm said the “81 percent decrease from PHP49.5 million for the first nine months of 2019” was “primarily due to the temporary closure” of its existing Donatela Resort, “caused by the Covid-19 pandemic”.

PH Resorts noted it had reduced compensation for “key management personnel” for the first nine months this year, to PHP31.3 million, from PHP38.7 million in the same period a year earlier, “to manage the impact of Covid-19 on the group’s cash position”.

Total debt at PH Resorts as of September 30 was PHP6.89 billion, down from nearly PHP6.91 billion as of December 31.

As of the end of the third quarter, and as of December 31 respectively, the group’s cash on hand and in banks was PHP119.4 million and PHP225.0 million, respectively.

The filing noted that in March the group had transferred cash in an escrow amount of PHP506.8 million to its cash account “to fund the construction” of Emerald Bay.

The announcement said that a group unit – LapuLapu Leisure Inc – was required under the licence granted by the Philippine Amusement and Gaming Corp, “to complete its US$300-million investment commitment in phases”.

Emerald Bay will be constructed in two phases, with the targeted completion of the first phase by the second quarter of 2022. However, the management team says it is “pushing” for a soft opening by the end of 2021, and expects to increase its gaming capacity and hotel rooms starting from 2022.


  • tweet
Related articles
  • Pagcor cancels accreditation of offshore gaming provider
    Pagcor cancels accreditation of...

    May 24, 2023  

  • Revenue to grow in 2023 for Newport World Resorts: COO
    Revenue to grow in 2023 for Newport...

    May 19, 2023  

More news
  • IGT flags route to high-performing games for Asia
    IGT flags route to high-performing...

    May 30, 2023  

  • We’ll be in Singapore for many years: LVS chairman
    We’ll be in Singapore for many years:...

    May 30, 2023  


Latest News

IGT flags route to high-performing games for Asia

IGT flags route to high-performing games for Asia

May 30, 2023  

Gaming equipment provider International Game Technology Plc (IGT) says it has been directing a “significant portion” of its research and development effort to a “road map” for...
Read More
We’ll be in Singapore for many years: LVS chairman

We’ll be in Singapore for many years: LVS chairman

May 30, 2023  

G2E Singapore trade show, conference begins today

G2E Singapore trade show, conference begins today

May 30, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


6,000

Total number of visitors expected at the Global Gaming Expo (G2E) Asia 2023 Special Edition: Singapore, running from May 30 to June 1



Most Popular

  • Cotai Expo hotel extra to licence capex, says GoldsteinCotai Expo hotel extra to licence capex, says Goldstein May 29, 2023
  • Ian Coughlan out of Wynn Macau Ltd board, Cameron-Doe inIan Coughlan out of Wynn Macau Ltd board, Cameron-Doe in May 29, 2023
  • Londoner Macao pulls in foreigners and Chinese: LVS CEOLondoner Macao pulls in foreigners and Chinese: LVS CEO May 25, 2023
  • Londoner Macao to host Harry Potter exhibition in DecLondoner Macao to host Harry Potter exhibition in Dec May 29, 2023
  • Suntrust agrees to US$6mln loan from chairman Andrew LoSuntrust agrees to US$6mln loan from chairman Andrew Lo May 29, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us