• 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 widens 3Q loss, says Bloomberry backing close

Nov 16, 2022 Newsdesk Latest News, Philippines, Top of the deck  


PH Resorts widens 3Q loss, says Bloomberry backing close

The third-quarter net loss attributable to casino resort developer PH Resorts Group Holdings Inc widened year-on-year to PHP232.6 million (US$4.0 million), the firm said in a filing this week to the Philippine Stock Exchange. Such loss had been PHP200.9 million in the prior-year period.

The group affirmed a “going concern” warning, due to its current liabilities as of September 30, exceeding its current assets by PHP10.77 billion. That was a widening from the PHP8.45-billion shortfall recorded as of December 31, 2021.

PH Resorts noted it had “ongoing negotiations” with its lenders for the conversion of a bridge loan to a long-term project loan, as well as “the future availment of an additional long-term loan; and deferral of 2022 principal and interest payments” on the group’s short-term loans with China Banking Corp.

The company further observed it had “ongoing negotiations for financing and capital raising transactions with several potential creditors and equity investors,” mentioning a term sheet with Bloomberry Resorts Corp, promoter of Solaire Resort and Casino in the Philippine capital, Manila.

“Due diligence is currently nearing completion and certain terms and conditions of the transaction, including the method of payment and timing of closing, are in the process of being finalised,” stated PH Resorts in relation to the agreement with Bloomberry.

PH Resorts is developing the Emerald Bay Resort Hotel and Casino (pictured in an artist’s rendering) in Cebu.

PH Resorts said in May the casino resort was to be developed “in two phases”, with the first “expected to be completed in the first quarter of 2023”. No completion date for Emerald Bay was mentioned in its third-quarter earnings statement.

The firm’s parent is Philippine conglomerate Udenna Corp, controlled by local entrepreneur Dennis Uy. In July, Udenna said it had settled a US$4-million obligation related to a unit of PH Resorts.

PH Resorts had zero operating revenue in the third quarter, as well as in the first nine months of 2022, given the “temporary closure” of its existing Donatela Resort & Sanctuary in Panglao Island, Bohol, “caused by the Covid-19 pandemic”.

“With the continuing resumption of both domestic and international flights and the general reopening of the economy, the company is pursuing plans to reopen Donatela by December 2022,” it stated.

PH Resorts’ net loss for the year to September widened to PHP549.3 million, compared to PHP376.3 million in the prior-year period.


  • tweet
Related articles
  • Synectics in deal for surveillance gear at Solaire North
    Synectics in deal for surveillance gear...

    May 04, 2023  

  • PH Resorts, potential backers in talks for Cebu, Clark casinos
    PH Resorts, potential backers in talks...

    May 03, 2023  

More news
  • RGB posts US$2.3mln 1Q profit, optimistic for rest of 2023
    RGB posts US$2.3mln 1Q profit,...

    May 29, 2023  

  • Cotai Expo hotel extra to licence capex, says Goldstein
    Cotai Expo hotel extra to licence...

    May 29, 2023  


Latest News

RGB posts US$2.3mln 1Q profit, optimistic for rest of 2023

RGB posts US$2.3mln 1Q profit, optimistic for rest of 2023

May 29, 2023  

Malaysia-based casino electronic games and services supplier RGB International Bhd posted a net profit of just above MYR10.5 million (US$2.3 million) for the three months to March 31, compared to a...
Read More
Cotai Expo hotel extra to licence capex, says Goldstein

Cotai Expo hotel extra to licence capex, says Goldstein

May 29, 2023  

Novomatic’s Black Edition II cabinets at G2E in Singapore

Novomatic’s Black Edition II cabinets at G2E in Singapore

May 29, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”Even in the darkest moments of the pandemic, we’ve always said this market will come back strong… We’re big believers in Macau”

Robert Goldstein

Chairman and chief executive of Las Vegas Sands



Most Popular

  • Londoner Macao pulls in foreigners and Chinese: LVS CEOLondoner Macao pulls in foreigners and Chinese: LVS CEO May 25, 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
  • Cotai Expo hotel extra to licence capex, says GoldsteinCotai Expo hotel extra to licence capex, says Goldstein May 29, 2023
  • Genting Malaysia revenue at US$494mln in 1Q, narrows lossGenting Malaysia revenue at US$494mln in 1Q, narrows loss May 25, 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