PH Resorts faces debt, seeks partners for casino project
PH Resorts Group Holdings Inc., listed on the Philippine Stock Exchange, continues to face financial challenges, particularly in relation to the paused Emerald Bay Casino project in Cebu. Despite a net loss of PHP101.3 million in the third quarter of 2024, there is an improvement compared to the previous year. The parent company, Udenna Corp., continues to support the company in meeting its financial obligations. PH Resorts is in discussions with potential investors and plans to finalize repayment agreements by the end of 2024.
Financial Challenges and Support from Udenna
PH Resorts Group Holdings Inc. recorded a net loss of PHP101.3 million in the third quarter of 2024. Although this brings the total losses for the year to PHP392.9 million, it represents an improvement compared to the previous year’s loss of PHP2.20 billion. Despite these improvements, the company remains heavily burdened with an operational deficit of PHP7.22 billion as of September 30, 2024.
The parent company, Udenna Corp., has once again reaffirmed its support to help PH Resorts meet its financial obligations. The paused Emerald Bay Casino project in Cebu remains a focal point of this support.
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Debt with the Land Bank of the Philippines
A subsidiary of PH Resorts, Donatela Hotel Panglao Corp., owes PHP975 million to the Land Bank of the Philippines. This subsidiary operates the Donatela Resort & Sanctuary in Bohol. The debt burden increases the pressure on PH Resorts to find additional sources of financing.
Deposit Repayment and Strategic Partnerships
PH Resorts announced in its quarterly report that Udenna is supporting the repayment of a PHP1-billion deposit from Bloomberry Resorts Corp. The repayment is expected to be completed by the end of 2024, once PH Resorts is financially stable enough to repay the sum without liquidity issues.
Earlier discussions with Tiger Resort, Leisure & Entertainment Inc. (TRLEI), the operator of Okada Manila, ended on July 1, 2024. However, this has opened up new opportunities for PH Resorts to connect with other potential investors.
Progress in Investor Negotiations
Despite setbacks, PH Resorts continues to engage in discussions with several potential strategic investors. The company is in the due diligence phase, with several steps already completed. A non-refundable payment of PHP327.6 million, previously received from TRLEI, was recorded as income in the consolidated balance sheet for the first nine months of 2024.
The management of PH Resorts remains optimistic that it will be able to secure the necessary funds and raise capital. These plans are expected to generate sufficient cash flow to meet ongoing obligations and sustain operations.
Outlook for the Emerald Bay Project
With a “going concern” strategy, PH Resorts plans to address its liquidity issues and ensure the completion of key projects, particularly the Emerald Bay Casino. The company is confident that through strategic partnerships and investments, it can raise the necessary funds to push the project forward.
Our Assessment
PH Resorts faces significant financial challenges but shows improvements compared to the previous year. The support from the parent company, Udenna Corp., is a positive sign, as are the ongoing discussions with potential investors. The company still has a long way to go, but the planned measures and partnerships could bring long-term stability. The Emerald Bay project, in particular, remains a key factor for the future of PH Resorts.
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