Philippines-listed PH Resorts Group Holdings said “restrictions” related to dealing with former parties for investments in its Emerald Bay casino resort project in Mactan, Cebu province (a rendering photo of the artist) were preventing the company from “formulating” matters with other litigants.
“Other parties who have already expressed deep interest in the Emerald Bay project have failed to formalize it due to restrictions under TRLEI trading,” PH Resorts said in its second-quarter earnings filing with the Philippine Stock Exchange on Wednesday 안전한 카지노사이트
The latter reference was to Tiger Resorts, Leisure and Entertainment Inc TRLEI, a subsidiary of Japan’s Universal Entertainment, which is already promoting its Okada Manila casino complex in the Philippine capital.
According to an update from PH Resorts, it received a non-refundable amount of 327.6 million PHP (US$5.7 million) from TRLEI through June 30, and the amount was part of a “progress on future share subscriptions” that would see TRLEI take majority control of Emerald Bay, as announced in early July.
PH Resorts, led by Filipino entrepreneur Dennis UY, also reiterated the plan, saying, “Strategic investor discussions are ongoing with several parties. The due diligence is ongoing and we are in various stages of completion.”
Year-over-year, the company cut its net loss in the first half of the year. Net loss for the six months ended June 30 this year was 494.3 million PHP, compared with 1.08 billion PHP in the same period a year earlier. Continued losses were “primarily due to pre-development costs.”
In fact, the deficit in the first half was $3.69 billion to $7.32 billion, up 98.4% year-over-year.
PH Resorts once again flagged the risk of “ongoing concern.” The group’s current debt exceeded PHP 12.33 billion as of June 30, compared to PHP 4.15 billion in the first half of 2023.
The company posted negative operating cash flow of $97.2 million in the first six months of the year, compared with $27 million in PHP in the same period last year.
“These conditions indicate that significant uncertainties exist that could cast significant doubt on the group’s capabilities as an ongoing concern,” the report noted.
But it also reiterated that “the group has ongoing plans for appropriate financing and capital raising options.”
