PH Resorts, the promoter of the stalled casino project Emerald Bay in Cebu said Udenna Corp is ready to aid the group in meeting its financial liabilities.
The promoter of the now-stalled casino project Emerald Bay in Cebu said Udenna Corp has proven its capacity and readiness to assist the group in meeting its financial responsibilities
PH Resorts Group Holdings, the gaming and hospitality arm of Udenna Corporation, reported a P101.3 million net loss for the third quarter of 2024, and a total loss of early P392.9 million for the year up to September 30. This net loss is smaller compared to last year's loss of P2.2 billion. Udenna Corporation is owned by Dennis Uy.
In its third quarter filing last November 15, PH Resorts announced that it received a letter of financial support from its ultimate parent company, which pledged to provide ongoing assistance.
The letter specifically addresses a PHP1 billion deposit from Bloomberry Resorts Corp, with the parent company committing to support PH Resorts until it is able to repay the amount without compromising its liquidity.
“The group received a letter of financial support from its ultimate parent company stating that it shall extend its full and continuing support for PH Resorts with regard to the P1 billion deposit from Bloomberry Resorts Corp until such time that the group is in the position to repay this amount without impairing its liquidity position," PH Resorts said, as quoted by GGR Asia.
They aim to settle this "before the end of 2024."
PH Resorts shared in its latest update that the termination of the previous agreement has actually opened the door for new opportunities. The company mentioned that, while some potential investors had been unable to move forward with the Emerald Bay project due to previous restrictions, several have now expressed strong interest. These talks are still ongoing, with due diligence happening at various stages.
In addition, the company reclassified a non-refundable payment of P327.6 million it received from its former partner, TRLEI, as income, reflecting a shift in its financial outlook.
PH Resorts also reassured investors that its management is confident about its financial future. They believe that their plans for raising capital will generate enough cash flow to meet the company’s obligations, support ongoing operations, and help complete projects. As a result, the company has continued to prepare its financial statements under the assumption that it will remain operational.
Meanwhile, Bilyonaryo reported that PH Resorts still earned P327.6 million despite a thwarted plan by Okada Manila operator Resort Leisure Entertainment to buy the casino project.
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