Emerald Bay Rescuers Tiger Resorts First Payment of US$5 Million

A subsidiary of Philippine company PH Resorts Group Holdings has received an initial "non-refundable" payment of PHP 30.1 million ($5.2 million) for share subscription fees that would give it majority ownership of operating profits in the company's planned Emerald Bay Casino Resort in Cebu. (File Photo) Tiger Resorts, Leisure and Entertainment Inc. (TRLEI) in Cebu.

The latter is the controlling entity of Okada Manila Casino Complex in Manila Entertainment City.

PH Resorts' 2023 annual report, submitted to the Philippine Stock Exchange on Tuesday, includes $30.1 million in PHP payments as part of its "advice for future stock subscriptions." PH Resorts is led by Philippine entrepreneur Denis Yui.

TRLEI, through its parent company Universal Entertainment Japan, announced in December a preliminary agreement with PH Travel and Leisure Holdings, a subsidiary of PH Resort, to acquire certain stakes in LAPULAPU Leisure Inc. (LLI) and LAPULAPU Land Inc. (LLC), a subsidiary of PH Travel and developing Emerald Bay.

Universal Entertainment said in December that "development and construction" of Emerald Bay will proceed "with the goal of opening in 2026" once the deal with TRLEI is completed as expected by July this year.

PH Resorts is facing "substantial uncertainty" questioning whether it can continue as an ongoing concern, the 2023 annual report filed on Tuesday noted. The group posted net losses of 1.81 billion and 811.9 million in 2023 and 2022, respectively.

PH Resorts' current liabilities exceeded its current assets of 303.0 million PHP and 1.97 billion PHP in 2023 and 2022, respectively.

The group has been involved in financing and capital raising plans to generate "sufficient cash flow" to meet its debt obligations and support it in completing the project, the annual report noted.

These steps include PH Resorts restructuring outstanding debt through improvements in Emerald Bay's developers LLI and LLC in October 2023 through an agreement with Philippine lender China Banking Corp on a sale, leaseback (including repurchase options).

"The restructuring covers LLI and LLC's properties in the city of Lapulafusi in Cebu Mactan with an area of approximately 12.4 hectares, and includes improvements. The restructuring will also allow LLI and LLC to repay bridge loans denominated in pesos and extend the U.S. dollar-dominated bridge granted by CBC [China Banking Corporation] in 2018," PH Resorts said in its annual report.

PH Resorts is also in the process of further extending principal and interest repayments with the Philippine Land Bank, the annual report noted. As of the end of December, PHR Resorts' outstanding loan balance stood at 975 million PHPs.

BY: 실시간 바카라사이트