Emerald Bay Rescuers Tiger Resorts First Settlement Of US$5M

A subsidiary of Philippine company PH Resorts Group Holdings received an initial “non-refundable” payment of 30.1 million PHP ($5.2 million) for a share subscription that would take majority ownership of the operating profits of its Emerald Bay Casino Resort Plan (File Photo) in Cebu. (File Photo) Tiger Resorts, Leisure and Entertainment Inc (TRLEI) in Cebu.

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

PH Resorts’ 2023 annual report, filed Tuesday with the Philippine Stock Exchange, said PHP 30.1 million was paid as part of “advice for future share subscriptions.” PH Resorts is led by Philippine entrepreneur Dennis UY.

TRLEI announced in December through its parent company, Japan’s Universal Entertainment, that it would acquire PH Travel and Leisure Holdings, a subsidiary of PH Resorts, as well as certain stakes in Lapulapu Leisure Inc (LLI) and Lapulapu Land Inc (LLC), which are developing Emerald Bay.

Universal Entertainment said in December that once the deal with TRLEI is finalized as expected by July of this year, the “development and construction” of Emerald Bay will proceed “with the aim of opening in 2026.

PH Resorts is facing “substantial uncertainty” that questions whether it can continue as a constant concern, its 2023 annual report filed on Tuesday noted. The group posted net losses of 1.81 billion and 811.9 million PHP in 2023 and 2022, respectively.

PH Resorts’ current liabilities exceeded its current assets of 30.3.0 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 completing the project, the annual report noted.

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

“This restructuring covers LLI and LLC’s properties in the city of Lapulapu in Cebu Mactan with an area of approximately 12.4 hectares, including improvements. In addition, the restructuring will allow LLI and LLC to repay bridge loans denominated in pesos and extend the U.S. dollar-controlled bridge granted by CBC [China Banking Corporation] in 2018,” PH Resorts said in its annual report.

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

BY: 바카라사이트 추천

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