PH Resorts Group Holdings Inc., a company led by businessman Dennis Uy, delayed the opening of its first hotel casino project in Mactan, Cebu to the first quarter of 2023
PH Resorts said in a disclosure to the stock exchange the company is working closely with primary design team Steelman Partners, project management firm Tenman HK Limited and construction team Terp Asia Construction Corp. to ensure that phase 1 of Emerald Bay will start full operations on budget and on track for the targeted opening in the first quarter of 2023.
The delay in the completion of Emerald Bay was due to the mobility restrictions to prevent the exposure of workers onsite to the COVID-19 pandemic.
It said the situation onsite gradually improved and was now back to normal, with continued compliance with applicable government directives.
The company said Emerald Cebu as of end-September was 40.77-percent complete while the main building was 98.66-percent finished.
The construction of Emerald Bay began in December 2017 while that of hotel Tower A and Tower B started in the third quarter of 2018.
Phase 1 of Emerald Bay is expected to have 4,514 square meters of aggregate gaming floor area, with 600 electronic gaming machines, 122 gaming tables, a five-star hotel with 270 hotel bays, an open-air promenade, 5 F&B outlets and one pool complementing a partially completed 300-meter-long beach front that will be open to resort guests.
Meanwhile, the second phase is expected to have 8,210 sq. m. of aggregate gaming floor area, with 729 electronic gaming machines, 146 gaming tables, a five-star hotel with 780 hotel bays, including five villas, four pools, 16 F&B outlets covering an area of 11,186 sq. m. and MICE facilities of about 1,558 sq. m.
The company said 70 percent of the total project cost, amounting to P5.2 billion, would be funded through debt.
PH Resorts said was in negotiations with lenders for the conversion of a bridge loan to a long-term project loan, availment of additional long-term loan and deferral of principal and interest payments.
It also has other plans for suitable financing and capital raising options to meet its obligations when they fall due and address the group’s liquidity requirements to support operations and the completion of projects.