The Philippines gaming company PH Resorts Group says it is within the very last stages of negotiations with two potential investing companies as it bids to renew the creation of its Cebu-located resort, The Emerald Bay. Earlier this week, PH Resorts acquired shareholders’ approval to expand the company’s approved capital stock from 8 billion to 15 billion, which will be divided into 15 billion common shares. This amount is considered to be sufficient to generate funding of about US$128 million.
During the Wednesday meeting, shareholders also gave the Board of Directors the permission to issue shares from increased capital stock, with the board having the ability to issue those shares at any volume and price they see fit. These shares could be issued in the form of an equity offering, private placement, top-up placement, or any equivalent transaction. The board can accept both cash and non-cash properties as a form of payment for the shares.
PH Resorts Confident About Future of The Emerald Bay Thanks to Negotiations with Investors
On Friday, PH Resorts Group issued a press release, during which it announced that two investors have been preparing to provide additional help. The company explained that PH Resorts was currently at the final stage of negotiations with one foreign and one local investor, both of whom agreed to help the entity to fulfill its commitment to finish and open its pivotal Emerald Bay IR (integrated resort) as soon as possible.
PH Resorts Group also quoted President and CEO Raymundo Martin M. Escalona, who shared the company’s hard time, when PH Resorts Group confronted many demanding situations before but was able to prevail. Mr. Escalona also shared that the entity has already seen some exact indicators that predict positive results in the future.
PH Resorts Group – the gaming and hospitality division of Dennis Uy’s Udenna Group – had previously been in a negotiating process with Bloomberry Resorts Corp. Had the owner of Solaire Resort struck a deal with PH Resorts Group, Bloomberry would have collected an enormous percentage of Emerald Bay’s share as well as another stalled project called The Base Resort Hotel and Casino in Clark. In the end, Bloomberry gave up on that deal in March.
Emerald Bay to Become Second IR in Cebu if Project is Successful
Despite the failed deal with Bloomberry, on Friday, PH Resorts Group underlined some superb steps that have been taken recently, including the reopening of its Donatela Resort & Sanctuary in Bohol in December 2022. The company also shared some information on its discussions in progress with different parties in regard to monetizing a few assets that are currently bringing no cash flow.
PH Resort Group ensured that despite its different endeavors, its current number one priority remains Emerald Bay. If this project is finished successfully, The Emerald Bay will become the second Cebu IR, following Nustar, which was launched in 2022.
It is predicted that the first phase of The Emerald Bay will include 146 gaming tables along with 729 electronic gaming machines (EGMs). The lodge part of the project will include 780 hotel room bays and five villas.