PH Resorts teases new investors for delayed Cebu casino project

PH Resorts is the casino development arm of Uy’s Udenna Group, whose assets span energy, logistics, property, telecommunications and restaurants. Bloomberg News previously reported that the conglomerate was open to selling assets to reduce debts.

PH Resorts said in the statement it was also in “advanced discussions with other parties” to sell certain assets “currently not generating any cash flows.” It did not identify the assets.PH Resorts president and CEO Raymundo Martin Escalona pointed to positive signs mid the steady recovery of tourism in the postpandemic era.Escalona said they remain optimistic despite ongoing financial difficulties, citing continued losses in the first quarter of 2023.

“We have faced many challenges before but we will succeed. We have already seen some good indicators that make us see a positive future,” Escalona said in the statement.During the annual meeting, shareholders of PH Resorts approved an increase in its authorized capital from P8 billion to P15 billion.They also approved plans to raise capital through an equity offering to the public or selected investors.

In May last year, Razon’s Bloomberry Resorts Corp. signed a term sheet to invest in PH Resorts’ companies Lapulapu Leisure Inc., which is developing the Emerald Bay Resort Hotel and Casino in Punta Engano, Lapu-Lapu City, Cebu, and Clark Grand Leisure Corp., which is developing The Base Resort Hotel and Casino in Clark in Pampanga. Bloomberry disclosed last March the planned investment was terminated.

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