PH Resorts posts widened net loss in 1H21, despite lower expenses

Emerald Bay, PH Resorts

PH Resorts, the developer of Emerald Bay resort in Cebu, reported a widened net loss of P175.5 million in 1H21, which it said was due mainly to ongoing construction activities at Emerald Bay.

The company said that despite lower operating expenses and lower tax rate in the period, the group’s net loss widened primarily as a result of a non-cash foreign exchange loss. 

The company’s resort in Cebu is currently under construction and is expected to open in the third quarter of 2022, though it earlier said it is pushing hard for a soft opening this year

Designed by Steelman Partners, it will be the biggest casino resort on the island of Cebu.

Upon completion of the first phase, Emerald Bay will feature 122 gaming tables for mass, premium mass and junkets; 600 electronic gaming machines (EGM) and 270 hotel room bays.

Outside of Emerald Bay, PH Resorts is also in the design phase for an integrated tourism resort in Clark, and is the owner of the Donatela Resort & Sanctuary, a boutique, upscale resort in Bohol.

The Donatela Resort suffered from restrictive quarantine measures however, with existing bookings cancelled and expected number of reservations unachieved. 

However, the management is hopeful that an improvement of covid-19 cases in NCR plus and a lifting of quarantine measures in Bohol, as well as resumption of international flights will lead to an improvement in its operations.