PH Resorts Group Holdings aims to restore positive stockholders’ equity within two years, while expecting to operate temporarily without an active business after its proposed restructuring.
The company set out the target in a business plan dated September 22nd, following its earlier announcement that it intends to transfer PH Travel and Leisure Holdings to parent company Udenna Corporation. The transfer has yet to be completed.
PH Resorts reported negative consolidated equity of PHP5.95 billion ($94.8 million) as of June 30th. It said most of the liabilities contributing to that deficit sit within PH Travel and its subsidiaries, which hold the group’s gaming and tourism businesses.
Removing PH Travel from its consolidated accounts would substantially reduce those liabilities, according to the company. PH Resorts said it would then operate on an interim basis as a listed holding company ‘without active business operations or material liabilities’ while seeking new investments or business opportunities.
The company is also relying on continued financial support from Udenna and plans to seek shareholder approval to increase its authorized capital stock from PHP8 billion ($127.4 million) to PHP20 billion ($318.5 million). The increase would create room for a future equity infusion; it is not itself a completed fundraising.
PH Resorts said the two-year timetable remains subject to completion of the restructuring, definitive agreements and required approvals, and cannot be guaranteed.
The strategy shift follows the failure to complete an earlier plan to convert approximately PHP4.09 billion ($65.1 million) in Udenna funding into equity. The Philippine Amusement and Gaming Corporation (PAGCOR) revoked the provisional license for the stalled Emerald Bay casino resort in Cebu in December 2025.
