Philippine Stock Exchange (PSE)-listed PH Resorts Group Holdings (PHR) is going to be officially reclassified on the bourse, effective January 5th, after the group lost its provisional casino license earlier in December.
In a recent circular, the bourse indicated that PH Resorts was one of 13 companies undergoing a reclassification, shifting from the Casinos & Gaming subsector to the Hotel & Leisure sector. Both classifications still fall under the Services sector.
The shift reflects the revocation of the group’s provisional casino license issued by the Philippine Amusement and Gaming Corporation (PAGCOR).
The license was intended for the Emerald Bay integrated resort project in Lapu-Lapu City, Cebu, a project that hit numerous roadblocks and failed attempts at securing further financing to complete.
The cancellation of the provisional license also reportedly halted partnership discussions with construction firm EEI Corp, which had been tapped as a potential investor to finance, construct and complete the stalled project.
Emerald Bay faced initially began development in 2017 but the project entered its final spiral this year, with PH Resorts writing off its investments in the endeavor after a sale-and-leaseback arrangement with China Banking Corp. expired on March 31st, 2025. As a result, the company de-recognized properties and improvements amounting to PHP13.65 billion ($240 million), along with financial liabilities of PHP8.75 billion ($154 million), from its books.
In November, PH Resorts warned that a material uncertainty exists regarding its ability to continue as a going concern, citing challenges in realizing assets and discharging liabilities in the normal course of business.
In a December 19th filing, the group indicated that it was still ‘carefully assessing possible business plans, strategic directions, and potential opportunities that may be pursued by PHR’.
The group indicated that it would either reconfigure or repurpose existing assets, pursue alternative business opportunities including ‘joint venture projects with other entities’, or pursue ‘other strategic initiatives’. The last point included ‘possible mergers and acquisitions of other entities or assets’.
Despite the attempt at reassurance, the company noted that ‘no definitive plans or decisions have been determined or approved […] as the company is still carefully considering its options’.
In the same filing, the group noted that ‘all proceeds previously earmarked for the Emerald Bay Project’ from capital-raising activities ‘have been fully utilized’ and that ‘there are no remaining unutilized proceeds […] allocated for the Emerald Bay Project’.
