PH Resorts Group Holdings, the gaming and hospitality arm of Philippines conglomerate Udenna Corporation, says it is still targeting a 2021 opening for phase one of its Cebu integrated resort, The Emerald Bay.
It was only four weeks ago that the company warned of likely delays to its ambitious IR project, with management discussion contained within its 1Q20 financial report suggesting an early 2022 opening was looking more likely.
Now PH Resorts Group says it still has 2021 in its sights. In a press release published with the Philippine Stock Exchange following this week’s annual shareholders meeting, the group stated, “The first phase of Emerald Bay is scheduled to open by 2Q of 2022, but the management team is planning for an early opening by the end of 2021.”
According to the release, Phase 1 will include 122 gaming tables for mass, premium mass and junkets, plus 600 EGMs and 270 hotel room bays with gaming and hotel capacity to then be expanded by 2022.
An earlier release targeted the resort’s Phase 2 launch for 2026 with gaming tables and EGMs to increase to 146 and 729 respectively, while hotel capacity would to expand to 780 hotel room bays and five villas.
“Despite the challenges of COVID-19 we are diligently working on the completion of the first phase of Emerald Bay,” said PH Resorts Group COO, Jose Angel Sueiro. “Our team continues working to ensure to reduce project costs without sacrificing quality. Our focus is getting Emerald Bay to open on time without cutting corners.”
PH Resorts Group recently flagged a follow-on offer for up to Php1.125 billion (US$22.8 million) in common shares, the proceeds of which will partially fund the completion of the first phase of The Emerald Bay.