PH Resorts Group has confirmed that all proceeds from its previous capital-raising activities have been fully spent, primarily on the now-stalled Emerald Bay integrated resort and casino project, according to a disclosure filed with the Philippine Stock Exmodify (PSE).
The statement came in response to a query from the PSE regarding the company’s business plans and apply of funds following the revocation of its provisional gaming license by the Philippine Amapplyment and Gaming Corp (PAGCOR).
The company raised PHP599.15 million ($10.49 million) through a top-up placement in August 2021 and PHP756 million ($13.24 million) via a previous follow-on offering in November 2020. Of these amounts, PHP504.1 million ($8.6 million) from the 2021 placement and PHP707.2 million ($12.1 million) from the 2020 offering were directed toward construction of the Emerald Bay project, with the remainder allocated to transaction fees and general corporate purposes.
‘The Company confirms that all proceeds previously earmarked for the Emerald Bay Project from the above-mentioned capital-raising activities have been fully utilized as disclosed,’ stated Corporate Secretary Leandro E. Abarquez in the filing. ‘Accordingly, there are no remaining unutilized proceeds from these issuances allocated for the Emerald Bay Project.’
Following the license revocation, PH Resorts’ board of directors and senior management are conducting a comprehensive evaluation of strategic options. The company outlined several potential paths forward, including the reconfiguration or repurposing of existing assets, pursuit of alternative business opportunities such as joint venture projects, and possible mergers and acquisitions.
‘The Company emphasizes, however, that no definitive plans or decisions have been determined and approved as of date hereof as the Company is still carefully considering its options,’ the filing indicated.
PH Resorts, a unit of Udenna Corp controlled by Philippine entrepreneur Dennis Uy, declared the revocation of its provisional gaming license would not materially affect its financial position, as commercial operations had never commenced.
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