The PH Resorts chairman also revealed that as of May 7, his group was still negotiating with China Banking Corp. for a new loan to refinance the casino projects P5.9 billion payable this year.
PH Resorts said it would complete the first phase of the Emerald Resort by the third quarter of 2022 from its original target of the second quarter of the same year.
The casino hotel’s first phase is at 39.8 percent as of April 2021 and the interior and fit-out would commence upon completion of concrete pouring (currently at 97 percent). PH Resorts said on-site work has normalized after its crew has adapted to the COVID-19 protocols.
PH Resorts has decided to split the development process into several work packages by 24 consultants for design and construction and 25 contractors for construction and fit-out as well as an extra 45 designers and contractors to ensure that Emerald Bay would be completed on budget and on time. PH Resorts ‘ primary designer is Steelman Partners, project manager is Tenman HK Limited, and construction manager is Terp Asia.
“The Company believes that working with multiple contractors in relation to each specific work package will enable a more streamlined construction process and ensure the expected timeline of Emerald Bay remains on target,” the company said in a project update submitted to the Philippine Stock Exchange,.
PH Resorts remained confident it would strike a deal with Chinabak not only for a restructuring of its bridge loan but also additional loans to finish the project.
PH Resorts is also eyeing more capital raising just months after raising P727 million from a follow-on offering in November 2020.
The company has so far utilized P420 million for the casino hotel and could probably need at least P1 billion to finish the first phase. PH Resorts has P6.8955 billion in loans of which P5.988 billion payable this year.
“The group expects to meet its operating assets and liabilities, capital expenditure and investment requirements for the next 12 months,” said PH Resorts.