Baon pa rin sa utang: Dennis Uy assures investors shelving Clark casino license has no financial impact on cash-strapped PH Resorts
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Baon pa rin sa utang: Dennis Uy assures investors shelving Clark casino license has no financial impact on cash-strapped PH Resorts

Debt-laden PH Resorts Group (PHR) of Duterte crony Dennis Uy has issued a follow-up statement to calm investors and creditors on the impact of its decision to suspend temporarily its planned casino resort project in Clark Global City.

Dennis Uy folds: Cash-poor PH Resorts drops Clark casino due to ‘uncertainties in gaming industry’

“As present financial projections center on PHR’s plans for the Emerald Bay project, the voluntary suspension of CGLC’s (CGLC) license will have no effect on current financial numbers. Thus, PHR expects that the suspension will have little to no impact on the business of PHR,” said PHR in a disclosure.

PHR’s losses more than doubled to P94.604 million in the second quarter this year from P45 million in the same period in 2020. This swelled its first-half losses to P175.47 million in 2021, from P134 million in 2020.

PHR has a capital deficit of P1.2 billion and net liabilities of P7.2 billion as of June 2021. It owes P6 billion to China Banking Corp.

PHR had previously informed the Philippine Stock Exchange that the Philippine Amusement and Gaming Corp. e Philippine Amusement and Gaming Corp. has granted its request to voluntarily suspend its provisional license for the Clark casino “due to some lingering uncertainties surrounding the casino gaming industry especially with more competition in the Clark, Pampanga location.”

 
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