PH Resorts Group Holdings Inc. has formally ended efforts to revive its long-delayed Emerald Bay integrated resort and casino project in Cebu after the nation’s gaming regulator permitted the revocation of the challenge’s provisional license. The determination has additionally led the corporate to discontinue partnership discussions tied to the event, marking a big turning level for the stalled enterprise.
Partnership Talks Halted Following License Revocation
As reported by Manila Bulletin, in a disclosure filed with the Philippine Stock Exchange on Thursday, PH Resorts confirmed that its subsidiaries, Lapulapu Leisure Inc. and Lapulapu Land Corp., had obtained official discover that the Philippine Amusement and Gaming Corp. had permitted the cancellation of the provisional on line casino license for Emerald Bay in Lapu-Lapu City, Mactan. The regulator’s determination successfully ends the corporate’s bid to develop a on line casino resort in Cebu.
The firm acknowledged that the revocation adopted years of delays and monetary pressure surrounding the challenge, which has not but reached industrial operations. PH Resorts added that the regulator’s transfer means beforehand introduced partnership discussions are not viable.
PH Resorts mentioned that discussions with listed building agency EEI Corp. had not progressed to the execution of definitive agreements and have been terminated following the regulator’s determination. According to the corporate, the absence of a sound on line casino license eliminated the idea for pursuing a partnership associated to the challenge.
“It also confirmed that previously announced discussions with Philippine construction firm EEI Corporation over agreements that could have seen work on Emerald Bay recommence had ‘not ripened to the execution of definitive agreements’ and that any partnership with EEI was no longer feasible,” the corporate mentioned in its submitting.
Local media studies famous that EEI had been recognized as a possible investor and building accomplice for Emerald Bay. PH Resorts, which is led by Davao-based businessman Dennis Uy, didn’t present additional particulars on the standing of discussions with different events after the cancellation of the provisional license.
Despite the regulatory setback, PH Resorts mentioned the revocation isn’t anticipated to materially have an effect on its present monetary place, as Emerald Bay by no means entered industrial operations. “The Company will continue to explore other business opportunities and shall make the appropriate disclosures to keep the public informed of developments, including its future plans, as and when these are determined,” it added.
Financial Strain and Project Write-Offs
The license cancellation comes towards the backdrop of mounting monetary challenges for PH Resorts. In August, the corporate wrote off its investments in Emerald Bay after a sale-and-leaseback association with China Banking Corp. expired on March 31, 2025. As a part of that course of, PH Resorts derecognized properties and enhancements valued at ₱13.65 billion, together with monetary liabilities totaling ₱8.75 billion, from its steadiness sheet.
In November, the corporate disclosed {that a} materials uncertainty exists relating to its skill to proceed as a going concern. It warned that it might face difficulties in realizing property or discharging liabilities within the regular course of enterprise. PH Resorts mentioned it continues to obtain assist from its father or mother firm, Udenna Corp., whereas it searches for a “white knight” investor to assist full its resort initiatives and restore monetary stability.
The Emerald Bay challenge started growth in 2017 however stalled throughout the pandemic. It was envisioned as Cebu’s second built-in resort after NUSTAR, that includes a five-star lodge with two 15-story towers, 642 rooms, a number of swimming pools, in depth meals and beverage choices, retail areas, conference services, and a gaming ground with greater than 700 digital gaming machines and over 140 tables.
PH Resorts’ provisional license revocation adopted earlier efforts to maintain the challenge alive by way of refinancing and new funding. In October 2023, the corporate entered right into a refinancing take care of China Banking Corp. that concerned promoting the Emerald Bay web site to the financial institution, with an possibility to purchase it again by March 2025 if new traders have been secured.
Several proposed funding offers later collapsed, together with discussions with Bloomberry Resorts Corp. and Okada Manila father or mother Tiger Resort, Leisure and Entertainment Inc. Earlier this yr, China Banking Corp. eliminated the buyback possibility and indicated it could as an alternative search to promote the property to a brand new proprietor.
With the provisional license now revoked and partnership talks discontinued, PH Resorts has acknowledged that its Cebu on line casino ambitions have reached an finish. The firm mentioned it can proceed to evaluate different alternatives and can present updates as new plans take form, in step with disclosure necessities.
