PH Resorts Group Holdings Inc. has formally ended efforts to revive its long-delayed Emerald Bay built-in resort and on line casino challenge in Cebu after the nation’s gaming regulator permitted the revocation of the challenge’s provisional license. The choice 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 Inventory Alternate on Thursday, PH Resorts confirmed that its subsidiaries, Lapulapu Leisure Inc. and Lapulapu Land Corp., had acquired 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 Metropolis, Mactan. The regulator’s determination successfully ends the corporate’s bid to develop a on line casino resort in Cebu.
The corporate said that the revocation adopted years of delays and monetary pressure surrounding the challenge, which has not but reached business operations. PH Resorts added that the regulator’s transfer means beforehand introduced partnership discussions are now not viable.
PH Resorts mentioned that discussions with listed development agency EEI Corp. had not progressed to the execution of definitive agreements and had been terminated following the regulator’s determination. In line with the corporate, the absence of a legitimate on line casino license eliminated the premise for pursuing a partnership associated to the challenge.
“It additionally confirmed that beforehand introduced discussions with Philippine development agency EEI Company over agreements that might have seen work on Emerald Bay recommence had ‘not ripened to the execution of definitive agreements’ and that any partnership with EEI was now not possible,” the corporate mentioned in its submitting.
Native media studies famous that EEI had been recognized as a possible investor and development associate 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.
Regardless of 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 business operations. “The Firm will proceed to discover different enterprise alternatives and shall make the suitable disclosures to maintain the general public knowledgeable of developments, together with its future plans, as and when these are decided,” it added.
Monetary Pressure and Challenge 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 stability sheet.
In November, the corporate disclosed {that a} materials uncertainty exists relating to its capacity to proceed as a going concern. It warned that it might face difficulties in realizing belongings or discharging liabilities within the regular course of enterprise. PH Resorts mentioned it continues to obtain assist from its mum or dad 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 through 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 cope with China Banking Corp. that concerned promoting the Emerald Bay website to the financial institution, with an choice to purchase it again by March 2025 if new buyers had been secured.
A number of proposed funding offers later collapsed, together with discussions with Bloomberry Resorts Corp. and Okada Manila mum or dad Tiger Resort, Leisure and Leisure Inc. Earlier this yr, China Banking Corp. eliminated the buyback choice and indicated it could as a substitute 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 corporate mentioned it should proceed to evaluate different alternatives and can present updates as new plans take form, consistent with disclosure necessities.
