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 country’s gaming regulator approved the revocation of the project’s provisional license. The decision has also led the company to discontinue partnership discussions tied to the development, marking a significant turning point for the stalled venture.
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 received official notice that the Philippine Amusement and Gaming Corp. had approved the cancellation of the provisional casino license for Emerald Bay in Lapu-Lapu City, Mactan. The regulator’s decision effectively ends the company’s bid to develop a casino resort in Cebu.
The company stated that the revocation followed years of delays and financial strain surrounding the project, which has not yet reached commercial operations. PH Resorts added that the regulator’s move means previously announced partnership discussions are no longer viable.
PH Resorts said that discussions with listed construction firm EEI Corp. had not progressed to the execution of definitive agreements and were terminated following the regulator’s decision. According to the company, the absence of a valid casino license removed the basis for pursuing a partnership related to the project.
“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 company said in its filing.
Local media reports noted that EEI had been identified as a potential investor and construction partner for Emerald Bay. PH Resorts, which is led by Davao-based businessman Dennis Uy, did not provide further details on the status of discussions with other parties after the cancellation of the provisional license.
Despite the regulatory setback, PH Resorts said the revocation is not expected to materially affect its current financial position, as Emerald Bay never entered commercial 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 against the backdrop of mounting financial challenges for PH Resorts. In August, the company wrote off its investments in Emerald Bay after a sale-and-leaseback arrangement with China Banking Corp. expired on March 31, 2025. As part of that process, PH Resorts derecognized properties and improvements valued at ₱13.65 billion, along with financial liabilities totaling ₱8.75 billion, from its balance sheet.
In November, the company disclosed that a material uncertainty exists regarding its ability to continue as a going concern. It warned that it may face difficulties in realizing assets or discharging liabilities in the normal course of business. PH Resorts said it continues to receive support from its parent company, Udenna Corp., while it searches for a “white knight” investor to help complete its resort projects and restore financial stability.
The Emerald Bay project began development in 2017 but stalled during the pandemic. It was envisioned as Cebu’s second integrated resort after NUSTAR, featuring a five-star hotel with two 15-story towers, 642 rooms, multiple pools, extensive food and beverage offerings, retail areas, convention facilities, and a gaming floor with more than 700 electronic gaming machines and over 140 tables.
PH Resorts’ provisional license revocation followed earlier efforts to keep the project alive through refinancing and new investment. In October 2023, the company entered into a refinancing deal with China Banking Corp. that involved selling the Emerald Bay site to the bank, with an option to buy it back by March 2025 if new investors were secured.
Several proposed investment deals later collapsed, including discussions with Bloomberry Resorts Corp. and Okada Manila parent Tiger Resort, Leisure and Entertainment Inc. Earlier this year, China Banking Corp. removed the buyback option and indicated it would instead seek to sell the property to a new owner.
With the provisional license now revoked and partnership talks discontinued, PH Resorts has acknowledged that its Cebu casino ambitions have reached an end. The company said it will continue to assess other opportunities and will provide updates as new plans take shape, in line with disclosure requirements.
