A significant setback has struck PH Resorts Group Holdings, the gaming venture linked to Davao businessman Dennis A. Uy. The Philippine Amusement and Gaming Corp. (PAGCOR) delivered a notice effectively shutting down the company’s casino ambitions in Cebu, revoking the license for its unfinished Emerald Bay resort.
The decision impacts two key subsidiaries, LapuLapu Leisure, Inc. and Lapulapu Land Corp. (LLI-LLC), halting progress on the integrated resort project planned for Mactan, Cebu. This revocation marks a dramatic turn for a development once envisioned as a major tourism draw for the region.
Despite the license cancellation, PH Resorts maintains a resolute front, asserting the move won’t fundamentally destabilize the company’s finances. Executives believe the financial impact will be contained, allowing them to navigate this challenge without catastrophic consequences.
Looking ahead, PH Resorts is pivoting, signaling an intent to actively pursue alternative avenues for growth and expansion. The company has pledged to keep stakeholders informed as new strategies and opportunities emerge, adhering to all regulatory requirements.
Adding to the complexities, negotiations with EEI Corp., a prominent construction firm, regarding the Emerald Bay project have been formally terminated. Discussions failed to evolve into binding agreements, leaving the future of the physical construction uncertain.
The situation escalated earlier this year when PH Resorts was forced to absorb a substantial loss – a staggering P6.75 billion – attributed to writing off investments in the troubled Emerald Bay casino. This write-down underscored the mounting difficulties surrounding the project.
Further complicating matters, China Banking Corp., led by the Sy family, is actively seeking a buyer for the Mactan property originally acquired from PH Resorts. A previous sale-and-leaseback agreement expired in March, prompting the bank to offload the unfinished asset.
