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PH Resorts scraps Cebu casino deal as Pagcor cancels permit

Business | The Stock Market

PH Resorts scraps Cebu casino deal as Pagcor cancels permit

By James A. Loyola

Dennis Uy

PH Resorts Group Holdings Inc., the gaming firm led by Davao-based tycoon Dennis Uy, terminated partnership talks with EEI Corp. after the government’s gaming regulator revoked the license for its stalled casino project in Cebu.

In a disclosure to the Philippine Stock Exchange on Thursday, Dec. 18, PH Resorts said that the Philippine Amusement and Gaming Corp. (Pagcor) notified the company’s subsidiaries Lapulapu Leisure Inc. and Lapulapu Land Corp. that it had approved the revocation of the provisional license for the Emerald Bay project in Mactan.

PH Resorts said the discussions with EEI never reached the stage of definitive agreements, and the partnership is no longer feasible following the regulator's decision.

The company said the revocation will not materially impact its current financial position because the project has not yet commenced commercial operations.

PH Resorts plans to continue exploring other business opportunities and will provide updates on future plans as they develop.

The license cancellation follows a period of financial distress for the developer. In August, PH Resorts wrote off its investments in Emerald Bay after a sale and leaseback arrangement with China Banking Corp. expired on March 31, 2025.

The company derecognized properties and improvements totaling ₱13.65 billion, along with financial liabilities of ₱8.75 billion, from its books.

In November, the firm warned that a material uncertainty exists regarding its ability to continue as a going concern, noting it may be unable to realize assets or discharge liabilities in the normal course of business.

PH Resorts said it remains supported by parent Udenna Corp. as it seeks a “white knight” investor to help complete its resort projects and restore financial viability.

Related Tags

PH Resorts Group Holdings Inc. Dennis A. Uy EEI Corporation Philippine Amusement and Gaming Corporation (Pagcor)

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