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Manila Bulletin devider Business devider The Stock Market devider Dennis Uy's PH Resorts weighs pivot after losing casino license

Dennis Uy's PH Resorts weighs pivot after losing casino license

Published Dec 22, 2025 03:58 pm
Dennis Uy
Dennis Uy
PH Resorts Group Holdings Inc., the gaming arm of embattled businessman Dennis Uy, is exploring a total pivot of its business model after losing its casino license and warning investors of a cash crunch that threatens its survival.
The company confirmed in a regulatory filing on Monday, Dec. 22, that its board and senior management are undertaking a comprehensive evaluation of strategic options following the revocation of its provisional license by the Philippine Amusement and Gaming Corp. for the Emerald Bay integrated resort project in Mactan, Cebu.
The disclosure marked a critical turning point for the developer, which has struggled for years to secure the funding necessary to complete its flagship gaming development.
PH Resorts said its potential path forward includes the reconfiguration or repurposing of existing assets and the pursuit of alternative business opportunities. The firm is also looking at joint venture projects, mergers, or acquisitions that might enhance shareholder value, though it emphasized that no definitive plans have been approved as the company is still weighing its options.
The crisis deepened last week when the gaming regulator notified PH Resorts’ subsidiaries, Lapu-Lapu Leisure Inc. and Lapu-Lapu Land Corp., that their provisional license for the Emerald Bay project had been officially revoked. This regulatory blow followed the company’s decision in August to write off its investments in the shelved Mactan project.
Financial pressures have already led to the loss of the company’s primary real estate holdings. PH Resorts disclosed that its option to repurchase parcels of land and construction-in-progress under a sale-and-leaseback arrangement with China Banking Corp. expired on March 31, 2025. As a result, property and improvements totaling ₱13.65 billion were derecognized from the books of its subsidiaries, along with ₱8.75 billion in related financial liabilities.
The company previously warned in November of a material uncertainty that may cast significant doubt on its ability to continue as a going concern. Without fresh capital or a strategic partner, the group noted it may be unable to realize its assets or discharge its liabilities in the normal course of business.
Despite the grim financial outlook, PH Resorts maintains it has the support of its parent company, Udenna Corp., as it continues to search for a "white knight" investor to restore its financial viability.

Related Tags

PH Resorts Group Holdings Inc. Philippine Amusement and Gaming Corp. (PAGCOR)
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