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Manila Bulletin devider Business devider The Stock Market devider Dennis Uy's PH Resorts pursues Mactan land repurchase with potential partner support

Dennis Uy's PH Resorts pursues Mactan land repurchase with potential partner support

Published May 2, 2025 01:09 pm

Davao tycoon Dennis A. Uy’s PH Resorts Group Holdings Inc. is relying on potential partnerships with EEI Corporation and AppleOne Group of Cebu to pay off debts, including that of its Bohol resort, and buy back land for its Mactan casino project.

In a disclosure to the Philippine Stock Exchange, PH Resorts said it is working on a possible repurchase option for the land that will house its Emerald Bay Resort in Mactan following its expiration on March 31, 2025.

On Oct. 2, 2023, PHR subsidiary Lapu-Lapu Leisure Inc. (LLI) entered into a lease agreement with China Banking Corporation to lease back the improvements in Emerald Bay and the parcels of land amounting to 12.4 hectares after both LLI and Lapu-Lapu Land Corporation (LLC) assigned all their rights over the property to the bank. 

PHR said LLI or its assignee has the option to purchase back the properties within the option period up to March 31, 2025, plus all taxes, legal costs, fees, and expenses paid by Chinabank in relation to the Deeds of Assignment and the transactions contemplated.

“As of April 30, 2025, the Group and EEI have ongoing discussions to determine and finalize the terms of the agreements,” PH Resorts said.

Meanwhile, a Memorandum of Agreement (M0A) was signed between AppleOne Mactan, Inc. (AppleOne) and PHR’s Donatela Hotel Panglao Corporation (DHPC) on Dec. 16, 2024 for a potential purchase of properties or shares of stocks. 

“Negotiations are ongoing with LBP on a proposed loan repayment schedule between DHPC and AppleOne,” PHR said. PHR owes Landbank about ₱1.4 billion consisting of the principal of ₱975 million plus accrued interest.

PHR and AppleOne had earlier discussed AppleOne’s possible purchase of Emerald Bay, but the deal fell through in 2023.

On December 6, 2024, Udenna Corporation (Udenna), the ultimate parent company, executed a Memorandum of Understanding (MOU) with EEI regarding Emerald Bay in Punta Engano, Mactan Island, Cebu. 

The MOU provides an avenue for a partnership between EEI and the Group, upon the execution of the definitive agreements and subject to the fulfilment of conditions precedent and regulatory approvals. 

The MOU also allows EEI to execute an agreement with PHR or its subsidiaries, LLI and LLC, to finance, construct, and complete Emerald Bay.

LLI received advances of ₱300.0 million from EEI through Udenna in January 2025. These advances from a related party were partially used to fund the lease and interest payments to Chinabank.

PHR said it received a letter of financial support from Udenna in April 2025 “stating that it commits, is willing, and has the ability to provide continuing support to the Group.” 

This is for the return of the deposit made by Bloomberry Resorts Corporation, US Dollar loans to Chinabank and 8H Capital Growth Asia Fund, money owed to contractors, a long-term loan with Landbank, and other pre-operating expenses in 2025.

Udenna also committed not to collect its outstanding receivables from the Group in the 12 months starting April 30, 2025. 

Udenna also reconfirmed its Letter of Support to PHR Group that it will cover DHPC’s loan with Landbank and shall ensure that DHPC can pay it.

“The Group has additional ongoing strategic investor discussions with several parties. Due diligence is ongoing and in various stages of completion. 

“Management believes that considering the progress of the steps undertaken to date, these financing and capital raising plans are feasible and will generate sufficient cash flows to enable the Group to meet its obligations when they fall due and address the Group's liquidity requirements to support its operations and the completion of its projects.

Related Tags

Dennis A. Uy PH Resorts Group Holdings Inc. EEI Corporation Udenna Corporation Emerald Bay AppleOne
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