A long-stalled Philippines casino project may have finally hit a dead end.
On Thursday, Dennis Uy-led PH Resorts Group Holdings Inc (PHR) disclosed that the Philippine Amusement and Gaming Corp (PAGCOR) had revoked the provisional gaming licence for its Emerald Bay on Mactan Island.
Emerald Bay broke ground in 2017, with a plan to open in 2021. Described as “a luxury leisure experience unlike any other”, the integrated resort (IR) was to include a five-star hotel, four pools, 18 dining outlets, a retail district and conference and exhibition facilities. Its planned gaming floor was to accommodate more than 700 electronic gaming machines and 140 tables.
But Emerald Bay faced multiple setbacks, starting with Covid-19. When the pandemic struck, construction at the 12.4-hectare (30-acre) site in Cebu Province stalled, never to resume.
Emerald Bay partnerships came and went
In May 2022, Bloomberry Resorts Corp joined PHR with a proposed investment in the company or its units. That deal fell through in March 2023. In December 2023, Okada Manila operator Tiger Resort Leisure and Entertainment Inc came on board. That deal unravelled within six months.
In December 2024, construction firm EEI Corp agreed to help complete the long-stalled IR. But as noted by PHR, “discussions … for the completion of the project have not ripened to the execution of definitive agreements. Thus, considering the aforementioned decision of the PAGCOR board, the partnership with EEI is no longer feasible.”
Complicating matters, last March China Banking Corp acquired the land under Emerald Bay after a 2023 leaseback agreement expired. Chairman Hans Sy has said the bank is uninterested in renewing the arrangement with Uy. “We gave them a chance – a year and a half – because we don’t want to be ruthless,” he said. “We gave Dennis a chance to redeem.” The parcel is now for sale.
If completed, Emerald Bay would have joined several other IRs in the market. Nustar Resort and Casino, owned by Universal Hotels and Resorts, opened in 2022. Billionaire Kevin Tan will add a third, Mactan World Resorts, which is due to break ground in 2026.
Marjorie Preston
Marjorie began her gaming career in 2007 and has focused on Asian gaming markets since 2020. Outside of work, she writes about travel and film and plays the drums.
The Philippines gaming regulator has rescinded a provisional licence granted to PH Resorts Group Holdings, which had planned a $300 million casino resort.