Unfinished Cebu casino had faced long delays
The Philippine Amusement and Gaming Corp. (PAGCOR) has now revoked the licence for PH RESORTS Group Holdings, to develop a casino license in Cebu.
The project, which was called Emerald Bay casino would have offered 600 slots, 122 gaming tables and a 270-room five-star hotel in its first phase.
The news came via a stock exchange disclosure from PH Resorts, confirming that PAGCOR had notified PH and its subsidiaries, LapuLapu Leisure and Lapulapu Land, that it had cancelled the provincial license for the uncompleted Emerald Bay integrated resort project in Mactan, Cebu. It follows long delays on the project and a series of partners, including Bloomberry and Tiger Resorts, pulling out.
PH Resorts said: “The revocation of the provisional license is not expected to materially impact the Company’s existing financial position. The company will continue to explore other business opportunities and shall make the appropriate disclosures to keep the public informed of developments, including its future plans, as and when these are determined, in accordance with applicable laws, rules, and disclosure requirements of the Philippine Stock Exchange and other relevant regulatory authorities.”
The post PAGCOR cancels licence for PH RESORTS to develop a casino in Cebu appeared first on G3 Newswire.
Unfinished Cebu casino had faced long delays The Philippine Amusement and Gaming Corp. (PAGCOR) has now revoked the licence for PH RESORTS Group Holdings, to develop a casino license in Cebu. The project, which was called Emerald Bay casino would have offered 600 slots, 122 gaming tables and a 270-room five-star hotel in its first…
The post PAGCOR cancels licence for PH RESORTS to develop a casino in Cebu appeared first on G3 Newswire.