Despite the attractiveness of the Cebu market, Emerald Bay is flailing in shallow waters, as financing dries up for the envisioned project. After financier AppleOne pulled out, in the wake of Bloomberrry's similar rejection, Dennis Uy faces an uphill battle with banks and potential foreign investors who are limited by the nation's local-majority financing laws.

Enrique Razon Jr., the owner of Bloomberry Resorts, Andrew Tan, the head of Newport World Resorts, and the founder of PH Resorts Group, Dennis Uy, are all ranked among the top 50 wealthiest in the Philippines, according to Forbes' 'Philippines 50 Richest 2023' list.

Tiger Resorts, Leisure and Entertainment Inc. (TRLEI), operator of Okada Manila, will acquire PH Travel and Leisure Holdings, the company behind the unfinished Emerald Bay Resort in Cebu.

Funding issues have plagued PH Resorts’ Emerald Bay project, suffering another setback as its most recent investor, AppleOne, has pulled out. In this week’s Under the Scope, IGamiX Managing Partner Ben Lee points out how politics trumped business acumen, with banks holding all the cards.

The board of directors of PH Resorts Group Holdings has approved a proposal to increase its capital by $128 million as it aims to finalize Emerald Bay.

To raise more capital and issue new shares, PH Resorts Group Holdings aims to increase its authorized capital stock by PHP7 billion ($128 million). This issue will be discussed in the upcoming annual stockholders meeting on Wednesday, July 26th.

The political jockeying that historically has followed presidential elections in the Philippines may have already begun in the casino industry with Bloomberry Resorts announcing it’s investing in two PH Travel and Resorts properties.

PH Resorts Group’s Emerald Bay casino resort is set to open before the end of the year despite difficult market conditions. The company said the new resort will target Asia’s growing gaming market.

Dennis Ryan Uy has resigned as Director of MJC Investments Corporation, the company responsible for the Manila Jockey Club, effective from January 2 of this year.

Black Spade Capital, the private investment arm of Melco Chairman Lawrence Ho, has announced that it is entered into a ‘business combination agreement’ with Vietnamese smart electric vehicle group VinFast, to leverage its New York Stock Exchange listing to allow VinFast to list, with the company to have a total equity value of over $23 billion.