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PH Resorts partners with EEI to restart Emerald Bay development


Philippine tycoon Dennis Uy’s PH Resorts Group Holdings has partnered with EEI Corporation to revive the long-stalled Emerald Bay Resort and Casino project in Mactan, Cebu.

PH Resorts
PH Resorts Group‘s Chairman, Dennis Uy

The partnership was disclosed in a filing with the Philippine Stock Exchange (PSE) on Monday, following the signing of a Memorandum of Understanding (MOU) between PH Resorts’ parent company, Udenna Corporation, and EEI.

EEI is partially owned by RYM Business Management Corp, a company controlled by the family of Martin Romualdez, Speaker of the House of Representatives and a cousin of President Marcos, while Dennis Uy is known as an ally of former Philippine President Rodrigo Duterte.

Under the agreement, EEI will be responsible for financing, constructing, and completing the $300 million integrated resort (IR), subject to the finalization of definitive agreements and regulatory approvals. This development marks significant progress for the project, which began in 2017 but has faced multiple delays.

If completed, Emerald Bay will feature a five-star hotel with 642 rooms. The gaming floor is expected to have over 700 electronic gaming machines and more than 140 table games.

On Monday, shares of PH Resorts tumbled 20 percent following the announcement of the agreement.

In November, PH Resorts Group reported a net loss of PHP392.9 million ($6.7 million) for the nine months ending September 30th, 2024, an improvement from a PHP2.2 billion ($37 million) loss in 2023. Despite this, the group continues to face financial challenges, with a deficit of PHP7.22 billion ($123 million) and liabilities exceeding assets by PHP12.55 billion ($214 million).

Before finalizing the partnership with EEI, the firm had struggled with the Emerald Bay Resort development. As reported by AGB, PH Travel, a subsidiary of PH Resorts, signed a term sheet with Bloomberry Resorts Corporation (BRC) in May 2022 for potential investment in LLI and CGLC, but BRC withdrew in March 2023. A new deal with Tiger Resort Leisure & Entertainment, Inc. (TRLEI) to take over the Emerald Bay project in December 2023 was also terminated in July 2024.

Viviana Chan
Viviana Chanhttps://agbrief.com/
Viviana Chan is an editor, interpreter, and journalist. With over a decade of experience, she writes in English, Chinese, and Portuguese. Viviana started her career in Macau-based newspapers, where she became passionate about the region's social, financial, and cultural development. Her writing focuses on the economy, emerging industries, gaming development, political affairs, and cross cultural-exchange in the business and cultural domains. She is avid for news and eager to discover and cover stories that generate public relevance.

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