The Philippine Amusement and Gaming Corporation (PAGCOR) has approved the revocation of the provisional casino license held by subsidiaries of PH Resorts Group Holdings Inc. for their long-delayed integrated resort and casino project in Mactan, Cebu, prompting the company to scrap related partnership talks.
In a stock filing, PH Resorts said that on December 17th, 2025, its subsidiaries Lapulapu Leisure Inc. and Lapulapu Land Corp. received formal notice that the PAGCOR Board had approved the cancellation of the provisional license for the Emerald Bay integrated resort and casino project in Lapu-Lapu City. The company said the revocation effectively ends its bid for a Cebu casino.
PH Resorts added that the license cancellation is ‘not expected to have a material impact’ on its current financial position, as the project has not commenced commercial operations.
According to local media reports, following PAGCOR’s decision, PH Resorts has discontinued partnership discussions with listed construction firm EEI Corp., which had been tapped as a potential investor to help finance, construct and complete the stalled project. The reports said discussions did not progress to definitive agreements and that the partnership is no longer feasible following the regulator’s action.
EEI Corp. is partially owned by RYM Business Management Corp., a company controlled by the family of House Speaker Martin Romualdez. PH Resorts is led by Davao-based businessman Dennis Uy. The company did not provide further details on the status of its discussions with other parties following the permit revocation.
The cancellation of the provisional license follows years of delays and financial strain surrounding the Emerald Bay project, which began development in 2017. In August, PH Resorts wrote off its investments in the project after a sale-and-leaseback arrangement with China Banking Corp. expired on March 31st, 2025. As a result, the company de-recognized properties and improvements amounting to PHP13.65 billion ($240 million), along with financial liabilities of PHP8.75 billion ($154 million), from its books.
In November, PH Resorts warned that a material uncertainty exists regarding its ability to continue as a going concern, citing challenges in realizing assets and discharging liabilities in the normal course of business. The company said it continues to receive support from parent firm Udenna Corp. while seeking a “white knight” investor to help complete its resort projects and restore financial viability.
PH Resorts said it will continue to explore other business opportunities and will make the appropriate disclosures on future plans as developments are determined, in accordance with Philippine Stock Exchange rules and other regulatory requirements.
