PH Resorts, behind the stalled Emerald Bay project in Cebu (now up for sale), says that the revocation of a provisional license in Clark by the gaming regulator is not linked to its Cebu project.
In a filing with the Philippine Stock Exchange on Friday, the group addressed a recent article by Bilyonaryo.com claiming that PH Resorts head Dennis Uy had not surrendered the original copy of the license for the planned Clark casino project.
PH Resorts indicates that its subsidiary Clark Grand Leisure Cop ‘confirm that CGLC received correspondence from PAGCOR on 19 September, 2024 regarding the PAGCOR Board’s approval of the revocation of its Provisional License.’
The group further indicates that ‘PAGCOR also required CGLC to surrender the original signed copy of the PL to finalize the matter’.
The Bilyonaryo article claimed that Uy ‘has yet to surrender the original copy’ of the Clark casino project license.
PH Resorts initially had high hopes for the Clark IR, called ‘The Base’, set to be located on Udenna Group’s Clark Global City. The company requested a voluntary suspension of the license in October of 2021 ‘due to lingering uncertainties surrounding the project’, despite initially hoping to open the property in 2022.
The company clarified that the projects in Clark and Cebu are separate, noting that the ‘license issued to Lapulapu Leisure, Inc. and Lapulapu Land Corp.’ is distinct.
The group furthered that ‘the voluntary suspension of CGLC’s license does not have any material effect on current financial numbers of PHR considering the CGLC has not begun operations’, noting ‘PL revocation has little to no impact on PHR’s current business and financial numbers’.
The property where the planned Cebu IR, Emerald Bay, is currently up for sale by Chinabank, which bought it in 2023 in order to help the company cover a bridge loan.
