PH Resorts Group Holdings Inc., the gaming and tourism holding company of businessman Dennis Uy, is in “final stages” of negotiations with foreign and local investors that would enable it to resume the development of its integrated resort project in Cebu province.
“PH Resorts is also presently engaged in the final stages of negotiations with one foreign and one local investor to help it fulfill its commitment to complete and open its flagship Emerald Bay integrated resort at the soonest possible time,” the company said in a statement Wednesday.
The company said it would make the necessary disclosures at the appropriate time.
PH Resorts has been looking for investors for Emerald Bay after negotiation with Bloombery Resorts Corp. of ports and gaming tycoon Enrique Razon Jr. was terminated early this year.
Located in Mactan, Cebu, Emerald Bay is envisioned to be the premier integrated resort in the Visayas and Mindanao. It will have a total of 146 gaming tables, 729 electronic gaming machines, 780 hotel room bays and five villas.
Phase one of the project was supposed to open in 2022, but was stalled over funding issues and the pandemic.
Aside from looking for new investors for its casino-resort development, PH Resorts is also in advanced discussions with other parties for possible sale of some assets that are not generating any cash flows, it said.
The company did not identify these assets.
PH Resorts owns Clark Grand Leisure Corp. which is developing the 4.4-hectare Base Resort Hotel and Casino in Clark Freeport in Pampanga.
The Clark project was envisioned to be a premier adventure-themed integrated resort. In 2021, PH Resorts asked the government to suspend the license of the project in Clark, citing uncertainties surrounding the casino gaming industry and stiff competition in the area.
PH Resorts president and chief executive Raymundo Martin Escalona said despite posting continued losses, the company remained hopeful for the future.
“We have faced many challenges before but we will succeed. We have already seen some good indicators that make us see a positive future,” he said.
Uy, who is based in Davao City, has various businesses including Udenna Corp., Phoenix Petroleum Philippines, Chelsea Logistics & Infrastructure, Dito CME Holdings, Atok Big Wedge, Family Mart, Conti’s Bakeshop and Wendy’s Philippines.