The Philippine Amusement and Gaming Corp. (PAGCOR) has revoked the provisional gaming license for Dennis Uy-led PH Resorts Group Holdings Inc (PHR), effectively ending a planned partnership with construction firm EEI Corp. to finish the stalled Emerald Bay project.
PHR said in a disclosure to the Philippine Stock Exchange Thursday that its subsidiaries, Lapulapu Leisure Inc. and Lapulapu Land Corp., received a formal notice of the regulator’s decision to cancel the license for the integrated resort and casino in Mactan, Cebu.
The revocation marks a definitive blow to the long-delayed $300-million project. PHR officials said the partnership discussions with EEI had not reached definitive agreements and are no longer feasible following the PAGCOR board decision.
The developer has struggled for years to secure a “white knight” investor to complete the 12.4-hectare development. Previous negotiations with Bloomberry Resorts Corp. and Cebu-based AppleOne Properties Inc. both fall through before a deal could be finalized.
PHR first obtained the provisional license in 2017 with plans to build a premier destination featuring 146 gaming tables, 729 electronic gaming machines and 780 hotel rooms. However, the project faced repeated delays due to funding constraints.
The financial pressure on the project intensified earlier this year when China Banking Corp. (CBC) acquired the land where the casino is located after a leaseback agreement with PHR expired in March. CBC has since confirmed it is seeking new investors interested in the property.
PHR chairman Dennis Uy has seen several of his business ventures face liquidity challenges in recent years, leading to the divestment of various assets.
The PHR management said the company would continue to explore other business opportunities despite the loss of the gaming license.
