Emerald loses glitter
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Nosy Tarsy got wind from the casino sector that the long-stalled Dennis Uy-led PH Resorts Group Holdings Inc.,’s Emerald Bay project has hit financial perdition.
PH Resorts (PHR) disclosed that the regulator, the Philippine Amusement and Gaming Corp (Pagcor), has revoked the provisional gaming license for its project on Mactan Island.
Emerald Bay broke ground in 2017, planning to open in 2021. Described as “a luxury leisure experience unlike any other,” the integrated resort would have included a five-star hotel, four swimming pools, 18 dining outlets, a retail district, and conference and exhibition facilities. Its gaming floor was designed to accommodate more than 700 electronic gaming machines and 140 tables.
The project faced multiple setbacks, however, starting with Covid-19. When the pandemic began, construction at the 12.4-hectare site in Cebu province stalled and did not resume.
In December 2023, Okada Manila operator Tiger Resort Leisure and Entertainment Inc. came on board. That deal unraveled within six months.
In December 2024, construction firm EEI Corp agreed to help complete the long-stalled casino resort.
But as noted by PHR, “Discussions … on the completion of the project have not ripened to the execution of definitive agreements. Thus, considering the aforementioned decision of the Pagcor board, the partnership with EEI is no longer feasible.”
To complicate matters, last March China Banking Corp. acquired the land under Emerald Bay after a 2023 leaseback agreement expired. The bank lost interest in renewing the arrangement with Uy.
If completed, Emerald Bay would have joined several other resorts in the market.
Nustar Resort and Casino, owned by Universal Hotels and Resorts, opened in 2022. Billionaire Kevin Tan will add a third property, Mactan World Resorts, which is scheduled to break ground in 2026.
