Philippine Regulator Revokes License for Mactan Casino Project
Friday 19 de December 2025 / 12:00
2 minutos de lectura
(Manila).- Pagcor’s decision ends PH Resorts’ planned Emerald Bay integrated resort in Cebu and halts partnership talks with EEI Corp.
PH Resorts Group Holdings Inc., the gaming and hospitality arm of Dennis Uy’s Udenna Corp., has confirmed that the Philippine Amusement and Gaming Corp. (Pagcor) has revoked the provisional gaming license for its planned Mactan casino project in Cebu.
In a disclosure to the Philippine Stock Exchange, PH Resorts said its subsidiaries, Lapulapu Leisure Inc. and Lapulapu Land Corp., received formal notice of Pagcor’s board approval to cancel the provisional license for the integrated resort and casino development in Mactan.
The company said the revocation is not expected to have a material impact on its current financial position. However, it effectively ends any potential partnership with EEI Corp., as discussions were still preliminary and had not progressed to binding agreements.
PH Resorts and EEI signed a memorandum of understanding in December 2024 to explore a possible partnership to complete the long-delayed project. Following Pagcor’s decision, PH Resorts said the partnership is “no longer feasible.”
The planned $300-million Emerald Bay Resort and Casino has faced persistent delays and funding challenges since construction began in 2017. In May 2022, Udenna entered into a term sheet with Bloomberry Resorts Corp., led by Enrique Razon, to finance the project, but the agreement was terminated 10 months later.
Investor interest has continued to wane. In July last year, Tiger Resort Leisure & Entertainment Inc. also withdrew from talks to acquire a stake in the Mactan casino resort, further dimming prospects for the project’s completion.
Categoría:Legislation
Tags: Sin tags
País: Philippines
Región: Asia
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