PH Resorts exploring options after Cebu casino license revocation

PH RESORTS Group Holdings, Inc., the gaming company of Davao-based tycoon Dennis A. Uy, said it is considering joint venture projects following the revocation of its license for a casino project in Cebu.

In a letter to the stock exchange, the company said it is “assessing possible business plans, strategic directions, and potential opportunities that may be pursued” for its unfinished Emerald Bay integrated resort and casino project.

PH Resorts said it is exploring possible opportunities, including but not limited to reconfiguring or repurposing existing assets and pursuing joint venture projects with other entities.

The company is also considering possible mergers and acquisitions of other entities or assets, it added.

However, it noted that “no definitive plans or decisions have been determined and approved as of date.”

PH Resorts said it will announce definitive plans or courses of action on the Emerald Bay project once finalized.

It also noted that all proceeds earmarked for the Emerald Bay project have been fully utilized.

In 2020, the company generated gross proceeds amounting to P756 million from a follow-on offering for the development of the casino project. Of the total, P707.2 million was invested in the construction of Emerald Bay in Cebu, P28.8 million was spent on transaction-related costs, and P20 million was used for the company’s operating expenses.

If needed, the company said it will announce capital-raising activities or reallocate resources in relation to its casino project.

Last week, the Philippine Amusement and Gaming Corp. revoked the provisional license of PH Resorts subsidiaries for the Emerald Bay resort project amid construction delays and financial challenges.

PH Resorts reported a P6.75-billion net loss in the first half of 2025 after writing off investments in the casino project. — Beatriz Marie D. Cruz