PAGCOR revokes provisional license of Mactan casino project

December 19, 2025 | 12:00am

MANILA, Philippines — The Philippine Amusement and Gaming Corp. (PAGCOR) has revoked the provisional license issued to subsidiaries of PH Resorts Group Holdings Inc. of Davao-based businessman Dennis Uy for its Emerald Bay project in Cebu.

In a stock exchange filing, PH Resorts said that its subsidiaries Lapulapu Leisure Inc. and Lapulapu Land Corp. (LLI-LLC) received notice from PAGCOR approving the revocation of the provisional license for its integrated resort and casino project in Mactan.

PH Resorts said the PAGCOR board’s approval “is not expected to have a material effect on the company’s current financials, considering that LLI-LLC has not commenced commercial operations of the project.”

The company also said the revocation of the provisional license is not seen to materially impact its existing financial position.

Meanwhile, PH Resorts said the partnership discussions with EEI Corp. for 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,” it said.

PH Resorts, however, said it would continue to explore other business opportunities.

It vowed to make the appropriate disclosures to keep the public informed of developments, including its future plans, “as and when these are determined.”

In 2017, PH Resorts secured a provisional gaming license from the PAGCOR for the Emerald Bay project, which is being planned to be an iconic and luxurious five-star integrated resort in Cebu and the premier entertainment destination in the Philippines outside of Entertainment City in Metro Manila.

Development of the Emerald Bay Resort, however, was suspended during the COVID-19 pandemic due to challenging environment and financial reasons.

PH Resorts earlier said it is working on a potential partnership deal with EEI Corp., saying that the parties have ongoing discussions to determine and finalize the terms of the agreements as of end April this year.

PH Resorts’ parent company, Udenna Corp., executed a memorandum of understanding (MOU) with EEI concerning the Emerald Bay Resort and Casino project in December 2024.

The MOU provides an avenue for a potential partnership between the company and EEI upon the execution of the definitive agreements as well as subject to the fulfillment of conditions precedent and regulatory approvals, if any.