PH Resorts mulls options after loss of casino license

December 29, 2025 | 12:00am

MANILA, Philippines — PH Resorts Group Holdings Inc., a Davao-based company owned by businessman Dennis Uy, is exploring other potential business opportunities following the revocation by the Philippine Amusement and Gaming Corp. (PAGCOR) of the provisional license issued to its subsidiaries for the development of the Emerald Bay project in Cebu.

PH Resorts said that its board and senior management are carefully assessing possible business plans, strategic directions and potential opportunities that the company may pursue in light of the prevailing circumstances.

“Following receipt of notice of the revocation of the PAGCOR provisional license previously issued in connection with the Emerald Bay integrated resort and casino project, the board of directors and senior management of PH Resorts are currently undertaking a comprehensive evaluation of the company’s available strategic options,” it said.

Among those being considered by the company is the reconfiguration or repurposing of existing assets, as well as the pursuit of alternative business opportunities aligned with the its corporate objectives, including joint venture projects with other entities.

It is also considering other strategic initiatives that may enhance shareholder value, such as possible mergers and acquisitions of other entities or assets.

“The company emphasizes, however, that no definitive plans or decisions have been made and approved as of date hereof as the company is still carefully considering its options,” PH Resorts said.

The company said that timely and appropriate disclosures would be made once any material developments, definitive plans or courses of action have been approved or become reasonably certain.

PH Resorts said that subsidiaries Lapulapu Leisure Inc. and Lapulapu Land Corp. received notice from PAGCOR of the revocation of the provisional license for its integrated resort and casino project in Mactan.

The company earlier said  the revocation of the provisional license is not seen to materially impact its existing financial position, noting that commercial operations of the project have not commenced.

PH Resorts said that all proceeds previously earmarked for the Emerald Bay project from earlier capital-raising activities have been fully utilized.

“Should the company undertake future capital-raising activities or reallocate resources in connection with any new or revised business plans, the company shall make the appropriate disclosures in accordance with applicable disclosure rules,” it said.

PH Resorts secured a provisional gaming license from PAGCOR in 2017 for the Emerald Bay project, which was 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.