PH RESORTS Group Holdings, Inc., the gaming company owned by Davao-based tycoon Dennis A. Uy, has received a notice from the Philippine Amusement and Gaming Corp. (PAGCOR) revoking its casino license for a project in Cebu.
In a stock exchange disclosure on Thursday, the corporate said PAGCOR notified its subsidiaries, LapuLapu Leisure, Inc. and Lapulapu Land Corp. (LLI-LLC), that it had revoked the provincial license for the unfinished Emerald Bay integrated resort project in Mactan, Cebu.
PH Resorts said the suspension of its provincial license is not going to “materially impact the corporate’s financial position.”
“The revocation of the provisional license is just not expected to materially impact the Company’s existing financial position,” it added.
Following the cancellation, the corporate said it’s going to proceed to explore other opportunities to expand its business.
“The corporate will proceed to explore other business opportunities and shall make the suitable disclosures to maintain the general public informed of developments, including its future plans, as and when these are determined, in accordance with applicable laws, rules, and disclosure requirements of the Philippine Stock Exchange and other relevant regulatory authorities,” it said.
PH Resorts also confirmed that it has ended talks with listed construction firm EEI Corp. for the Emerald Bay project. The firm noted that its partnership discussions with EEI “haven’t ripened to the execution of definitive agreements.”
In August, PH Resorts wrote off investments within the Emerald Bay casino project, leading to a P6.75-billion net loss for the primary half of 2025.
Earlier this 12 months, Sy-led China Banking Corp. (Chinabank) said it planned to sell the Mactan property it acquired from PH Resorts after a sale-and-leaseback arrangement expired in March. Chinabank Chairman Hans T. Sy said that a buyer for the unfinished project was still being sought. — Beatriz Marie D. Cruz