Emerald Bay licence not revoked by PAGCOR, PH Resorts confirms
PH Resorts Group Holdings Inc. has clarified that its provisional 바카라 licence for the stalled Emerald Bay Resort and Casino project in Mactan, Cebu, remains valid, countering earlier media reports suggesting otherwise.
In a disclosure submitted to the Philippine Stock Exchange on 16 May 2025, the company confirmed that the licence issued by the Philippine Amusement and Gaming Corporation (PAGCOR) for the Emerald Bay project has not been revoked.
PH Resorts, a subsidiary of Dennis Uy’s Udenna Corporation, explained that the confusion stemmed from a separate issue involving another of its 바카라 developments—an integrated resort in the Clark Freeport Zone, Pampanga.
Media speculations denied
“PHR wishes to clarify that the PAGCOR Board’s approval for revocation pertains to CGLC’s proposed integrated 바카라 project in the Clark Freeport Zone, Pampanga, which is separate from the Provisional Licence issued to Lapulapu Leisure, Inc. and Lapulapu Land Corp. for its 바카라 project in Mactan, Cebu.”
PH Resorts also confirmed that the voluntary suspension and eventual revocation of the Clark project’s licence would not significantly impact its current financial position. As Clark Grand Leisure Corp (CGLC) has not yet begun operations, the revocation is expected to have little to no effect on PH Resorts’ ongoing business or financial performance.
Emerald a core focus for PH Resorts
For the unaware, Emerald Bay is a luxury integrated resort under development in Punta Engaño, Mactan, Cebu. Spanning 12.4 hectares of beachfront property, the resort is designed to be a premier entertainment destination outside Metro Manila. Once completed, it will feature a five-star hotel with 642 rooms, extensive gaming facilities, various dining outlets, retail spaces, and convention amenities.
Despite construction delays, the project remains a core focus for PH Resorts. The company reiterated that the revocation communicated by PAGCOR in a letter dated 19 September 2024 strictly applies to the Clark project. In that letter, PAGCOR approved the revocation of CGLC’s provisional licence and instructed the return of the original signed document to finalise the matter.
However, the Emerald Bay project is being developed by Lapulapu Leisure Inc. and Lapulapu Land Corp, both subsidiaries of PH Resorts, and is unaffected by the Clark decision.
In a related development, SM Group-backed China Banking Corporation (Chinabank) recently announced plans to sell a plot of land where Emerald Bay is located. This follows a debt restructuring deal between PH Resorts and Chinabank in October 2023, involving a sale and leaseback agreement for the property. The agreement also includes an option for PH Resorts to repurchase the land in the future.
Despite financial and regulatory challenges, PH Resorts maintains that Emerald Bay remains its flagship project and a separate venture from the now-shelved Clark 바카라 development.
