Philippines gaming regulator PAGCOR has revoked the provisional casino license previously granted to PH Resorts Group for its stalled Emerald Bay integrated resort development in Cebu.
The company revealed in a Thursday filing that its subsidiaries Lapulapu Leisure Inc and Lapulapu Land Corp had received notice from PAGCOR of the revocation, although it noted that this was unlikely to impact the group’s financials given Emerald Bay had never begun commercial operations.
It also confirmed that previously announced discussions with Philippine construction firm EEI Corporation over agreements that could have seen work on Emerald Bay recommence had “not ripened to the execution of definitive agreements” and that any partnership with EEI was no longer feasible.
“The Company will continue to explore other business opportunities and shall make the appropriate disclosures to keep the public informed of developments, including its future plans, as and when these are determined,” the company added in its Philippine Stock Exchange filing.
The revocation of PH Resorts Group’s provisional license was seemingly inevitable given that it had already forfeited the Emerald Bay land plot to China Banking Corp (Chinabank) as part of a failed attempt to keep the project afloat.
As reported by IAG, the company struck a refinancing deal with Chinabank in October 2023 to sell the Emerald Bay site to the bank but with an option to buy it back by March 2025 should it successfully secure new investors.
However, after a series of proposed investment deals fell through – including one with Solaire operator Bloomberry Resorts Corp and another with Okada Manila parent Tiger Resort, Leisure and Entertainment Inc (TRLEI) – Chinabank earlier this year took the buy back option off the table and instead said it was looking to sell the site to a new owner.
PH Resorts Group has, meanwhile, outlined in recent updates uncertainty over its ability to continue as a going concern due to outstanding debts.
Emerald Bay, whose construction stalled during the pandemic, had been envisioned to become Cebu’s second integrated resort after NUSTAR, with plans for a five-star hotel featuring two 15-story towers with 642 rooms, four pools, 18 food and beverage outlets, retail spaces, conference and exhibition facilities, and a large-scale gaming floor with more than 700 electric gaming machines and over 140 tables.
RelatedPosts
