PH Resorts Group Holdings, former developer of the collapsed Emerald Bay integrated resort project in Cebu, Philippines, has announced a proposed corporate restructuring under which its parent company – Dennis Uy’s Udenna Corporation – will acquire full ownership of its core assets.
In a Monday filing, PH Resorts Group explained that the proposed restructuring would, if approved by shareholders, involve the transfer of its entire ownership interest in PH Travel and Leisure Holdings Corp, including Lapu-Lapu Leisure Inc, Lapu-Lapu Land Corp and Donatela Hotel Panglao Corp. These entities hold all of the company’s consolidated operating assets, properties and related liabilities, namely those once linked to the Emerald Bay project.
As reported by Inside Asian Gaming, PH Resorts Group lost control of Emerald Bay site after selling it to Chinabank under a 2023 refinancing deal and failing to buy it back by the agreed March 2025 deadline. The company has been hoping to secure outside investment to achieve such a buyback but potential suitors Bloomberry Resorts Corp, the parent company of Solaire, and Tiger Resort, Leisure and Entertainment Inc (TRLEI), the parent company of of Okada Manila, both opted out.
In Monday’s filing, PH Resorts Group said the consolidated book value of PH Travel is negative Php7.92 billion as of 31 December 2025, reflects the fact that there are significantly more liabilities being carried by the PH Travel group than existing assets.
In acquiring PH Travel, Udenna would essentially forgive PH Resorts Group’s outstanding advances while committing to continue providing financial support to the group and facilitating the settlement and/or assumption of significant obligations associated with the PH Travel subgroup.
This, it explained, “is intended to relieve the Company of substantially all such liabilities and reposition it as a streamlined listed holding company with a strengthened financial profile. This also addresses the going-concern uncertainty of the Company moving forward.”
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.
Philippines gaming regulator PAGCOR revoked the property’s provisional casino license late last year once it became clear that no further construction progress was to be made.
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