• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Sunday 27 July 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
No Result
View All Result

PH Resorts Group still holding onto Cebu provisional license

Ben Blaschke by Ben Blaschke
Mon 19 May 2025 at 05:59
Udenna subsidiary given US$42.5 million cash advance to complete first Philippines IR outside Manila
17
SHARES
418
VIEWS
Print Friendly, PDF & Email

PH Resorts Group has confirmed it has not relinquished the provisional casino license granted by regulator PAGCOR for its stalled Cebu integrated resort project Emerald Bay, despite its main lender stating recently that it would sell the site.

The update formed part of a filing by the embattled firm on Friday following questions from the Philippine Stock Exchange (PSE) around a local media article which claimed Dennis Uy, the founder and chairman of PH Resorts Group’s parent company Udenna Corp, was clinging onto the original copy of a provisional license previously granted for an abandoned casino project in Clark, north of Manila.

PH Resorts Group’s local subsidiary, Clark Grand Leisure Corp (CGLC), had voluntarily surrendered that provisional license in 2022 amidst the COVID-19 pandemic and concerns over rising competition in Clark, with local media outlet Bilyonaro reporting last week that the license had been officially cancelled in 2024. However, full revocation can only be completed once the original copy is returned, it claimed.

In a written response to the PSE’s inquiries, PH Resorts Group did not specifically address the question of the original provisional license in Clark but stressed that PAGCOR’s decision to revoke the Clark license had nothing to do with its Cebu license.

The company, it said, “wishes to clarify that the PAGCOR Board’s approval for revocation pertains to CGLC’s proposed integrated casino project in Clark Freeport Zone, Pampanga, which is separate from the Provisional License issued to Lapulapu Leisure, Inc and Lapulapu Land Corp for its casino project in Mactan, Cebu.

“In addition, the voluntary suspension of CGLC’s license does not have any material effect on current financial numbers of PH Resorts Group considering the CGLC has not begun operations. Thus, provisional license revocation has little to no impact on PH Resorts Group’s current business and financial numbers.”

PH Resorts Group has been actively seeking external investors to help resurrect its Emerald Bay development but appears to have run out of time, with Chinabank chair Hans Sy insisting he now plans to sell off the site. This follows an October 2023 refinancing deal struck between Chinabank and Lapulapu Leisure Inc (LLI) that involved LLI selling the property to Chinabank but with an option to buy it back by March 2025 should it successfully secure new investors.

However, after a series of previous 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) – Sy said earlier this month that the option to buy back the Cebu site was now off the table.

“We gave Dennis a chance to redeem [the property],” Sy told the Inquirer. “Of course, they asked for an extension and we already gave them more than a year. It’s already in our name.

“They don’t have to renew that [agreement] … we’re not renewing anymore.”

Emerald Bay 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

Winds of change

Belle Corp’s share in City of Dreams Manila gaming revenue down 18% in 1H25

Sat 26 Jul 2025 at 08:39
Uncertain future for POGO industry suppliers as PAGCOR says operations in “status quo” for now

Maybank: Threat of total ban on Philippines online gaming is real, more clarity from President Marcos likely Monday

Fri 25 Jul 2025 at 12:34
Philippines IRs see combined GGR fall 10.6% to US$778 million in 2Q25

Philippines IRs see combined GGR fall 10.6% to US$778 million in 2Q25

Thu 24 Jul 2025 at 17:43
Studies show dramatic rise in online gambling during COVID-19 lockdowns

Survey finds most Filipinos who gamble online prefer regulated sites due to concerns over safety, legitimacy

Wed 23 Jul 2025 at 13:45
Load More
Tags: CebuDennis UyEmerald BayPH Resorts GroupPhilippinesprovisional licenseUdenna Corp
Share7Share1
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

Winds of change

Belle Corp’s share in City of Dreams Manila gaming revenue down 18% in 1H25

by Newsdesk
Sat 26 Jul 2025 at 08:39

Philippines real estate firm Belle Corp saw its share in gaming revenue from City of Dreams Manila fall by 18% year-on-year to Php772.3 million (US$13.5 million) in the first half of 2025, reflecting the challenges currently being faced by Manila’s...

DigiPlus to enter South Africa’s online sports betting market

DigiPlus to enter South Africa’s online sports betting market

by Newsdesk
Sat 26 Jul 2025 at 08:37

Philippines gaming technology firm DigiPlus Interactive Corp has announced plans to further expand internationally by entering the South African online sports betting market. The company said in a Friday statement that it would file license applications with the Western Cape...

Uncertain future for POGO industry suppliers as PAGCOR says operations in “status quo” for now

Maybank: Threat of total ban on Philippines online gaming is real, more clarity from President Marcos likely Monday

by Ben Blaschke
Fri 25 Jul 2025 at 12:34

Malaysian investment bank Maybank has warned that the threat of a total ban on the Philippines’ domestic online gaming, or eGames, sector is real given that political noise is similar to before recent bans on eSabong and POGOs. While Maybank...

MGTO says no apparent impact on visitor numbers from limitation on provision of free snacks in Macau casinos

Macau visitor arrivals rise 13.3% year-on-year to 2,891,003 in June

by Pierce Chan
Fri 25 Jul 2025 at 05:45

According to data from Macau’s Statistics and Census Service (DSEC), a total of 2,891,003 visitors arrived in Macau in June, representing a year-on-year increase of 13.3%. Mainland China remained the primary source of visitors to Macau in June, with 1,995,627...

Your browser does not support the video tag.


IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English