PH Resorts Group Holdings, led by Filipino businessman Dennis Uy, has entered into a partnership with EEI Corporation to reignite the stalled Emerald Bay Resort and Casino project in Mactan, Cebu. The collaboration, formalized through a Memorandum of Understanding (MOU) between PH Resorts’ parent company, Udenna Corporation, and EEI, was announced via a disclosure to the Philippine Stock Exchange (PSE).
EEI Corporation, partially owned by RYM Business Management Corp—a company linked to the family of House Speaker Martin Romualdez, a cousin of President Ferdinand Marcos Jr.—will oversee the financing, construction, and completion of the $300 million integrated resort. The agreement remains contingent on finalizing definitive terms and obtaining necessary regulatory approvals.
Emerald Bay’s vision includes a luxury hotel with 642 rooms and a gaming floor hosting over 700 electronic gaming machines and more than 140 table games. Initially launched in 2017, the project has faced multiple delays due to financial challenges and shifts in strategic direction.
This renewed effort comes as PH Resorts continues to navigate significant financial headwinds. In its latest financial report, the group posted a net loss of PHP392.9 million ($6.7 million) for the first nine months of 2024, an improvement from the PHP2.2 billion ($37 million) loss reported in 2023. However, the company still grapples with a PHP7.22 billion ($123 million) deficit and liabilities exceeding its assets by PHP12.55 billion ($214 million).
The Emerald Bay project has struggled to secure stable partnerships in the past. In 2022, PH Travel—a subsidiary of PH Resorts—entered discussions with Bloomberry Resorts Corporation for potential investments, but the deal fell through in March 2023. A subsequent agreement with Tiger Resort Leisure & Entertainment, Inc. to take over the project in December 2023 was also terminated by mid-2024.
Following the announcement of the partnership with EEI, PH Resorts’ stock price dropped 20 percent, reflecting investor caution. However, this new agreement marks a critical step toward the long-awaited realization of the Emerald Bay project, which aims to solidify Cebu’s position as a premier destination for gaming and luxury tourism.