PH Resorts Group Holdings, led by businessman Dennis Uy, has partnered with EEI Corporation to revive the long-delayed Emerald Bay Resort and Casino in Mactan, Cebu. The two companies formalized the partnership through a Memorandum of Understanding (MOU), disclosed this week to the Philippine Stock Exchange (PSE).
Through this agreement, EEI Corporation will take charge of financing, constructing, and completing the $300 million integrated resort. EEI, partially owned by RYM Business Management Corp—linked to the family of House Speaker Martin Romualdez—brings financial muscle and construction expertise to the table. However, both companies still need to finalize the terms and secure all necessary regulatory approvals before moving forward.
Originally launched in 2017, Emerald Bay set out to become a major gaming and luxury resort in the Visayas. The project’s vision includes a 642-room luxury hotel and a casino floor featuring more than 700 electronic gaming machines and over 140 table games. Despite its bold ambitions, the project has faced numerous delays due to shifting strategic priorities and persistent funding issues.
The partnership with EEI comes at a critical moment for PH Resorts, which continues to struggle financially. In its most recent financial filing, the company reported a net loss of PHP392.9 million (USD 6.7 million) for the first nine months of 2024. While this reflects improvement compared to the PHP2.2 billion (USD 37 million) loss posted in 2023, the company still faces a PHP7.22 billion (USD 123 million) deficit. Its total liabilities continue to exceed assets by PHP12.55 billion (USD 214 million), signaling ongoing financial distress.
Previously, PH Resorts attempted to secure strategic partners to jumpstart the stalled development. In 2022, its subsidiary PH Travel entered negotiations with Bloomberry Resorts Corporation, but the deal collapsed in March 2023. Later that year, Tiger Resort Leisure & Entertainment, Inc. agreed to take over the project. However, that deal also fell apart by mid-2024, leaving the Emerald Bay venture in limbo.
Following news of the EEI partnership, PH Resorts’ stock fell by 20 percent, reflecting investor wariness. Nonetheless, this new collaboration marks a decisive move to restart construction and ultimately deliver the long-anticipated Emerald Bay integrated resort. Once completed, the project is expected to position Cebu as a major destination for gaming, tourism, and luxury hospitality in the southern Philippines.
