PH Resorts Group Holdings Inc., a company listed on the Philippine Stock Exchange, clarified on Thursday that it has not signed any agreements involving the stalled Emerald Bay casino resort project in Mactan, Cebu. The company emphasized that neither it nor its subsidiaries executed any formal deals related to the development.
This clarification responded to a news article from local media outlet Insider PH. The report suggested that a foreign group was considering potential deals related to the energy and gaming assets of Dennis Uy, who leads PH Resorts.
Insider PH identified the group as Singapore-based Summit Telco Holdings and its affiliates. It reported their interest in acquiring control of Uy’s telecommunications company, DITO CME Holdings.
However, DITO CME filed a statement to the Philippine Stock Exchange on Tuesday. It clarified that no definitive agreements had been signed regarding a majority takeover of the firm.
Earlier, on July 2, PH Resorts also confirmed that Tiger Resort Leisure & Entertainment Inc. (TRLEI) no longer intended to pursue an acquisition of Emerald Bay. TRLEI operates the Okada Manila casino complex in Metro Manila.
Previously, PH Resorts engaged in talks with Philippine casino operator Bloomberry Resorts Corp. They discussed potential investments in several of PH Resorts’ gaming projects, including Emerald Bay. However, those discussions ended without any final agreement.
In its Thursday clarification, PH Resorts stated that it and its subsidiaries—Lapulapu Leisure Inc. and Lapulapu Land Corp.—held discussions with various investors. These groups expressed interest in supporting the completion of the Emerald Bay casino resort.
The company further reiterated that, as of Thursday, it had not signed any agreements with these potential partners. Nonetheless, PH Resorts confirmed it remains open to new discussions and opportunities.
“As disclosed on July 2, 2024,” the company added, “PH Resorts still has the opportunity to engage with other parties interested in the Emerald Bay project.”
It also assured the public and regulators that it would issue proper disclosures once any agreements are formalized. PH Resorts said it would comply fully with the rules of both the Securities and Exchange Commission and the Philippine Stock Exchange.
Despite the ongoing uncertainty around Emerald Bay, PH Resorts maintains its willingness to work with serious investors. It continues to seek viable solutions to move the project forward.
From an industry perspective, building more integrated resorts outside Metro Manila could help meet rising regional demand. These projects can offer a more balanced distribution of land-based gaming options across the country.
However, online gaming continues to grow rapidly. Online casinos allow users to play anytime and anywhere. As a result, the market reach of digital platforms increasingly surpasses traditional land-based casinos.
This convenience opens up broader opportunities for operators and investors. It also shows how crucial it is for companies like PH Resorts to adapt to changing player preferences and global gaming trends.
