PH Resorts Abandons Cebu Casino Project in the Philippines After License Revocation
Image: Philippine Flag
PH Resorts Group Holdings Inc. has formally abandoned plans to develop the long-stalled Emerald Bay integrated resort and casino in Mactan following license revocation by PAGCOR, the Philippines gaming regulator.
Key Takeaways:
- PH Resorts officially discontinues the Emerald Bay resort after PAGCOR revokes its license
- The project faced years of delays and financial difficulties, with no commercial operations achieved
- Company explores new opportunities following asset write-offs and failed partnerships
License Revocation Ends Emerald Bay Ambitions
The regulator’s decision ended PH Resorts’ ability to pursue the Cebu project and prompted the company to discontinue related partnership discussions.
The company told investors the license revocation follows years of delays and financial strain and is unlikely to materially affect current finances because Emerald Bay never reached commercial operations.
The move comes amid broader regulatory tightening by PAGCOR, which has also shuttered underperforming state-run Casino Filipino venues as part of a wider push to rationalise the sector.
PH Resorts said discussions with listed construction firm EEI Corporation “had not ripened to the execution of definitive agreements” and any partnership with EEI was therefore no longer feasible.
Financial Fallout and Asset Exit Come Into Focus
China Banking Corp., which acquired the site under a sale-and-leaseback, is marketing the property to new buyers after PH Resorts’ repurchase option expired in March 2025.
PH Resorts, which earlier wrote off billions in assets tied to the project and flagged a material uncertainty about its ability to continue as a going concern, said it will explore other opportunities and disclose developments as they arise.
Prior collapsed talks with Bloomberry and Tiger Resort underscored how investor exits and refinancing failures left the project untenable.
