PAGCOR revokes PH Resorts Mactan casino license
PH RESORTS Group Holdings, Inc., the gaming company owned by Davao-based tycoon Dennis A. Uy, has received a notice from the Philippine Amusement and Gaming Corp. (PAGCOR) revoking its casino license for a project in Cebu.
In a stock exchange disclosure on Thursday, the company said PAGCOR notified its subsidiaries, LapuLapu Leisure, Inc. and Lapulapu Land Corp. (LLI-LLC), that it had revoked the provincial license for the unfinished Emerald Bay integrated resort project in Mactan, Cebu.
PH Resorts said the suspension of its provincial license will not “materially impact the company’s financial position.”
“The revocation of the provisional license is not expected to materially impact the Company’s existing financial position,” it added.
Following the cancellation, the company said it will continue to explore other opportunities to expand its business.
“The company will continue to explore other business opportunities and shall make the appropriate disclosures to keep the public informed of developments, including its future plans, as and when these are determined, in accordance with applicable laws, rules, and disclosure requirements of the Philippine Stock Exchange and other relevant regulatory authorities,” it said.
PH Resorts also confirmed that it has ended talks with listed construction firm EEI Corp. for the Emerald Bay project. The firm noted that its partnership discussions with EEI “have not ripened to the execution of definitive agreements.”
In August, PH Resorts wrote off investments in the Emerald Bay casino project, resulting in a P6.75-billion net loss for the first half of 2025.
Earlier this year, Sy-led China Banking Corp. (Chinabank) said it planned to sell the Mactan property it acquired from PH Resorts after a sale-and-leaseback arrangement expired in March. Chinabank Chairman Hans T. Sy said that a buyer for the unfinished project was still being sought. — Beatriz Marie D. Cruz
Ayrıca Şunları da Beğenebilirsiniz
Shocking OpenVPP Partnership Claim Draws Urgent Scrutiny
Morning Crypto Report: $3.6 XRP Dream Is Not Dead: Bollinger Bands, ‘New Cardano’ Rockets 40%, Vitalik Buterin Sells Binance Coin and Other Crypto Amid ‘Crypto Winter’
