Philippine tycoon Dennis Uy’s PH Resorts Group Holdings has partnered with EEI Corporation to revive the long-stalled Emerald Bay Resort and Casino project in Mactan, Cebu.
The partnership was disclosed in a filing with the Philippine Stock Exchange (PSE) on Monday, following the signing of a Memorandum of Understanding (MoU) between PH Resorts’ parent company, Udenna Corporation, and EEI.
EEI is partially owned by RYM Business Management, a company controlled by the family of Martin Romualdez, Speaker of the House of Representatives and a cousin of President Marcos, while Uy is known as an ally of former Philippine President Rodrigo Duterte.
Under the agreement, EEI will be responsible for financing, constructing and completing the US$300m integrated resort, subject to the finalisation of definitive agreements and regulatory approvals. This development marks significant progress for the project, which began in 2017 but has faced multiple delays.
If completed, Emerald Bay will feature a five-star hotel with 642 rooms. The gaming floor is expected to have over 700 electronic gaming machines and more than 140 table games.
Source: Asia Gaming Brief
