Dennis Uy's PHR gets lifeline from EEI for stalled Cebu project

Dennis Uy’s PHR gets lifeline from EEI for stalled Cebu project

By: - Reporter / @MegINQ
/ 01:33 PM December 09, 2024

MANILA, Philippines — Davao-based businessman Dennis Uy’s PH Resorts Group Holdings Inc. (PHR) has onboarded yet another company to complete its long-stalled Emerald Bay Resort and Casino project in Mactan, Cebu province.

In a stock exchange filing on Monday, PHR said its parent company, Udenna Corp., had signed a memorandum of understanding with Yuchengco-led EEI Corp. regarding the $300-million casino.

Under the MOU, EEI will “finance, construct and complete” once definitive agreements are executed, PHR said. It is still unclear what EEI will get in return.

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This comes nearly half a year after Tiger Resort Leisure and Entertainment Inc., the operator of Okada Manila, backed out from the deal that would have finally nudged the Emerald project toward completion.

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TRLEI was the third to drop the project after Cebu-based developer AppleOne Properties Inc. and tycoon Enrique Razon Jr.’s Bloomberry Resorts Corp.

Construction for the casino project began in 2017 and it has yet to be completed.

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TAGS: Casino, Cebu

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