If the deal pushes through, construction firm EEI Corp. will finance, construct and complete the 5-star Emerald Bay Resort and Casino project in Lapu-Lapu City.
PH Resorts Group Holdings Inc. (PHR), the hospitality and gaming arm of Udenna Corporation, has taken a significant step toward completing its long-delayed Emerald Bay Resort and Casino project in Mactan, Cebu. In a filing with the Philippine Stock Exchange (PSE) on December 9, 2024, the company announced the signing of a Memorandum of Understanding (MOU) with EEI Corporation to finance, construct, and complete the $300-million integrated resort.
The Emerald Bay project, spearheaded by PHR and its subsidiaries Lapulapu Leisure Inc. and Lapulapu Land Corp.,
has faced numerous hurdles since its inception in 2017. Emerald Bay was envisioned to be Cebu’s second integrated resort after NUSTAR. However, the 5-star integrated resort faced significant setbacks during the COVID-19 pandemic due to financing challenges.
This collaboration with EEI is expected to breathe new life into the ambitious venture, which aims to be a premier gaming and resort destination in the Visayas-Mindanao region.
Under the terms of the MOU, EEI Corporation will play a pivotal role in financing and completing the Emerald Bay project, contingent upon the finalization of definitive agreements and securing regulatory approvals. EEI, partially owned by RYM Business Management Corp. — a company linked to Speaker of the House Martin Romualdez — is well-positioned to advance the development of this landmark project.
The Emerald Bay Resort, spanning 13.5 hectares in Punta Engaño, Lapu-Lapu City, is envisioned to feature a five-star hotel with 838 rooms, including five luxury villas. The gaming floor is expected to include 1,186 electronic gaming machines and 146 table games. Additionally, the property will house a retail complex, an 8,000-square-meter convention center, and 18 dining establishments.
Challenges and Setbacks
The Emerald Bay project has faced a series of challenges over the years, ranging from financial setbacks to failed partnerships. In November 2024, PHR reported a net loss of P392.9 million ($6.7 million) for the nine months ending September 30, a significant improvement from its P2.2 billion ($37 million) loss in 2023. However, the company remains financially strained, with liabilities exceeding assets by P12.55 billion ($214 million) and a deficit of P7.22 billion ($123 million).
Previous attempts to secure investment for the project have fallen through. In 2022, PHR’s subsidiary, PH Travel, signed a term sheet with Bloomberry Resorts Corporation for potential investment, but the deal was abandoned in March 2023. A separate agreement with Tiger Resort Leisure & Entertainment Inc., the operator of Okada Manila, was terminated in July 2024.
The partnership with Philippine construction firm EEI Corporation represents a turning point for the Emerald Bay project. Dennis Uy, Chairman of PH Resorts and a known ally of former President Rodrigo Duterte, has been facing some financial difficulties with some of his companies such as Phoenix Petrolum and PH Resorts.
The resort is a cornerstone of Udenna Corporation’s hospitality portfolio and is expected to position Mactan, Cebu, as a key player in the global gaming and tourism industry. Emerald Bay aims to attract high-spending tourists and gaming enthusiasts, leveraging Cebu’s strategic location and growing reputation as a tourist hub.
Read related article: Udenna to Back PH Resorts’ Liabilities
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