Udenna Corp., the investment holding company of Davao-based businessman Dennis Uy, is optimistic that it finally found a potential partner to complete the much-anticipated Emerald Bay Resort and Casino on Mactan Island.
The project has faced delays and financial challenges, but a new memorandum of understanding signed with listed construction firm EEI Corp. could provide the much-needed resolution.
The MOU signals the possibility of a strategic partnership between EEI and PH Resorts Group Holdings Inc., the listed Udenna unit in charge of the development of Emerald Bay, a flagship gaming-and-hospitality project located on a 12.3-hectare beachfront property in Lapu-Lapu City, just 30 minutes from Mactan International Airport.
If negotiations for a final deal proves successful, the partnership would see EEI taking on the responsibility of financing, constructing, and completing the resort, which is poised to be the first large-scale, gaming-anchored hospitality development outside Metro Manila.
The deal comes at a critical time for PH Resorts, which has been grappling with mounting financial pressures. As of September, the company’s current liabilities exceeded its assets by P12.55 billion, a significant increase from the previous year. Despite reducing its net loss to P392.9 million from P2.2 billion in the same period last year, the company still faces substantial hurdles in advancing the Emerald Bay project.
PH Resorts’ earlier attempts to secure a partnership have faced setbacks. In May 2022, the company signed a term sheet with Bloomberry Resorts Corp., controlled by billionaire Enrique Razon Jr., but the deal was terminated 10 months later. Another partnership with Tiger Resort Leisure & Entertainment Inc. was also called off in July 2024.
Should negotiations with EEI succeed, it could mark a turning point for PH Resorts, enabling the company to finally complete the high-profile Emerald Bay project and establish itself as a major player in the Philippine gaming and tourism sector.
