IGB: Dennis Uy Announces New Partner in Stalled Philippines Resort Project

発行日 12 December 2024

Davao City tycoon Dennis Uy and EEI Corporation have reached an agreement to complete the long-delayed Emerald Bay integrated resort in Cebu. PH Resorts (PHR) signed a memorandum of understanding (MoU) with EEI on December 9, aiming to finish the resort that was originally planned to open in 2021. EEI will finance and complete the PHP17.5 billion project.

This is Dennis Uy’s third attempt to complete the resort, with previous deals with Bloomberry Resorts and Okada Manila falling through. The delayed project has caused financial strain for PHR, which posted a net loss of PHP4.21 billion in 2023. However, the new partnership with EEI brings renewed hope for the project’s completion.

Key Points:

1️⃣ Dennis Uy partners with EEI to complete the stalled Emerald Bay integrated resort in Cebu.

2️⃣ The resort was originally planned to open in 2021, with a total investment of PHP17.5 billion.

3️⃣ This is Uy’s third attempt to complete the project, with previous partnerships failing.

4️⃣ PHR is recovering from significant financial losses, posting PHP4.21 billion in net losses in 2023.

5️⃣ EEI is jointly owned by the Yuchengco family and Speaker of the House Martin Romualdez, a relative of President Marcos.

6️⃣ If completed, Emerald Bay will join Cebu’s Nustar Resort and compete with Mactan World Resorts.

News Reference: iGamingBussiness