Philippines Regulator Shuts Down Stalled Emerald Bay Project

One of the Philippines most delayed casino projects now looks finished for good. Regulators have pulled the plug on Emerald Bay, closing the door on a resort that never recovered from years of stalled construction, broken partnerships, and land issues.

Good to Know

• PAGCOR revoked the provisional gaming licence for Emerald Bay
• The project first broke ground in 2017 and never reached completion
• Multiple rescue deals collapsed before the licence decision

PAGCOR Ends Emerald Bay Licence

The Philippine Amusement and Gaming Corp has revoked the provisional gaming licence granted to PH Resorts Group Holdings for the Emerald Bay project on Mactan Island. The decision was disclosed by Dennis Uy led PH Resorts Group Holdings in a filing released Thursday.

The move effectively ends plans for a casino resort once pitched as a major addition to the Cebu gaming market. Emerald Bay had aimed for a 2021 opening but remained unfinished years later.

From Grand Plans to Idle Construction

Emerald Bay broke ground in 2017 on a 12.4 hectare site in Cebu Province. Project plans outlined a five star hotel, multiple swimming pools, conference and exhibition facilities, a retail zone, and 18 dining outlets.

The gaming area was designed to host more than 700 electronic gaming machines and 140 tables. Developers marketed the resort as a high end leisure destination, but progress slowed sharply when the Covid 19 pandemic hit.

Construction stopped during the pandemic and never restarted.

A String of Failed Partnerships

After work halted, PH Resorts searched for partners to revive the project. In May 2022, Bloomberry Resorts Corp explored an investment into PH Resorts or its units. That proposal collapsed in March 2023.

Later that year, Okada Manila operator Tiger Resort Leisure and Entertainment Inc entered the picture. That arrangement also fell apart within six months.

Another attempt followed in December 2024, when construction firm EEI Corp agreed to support completion efforts. PH Resorts later said talks failed to reach binding agreements. After the PAGCOR board decision, the company confirmed the EEI partnership could no longer proceed.

Land Ownership Shift Adds Pressure

Problems extended beyond financing. In March, China Banking Corp took ownership of the land beneath Emerald Bay after a 2023 leaseback deal expired.

Chairman Hans Sy said the bank had no plans to renew the arrangement. He explained that PH Resorts had been given time to recover but failed to move forward. The site is now up for sale, removing any remaining path to restart the resort.

A Changing Cebu Casino Landscape

Emerald Bay never opened, but the regional market continued to evolve. Nustar Resort and Casino, operated by Universal Hotels and Resorts, launched in 2022. Another integrated resort is already on the way.

Billionaire Kevin Tan plans to develop Mactan World Resorts, with construction expected to begin in 2026. That project now moves ahead without competition from Emerald Bay.

The post Philippines Regulator Shuts Down Stalled Emerald Bay Project appeared first on iGaming.org.