• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

PH Resorts flags new date for Emerald Bay resort in Cebu

May 17, 2021 Newsdesk Latest News, Philippines, Top of the deck  


PH Resorts flags new date for Emerald Bay resort in Cebu

PH Resorts Group Holdings Ltd has flagged a new completion date for the first phase of Emerald Bay, an under-construction casino resort in Cebu, in the Philippines.

In a Friday filing, PH Resorts said Emerald Bay would be constructed in two phases, with the first phase “expected to be completed in the third quarter of 2022.” The company had previously mentioned a second-quarter 2022 completion for the initial phase of the complex (pictured in an artist’s rendering).

When phase one is finished, the venue will house 122 gaming tables and 600 electronic gaming machines. It will also have five-star hotel with 270 rooms.

PH Resorts’ management said previously it was striving to have a soft opening of the resort by the end of 2021. In December, the company said it had completed all the storeys of towers A and B at the property. PH Resorts is a Philippine-listed firm controlled by local entrepreneur Dennis Uy.

The company said in Friday’s filing it was working closely with its design, project management and construction teams, “to ensure that phase one of Emerald Bay is completed” and commences “full operations … for the targeted opening in the third quarter of 2022”.

The second phase of Emerald Bay – to be developed up to 2026 – is to feature more than 700 electronic gaming machines and 146 additional gaming tables, as well as space for meetings and exhibitions. It will also add a second five-star hotel, with approximately 780 rooms, stated the promoter.

The first phase of the project has an estimated cost of US$238.5 million, according to Friday’s filing; the second phase has a US$465.4-million budget.

The firm said a “maximum of 70 percent of total capitalisation for the project” would be funded by the proceeds from the company’s existing debt facility, currently amounting in aggregate to PHP5.2 billion (US$108.9 million) and US$15 million, “and through the expected availment of additional debt”.

PH Resorts also said it had “ongoing negotiations” with its lenders for the “conversion of a bridge loan to a long-term project loan, availment of an additional long-term loan, deferral of principal and interest payments and testing of a subsidiary’s debt to equity ratio.” It said additionally that it had “plans for other suitable financing and capital raising options.”

PH Resorts Group is a Philippine-listed firm controlled by local entrepreneur Dennis Uy. The company said shortly prior to the Friday filing that it had signed a letter of intent with an entity called ASKI Japan Ltd, regarding provision of junket-player services to Emerald Bay.


  • tweet
Related articles
  • Philippines SEC ties with Pagcor to fight money laundering
    Philippines SEC ties with Pagcor to...

    Mar 27, 2023  

  • Philippine lawmaker wants POGOs shut within 3 months
    Philippine lawmaker wants POGOs shut...

    Mar 27, 2023  

More news
  • Pagcor chairman keynote speech at SiGMA Asia
    Pagcor chairman keynote speech at SiGMA...

    Mar 28, 2023  

  • 3-month eVisa plan to boost Vietnam tourism: report
    3-month eVisa plan to boost Vietnam...

    Mar 28, 2023  


Latest News

Pagcor chairman keynote speech at SiGMA Asia

Pagcor chairman keynote speech at SiGMA Asia

Mar 28, 2023  

Alejandro Tengco (pictured), chairman and chief executive of the Philippine Amusement and Gaming Corp (Pagcor), is to give the keynote speech for the opening of the SiGMA Asia conference for the...
Read More
3-month eVisa plan to boost Vietnam tourism: report

3-month eVisa plan to boost Vietnam tourism: report

Mar 28, 2023  

Kangwon Land slot brand Manila office eyes SE Asia sales

Kangwon Land slot brand Manila office eyes SE Asia sales

Mar 28, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”The data and evidence on hand all point to the same conclusion: enough is enough. It is time to ban offshore gaming operations in the Philippines, once and for all”

Sherwin Gatchalian

Chairman of the Committee on Ways and Means of the Senate of the Philippines



Most Popular

  • Raffles hotel checks complete at Galaxy Phase 3: MGTORaffles hotel checks complete at Galaxy Phase 3: MGTO March 27, 2023
  • Melco’s Studio City has foreigner-only bet zone: checksMelco’s Studio City has foreigner-only bet zone: checks March 27, 2023
  • Foreigners can use HK-Macau free ticket says tourism bossForeigners can use HK-Macau free ticket says tourism boss March 27, 2023
  • Philippine lawmaker wants POGOs shut within 3 monthsPhilippine lawmaker wants POGOs shut within 3 months March 27, 2023
  • Macau diversification into non-gaming to remain slow: FitchMacau diversification into non-gaming to remain slow: Fitch March 24, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us