Udenna signs MOU with EEI to revive Emerald Bay Casino project

Dennis A. Uy’s ambitious Emerald Bay Resort and Casino Project in Mactan, Cebu, which has faced several setbacks, may have found a potential savior in EEI Corporation, a construction affiliate of the Yuchengco Group.

PH Resorts Group Holdings Inc. (PHR), which owns the Emerald Bay project, recently disclosed that its parent company, Udenna Corporation, has entered into a Memorandum of Understanding (MOU) with EEI Corporation. The MOU outlines the potential for a partnership between EEI and PHR to finance, construct, and complete the stalled Emerald Bay Resort and Casino, subject to further agreements and regulatory approvals.

The Yuchengco Group had recently reduced its stake in EEI to 30.85% after selling a portion of its shares, including 20% to House Speaker Martin Romualdez’s RYM Business Management Corporation. The MOU signals a promising new collaboration between the two parties, as EEI may soon step in to help bring the project to fruition.

This development comes after multiple failed attempts to secure partnerships for the project. Earlier this year, a term sheet with the Okada Group’s Tiger Resort Leisure and Entertainment Inc. was terminated, marking the third investor to drop out, following Cebu-based AppleOne Properties Inc. and tycoon Enrique Razon Jr.’s Bloomberry Resorts Corporation. Despite these challenges, the Emerald Bay Project retains a seven-year exclusivity period for gaming operations in Lapu-Lapu City once completed.

Furthermore, PHR has received a letter of financial support from Udenna, ensuring continued backing for PH Resorts in managing a P1 billion deposit from Bloomberry. Although Bloomberry ultimately decided not to move forward with its acquisition of the project, the parties are working on settling the deposit by the end of 2024.