PH Resorts Group Holdings, Inc., the gaming and hospitality unit of Dennis Uy’s Udenna Group, said it has dropped its resort and casino project in Clark Global City and would focus on completing a similar project on Mactan Island, Cebu.
In a disclosure to the Philippine Stock Exchange, PH Resorts said its subsidiary Clark Grand Leisure Corp. (CGLC) received approval from the Philippine Amusement and Gaming Corp. (PAGCOR) on Oct. 5 of its request to suspend its provisional license to operate a resort and casino in Clark.
“CGLC sought for the voluntary suspension of its license due to some lingering uncertainties surrounding the casino gaming industry especially with more competition in the Clark, Pampanga location,” the company said.
The voluntary suspension also allows PH Resorts to ramp up and focus all efforts on the construction and development of the Emerald Bay Resort and Casino, which it describes as its “flagship integrated resort and casino project.”
The voluntary suspension shall be effective until further notice and its lifting shall be subject to the approval of the PAGCOR board of directors. The Clark project is called The Base, an adventure-themed resort.
The Emerald Bay Resort and Casino, estimated to cost at least P34 billion, is being developed on a 13.5-hectare property in Punta Engaño in Mactan.
It will feature an aggregate gaming floor area of around 7,000 square meters, a five-star hotel with over 800 rooms, a retail complex with a gross floor area of 8,000 square meters, a convention center, and 18 restaurants.
It is being developed through Lapu-Lapu Leisure, Inc., which was granted fiscal incentives by the Board of Investments in the first quarter of 2019.
PH Resorts, formerly known as the Philippine H2O Ventures Corp., is also behind the upscale Donatela Hotel on Panglao Island in Bohol, which is managed by the Enderun Hospitality Management. (Ventures Cebu)