PH Resorts mulls options after loss of casino license
PH Resorts is evaluating new business strategies after PAGCOR revoked its casino license for the Emerald Bay project in Cebu.Summary
PH Resorts Group Holdings Inc. is reassessing its business plans following the revocation of its provisional casino license by the Philippine Amusement and Gaming Corp. (PAGCOR) for the Emerald Bay project in Cebu. The company, owned by Dennis Uy, is considering options such as repurposing existing assets, pursuing joint ventures, and exploring mergers and acquisitions to enhance shareholder value. While no definitive plans have been made, PH Resorts is undertaking a comprehensive evaluation of strategic alternatives. The company stated that the license revocation is not expected to significantly impact its current financial standing, as the project had not yet begun commercial operations, and previously allocated funds have been fully utilized. The Emerald Bay project was originally envisioned as a five-star integrated resort and casino, aiming to become a premier entertainment destination in the Philippines.
(Source：Philstar.com)