Chinabank chair and business tycoon Hans Sy said Uy’s PH Resorts Group Holdings (PHR) was given a year and a half to repurchase the 12.4-hectare property, which is the site of its unfinished Emerald Bay gaming project in Mactan Island, a few kilometers away from Mactan-Cebu International Airport.
“We always do things with a heart. We gave him [Dennis Uy] a chance,” Sy told reporters in an interview last week.
PHR sold the land to Chinabank in October 2023 as part of a debt restructuring deal to settle a portion of its longstanding loans. Under their agreement, PHR leased back the land and also secured an option to repurchase the property.
Chinabank readies property sale
The leaseback and repurchase option expired on March 31, 2025.
“It’s expired and we’re not renewing anymore,” Sy said.
Back in 2023, Uy had hoped to buy back the land with help from a strategic investor, but the company has yet to secure one.
“We’ll start opening it up to people who have shown interest. There are a couple of interested parties,” Sy explained. “You’d be surprised [about the level of interest] because the location is very nice.”
What about talks with EEI?
Last December, PHR said it was in discussions with Yuchengco-Romualdez-owned EEI Corp.
Based on PHR’s latest annual report, EEI made a P300 million advance to Uy’s group in January 2025, with the proceeds used to pay Chinabank interest and lease obligations. As of April this year, however, a deal had yet to be finalized, the filing showed.
Another industry source noted that negotiations between PHR and EEI appear to be making little to no progress.
“There’s no movement,” the source said.
SM not interested in Cebu land
Sy noted said the SM Group is not interested in purchasing the property.
“That one, I can answer you: no,” he said.
“With our own SM Group, we have our hands full,” he added.
PHR explores options to reacquire Cebu property
PHR, through its subsidiary LapuLapu Leisure, Inc., holds a provisional gaming license from PAGCOR that expires in 2033.
Losing the land severely undermines PHR’s ability to complete the project or secure backing from new investors.
PHR said in a regulatory filing that it’s working on a “possible repurchase option following its expiration on March 31, 2025.”
Firm eyes sale of Bohol hotel
PHR’s discussions with EEI follow a string of unsuccessful deals with Bloomberry Resorts, AppleOne Properties, and the Okada Group.
Meanwhile, AppleOne is in separate talks to acquire PHR’s sole operating asset, the Donatela Resort & Sanctuary in Bohol.
The lukewarm investor interest comes amid a slowdown in the integrated casino sector and growing competition from nearby projects like the Gokongwei Group’s NUSTAR Resort & Casino in Cebu City.
Last year, tycoon Kevin Tan-led Alliance Global Group also unveiled plans to open a P17 billion casino in Mactan Newtown, their township project near the Emerald Bay site.
Dennis Uy pledges to support PHR
PHR said in the filing that its parent firm, Uy’s Udenna Corp., issued a letter of support committing to cover key liabilities and expenses while deferring collection of receivables for 12 months.
Udenna has also advanced P4.94 billion as of end-2024, the filing showed.
PHR shares gained nearly 6 percent to P0.21 each on Friday. The stock is down about 74 percent over the past 12 months.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
