Cebu’s Emerald Bay Casino Site Now Up for Sale

ACN Staff
May 6
2 min read

Emerald Bay Casino in Cebu is now for sale! Explore this prime 12.4-hectare beachfront property with huge development potential on Punta Engaño peninsula.

Emerald Bay Resort and Casino in Mactan, China Banking Corporation (Chinabank) prepares to sell the property after PH Resorts Group Holdings Inc. (PHR)

The long-delayed Emerald Bay Casino project in Mactan hits another setback, as PH Resorts misses its buyback deadline—putting Emerald Bay Casino for sale back in the spotlight.

The future of the Emerald Bay Resort and Casino in Mactan, Cebu remains uncertain as China Banking Corporation (Chinabank) prepares to sell the property after PH Resorts Group Holdings Inc. (PHR), led by Dennis Uy, missed its chance to reclaim the land.

The site — a 12.4-hectare beachfront lot — was part of a 2023 sale and leaseback deal between PHR and Chinabank. The agreement was structured to help PHR settle a ₱3.1-billion loan while continuing development of the Emerald Bay project. Included in that deal was a clause giving PHR the right to repurchase the property, but that option expired in March 2025.

Chinabank Chairman Hans Sy confirmed the title has since been transferred to the bank. He added that while PHR had requested more time, the bank had already granted an extension, and no further concessions would be made.

Emerald Bay was originally set for a soft opening in early 2022, but the timeline was repeatedly pushed back due to COVID-related disruptions, labor shortages, and financing challenges. Though PHR pursued talks with potential backers like AppleOne Properties, Bloomberry Resorts, and Tiger Resort Leisure, none of those discussions led to concrete investment.

In an effort to revive the project, PHR also entered into an agreement with EEI Corporation in December 2024. EEI, through PHR’s parent company Udenna Corp., provided ₱300 million in funding to cover lease payments and interest owed to Chinabank.

With the repurchase deadline now passed, Chinabank is actively seeking buyers for the land — a high-value parcel located on the scenic Punta Engaño peninsula in Cebu. While the site still holds promise for development, the fate of the original casino-resort vision remains in limbo.

Whether a new investor will step in or the project is reshaped entirely, one thing is clear: Emerald Bay’s next chapter is no longer in Dennis Uy’s hands.