China Banking Corp has made clear it will not part with the land beneath the stalled Emerald Bay casino development unless its valuation targets are satisfied.
Chinabank chairman Hans Sy confirmed there is interest in the property, but said any sale depends on reaching an acceptable price. “There are offers,” he told GMA News in a recent interview. “We’ll negotiate, and once we receive a price we’re comfortable with, we’ll proceed with the sale.”
Emerald Bay was envisioned as a $300 million integrated resort by PH Resorts Group (PHR), led by Filipino billionaire Dennis Uy. Construction began in 2017, with an original opening timeline of 2021, before the Covid-19 pandemic disrupted progress. A combination of workforce shortages, supply-chain disruptions and financing difficulties ultimately brought development to a halt, with work never restarting.
Following the shutdown, PHR sought potential partners to revive the project. Interested parties reportedly included Tiger Resort Leisure & Entertainment Inc, operator of Okada Manila; Bloomberry Resorts, backed by Enrique Razon; and local developer AppleOne Group. However, none of these talks resulted in a finalized agreement.
Most recently, in December 2024, construction firm EEI Corp entered into a deal aimed at restarting the long-delayed project, but that partnership has since fallen through as well.
End of PHR’s Cebu ambitions
The first phase of Emerald Bay was planned to include a 7,585-square-metre casino housing 1,186 electronic gaming machines and 146 table games. The beachfront integrated resort was also set to offer a luxury five-star hotel, four swimming pools, 18 food and beverage venues, a retail area and conference facilities.
PH Resorts Group lost control of the site last March after a 2023 leaseback arrangement expired and Chinabank declined to extend the agreement.
“We gave them time — about a year and a half — because we didn’t want to be harsh,” Sy said. “We gave Dennis an opportunity to make things right.”
The situation came to a head in December, when the Philippine Amusement and Gaming Corp withdrew Emerald Bay’s provisional gaming licence.
Looking ahead, Sy said he expects 2026 to be a “challenging” year. In response, Chinabank plans to prioritize lending to small and medium-sized enterprises, which he described as offering stronger prospects than large single projects. “I don’t want to put all our eggs in one basket,” he added.
