Dennis Uy enlists Marcos cousin to revive stalled casino project in Cebu

In the Philippines, Dennis Uy has entered into a memorandum of understanding (MOU) with EEI Corp to complete a long-delayed casino project known as the Emerald Bay Resort and Casino. The development, located on Mactan Island in Cebu province, was initially estimated to cost around $465 million and was expected to be completed by March 2022. However, various challenges led to extensive delays, particularly as Uy faced significant financial difficulties aggravated by the Covid-19 pandemic. Udenna Corp, which Uy leads, is the parent company of PH Resorts Group Holdings, the project's developer. The Emerald Bay Casino will feature a five-star beachfront hotel with 642 rooms, alongside retail outlets and a gambling area housing 700 electronic gaming machines and 140 gaming tables. The agreement with EEI Corp is viewed as a crucial step toward reviving the stalled project. EEI Corp is a construction company partially owned by the Yuchengco family and tied to RYM Management, an investment vehicle that belongs to the family of Philippine Congress House Speaker Martin Romualdez, who is a cousin of current President Ferdinand Marcos Jr. The partnership is intended to solidify support for the venture, making it more viable amid regulatory conditions and financial requirements. The pandemic has presented various operational challenges to Dennis Uy’s companies, leading to burgeoning debts and an urgent need for fresh capital. The collaboration with EEI is expected to bring financial and construction expertise, potentially alleviating some of these burdens while signaling a rebound in the gaming and hospitality sectors post-pandemic.