Key points:
- China Banking Corp. has opened up its Emerald Bay Resort development for sale
- The company is now seeking potential buyers for the Cebu property
- This development comes following the conclusion of its lease deal with PH Resorts
China Banking Corp. is seeking potential buyers for the land on which its unfinished Cebu Emerald Bay Resort is built, opening up the 14-hectere Filippino property to a potential sale.
This latest development comes following the expiration of the resort’s leaseback deal with PH Resorts Group Holdings, with Chinabank Chairman Hans Sy specifying that there has already been some interest in the land.
As part of their prior lease arrangement, PH Resorts had the option to buy the property up until 31 March 2025 – with all expenses being covered by Chinabank. However, the company has stated that it is currently too busy with ongoing developments to take over the land and its subsequent ongoing Emerald Bay project.
Initially, Emerald Bay Resorts was designed and developed to be a luxurious five-star resort located on the Philippine Island of Cebu. Development was, however, suspended during the Covid-19 pandemic and is yet to get back off the ground again. Indeed, PH Resorts was in talks with multiple investment parties – including Okada Manila – who it hoped would aid the development of Emerald Bay Resort, none of which came to fruition.
Subsequently, PH Resorts’ lease deal with Chinabank has now come to an end with no subsequent takeover bid for the land.
Good to know: In August 2024, PH Resorts reported a net loss of PHP 494.3m (US$8.64m) for H1 of the year
In closely related recent news, PAGCOR announced the closure of a number of underperforming casino sites on the island of Cebu in February 2025, following sustained financial losses at the venues.
Elsewhere, the organisation reported an 11.2% year-on-year increase in the Philippines’ gaming revenue for FY 2024.
