Philippine tycoon seeks builder linked to Marcos family for stalled casino project
Dennis Uy has been searching for partners to fund and complete the integrated resort in Cebu
PHILIPPINE tycoon Dennis Uy is looking to partner with a construction company backed by a firm linked to the family of President Ferdinand Marcos Jr’s cousin, so that his stalled casino project can be completed.
Uy’s PH Resorts Group said in a stock exchange filing on Monday (Dec 9) that its parent, Udenna Corp, had entered into a memorandum of understanding (MOU) with EEI Corp for the development of the Emerald Bay Resort and Casino project on the central island of Cebu.
Shares in PH Resorts plummeted as much as 25 per cent in Manila trading, snapping a four-day winning streak. EEI rose as much as 6 per cent.
The partnership is the latest attempt by Uy, an ally of former Philippine president Rodrigo Duterte, to fund and complete the integrated resort, once estimated to cost around US$465 million. His previous efforts to hammer out deals with billionaire Enrique Razon and a unit of Japan’s Universal Entertainment Corp fell through.
EEI is partly held by RYM Business Management Corp, which is owned by the family of the speaker of the House of Representatives, Martin Romualdez, a cousin of Marcos.
Representatives for EEI and Romualdez did not immediately respond to requests for comment.
The MOU paves the way for EEI to execute an agreement with PH Resorts and its units to finance, build and complete the Emerald Bay project, the filing said. A final deal is subject to the fulfilment of conditions and regulatory approvals.
Uy has been trying to cut debt since his aggressive expansion from fuel retailing into telecommunications and energy during the presidency of Duterte, whose 2016 campaign for the top job he supported. BLOOMBERG
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