PH Resorts Group Holdings has confirmed that subsidiaries Lapulapu Leisure Inc. and Lapulapu Land Corp have received notice from PAGCOR. The regulator's Board has approved the revocation of the Provisional License previously granted for the company's stalled Mactan integrated resort and casino project.
In a filing with the Philippine Stock Exchange, PH Resorts said the revocation is not expected to have a material effect on its financial position, noting that the project had not entered commercial operations. With no revenue-generating activities initiated under the license, the financial repercussions of PAGCOR's decision are limited.
The planned development formed part of PH Resorts' earlier expansion strategy in Cebu, but the company has faced longstanding challenges in bringing the project to completion. The latest regulatory action formally ends the project's licensed status.
PH Resorts said it will continue to explore other business opportunities and will provide updates on any decisions in accordance with disclosure obligations under applicable laws, exchange rules and regulatory requirements. The group emphasized its commitment to keeping investors and the public informed as new developments arise.
The company also clarified that discussions with EEI Corporation regarding a potential partnership for the project did not progress to final agreements. With the Provisional License revoked, PH Resorts confirmed that the previously contemplated partnership is no longer feasible.
The group said its remaining operations and financial performance are not expected to be materially affected by the development, and PH Resorts remains focused on assessing strategic options that may support future growth.
The operator says it will continue exploring other business opportunities and will disclose future plans in line with PSE requirements
