Dennis Uy Has New Partner in Stalled Philippines IR
PH Resorts (PHR), the developer behind a half-finished integrated resort (IR) in the Philippines, has yet another chance to finish the long-idle project, known as Emerald Bay.
The subsidiary of Udenna Corp., owned by Philippine billionaire Dennis Uy, has signed a deal with the construction firm EEI Corp. to finance and complete the $465 million island resort. The agreement is subject to “definitive agreements, the fulfillment of conditions and regulatory approvals, if any,” the company said in a filing to the Philippine Stock Exchange.
Emerald Bay broke ground in 2017 and was originally slated for completion in 2022. According to Forbes, Uy has tried twice before to secure financing for the IR: first from Enrique Razon Jr.’s Bloomberry Resorts Corp., then from Okada Manila operator Tiger Resort Leisure and Entertainment Inc. Both deals quickly unraveled.
The project on Mactan Island will have a five-star beachfront hotel, four pools, 18 food and beverage outlets, retail spaces, conference facilities and a gaming floor with more than 700 electronic gaming machines and more than 140 tables.
Macau’s New Chief Executive Announces Team
Macau’s incoming chief executive has disclosed the names of his new team. Sam Hou Fai, the former judge who will succeed Ho Iat Seng on Dec. 20, was elected in October, with a mandate to continue the city’s diversification beyond gaming.
Macau Business reports that Tai Kin Ip, now director of the economic and technological development bureau, will become Macau’s secretary for economy and finance. O Lam, now vice president of the municipal affairs bureau, has been appointed secretary for social affairs and culture. Raymond Tam, director of the environmental protection bureau, will serve as secretary for transport and public works.
Incumbents André Cheong and Wong Sio Chak will stay on as secretary for administration and justice and secretary for security. And Elsie Ao Ieong U, now secretary for social affairs and culture, has been appointed commissioner of audit.
Adriano Marques Ho, now director of the city’s gaming inspection and coordination bureau (DICJ), has been tapped as director-general of customs. His replacement has not yet been announced.
All will join Sam in his effort to diversify the local economy and reduce its reliance on gaming. Their goal is to derive 60 percent of GDP from non-gaming industries, with gaming making up the balance.
NBA China Games to Make a Comeback in ’25
Starting next October, the National Basketball Association (NBA) will resume pre-season games in China, according to the Associated Press.
The tradition, which began in 2004 in Beijing and Shanghai, was interrupted in 2019 after Houston Rockets owner Daryl Morey expressed support for anti-government protests in Hong Kong.
At a Dec. 6 press conference, NBA Deputy Commissioner Mark Tatum said the league will return each year for the next five years to Sands’ 14,000-seat Venetian Arena. The first games will feature the New York Nets versus the Phoenix Suns.
The comeback “is fantastic for the fans,” said Tatum. “And it’ll give an opportunity for fans to experience live NBA basketball in their market once again. We have a long history of being here in China.”
Patrick Dumont, president and COO of the Las Vegas Sands Corp., hailed the deal as a “win-win-win” for the NBA, the city of Macau and China, the largest global market for NBA sports. Dumont is also the governor of the Dallas Mavericks franchise.
With the sporting event, Sands China is doing its part to diversify entertainment as part of Macau’s “1+4” strategy to attract more tourists.
Cambodia has Issued Ultimatum on Illegal Gambling
On Dec. 4, Cambodian government officials gave illegal gambling providers an ultimatum: cease operations in seven days or face the consequences, including arrest.
That deadline expired on Dec. 11. Now authorities are actively pursuing offenders. Touch Sokhak, spokesperson for the Interior Ministry, told the Phnom Penh Post, “Since the directive was issued, approximately 80 to 90 percent of the relevant parties have complied.
“Now that the grace period has ended, authorities will continue working against individuals engaging in illegal activities. If violations are clearly identified, we will build cases against them, which could involve police action or even legal proceedings.”
Genting Removed from Malaysian Stock Exchange
On Dec. 6, Genting Malaysia Bhd and Genting Bhd were removed from the FTSE Bursa Malaysia Kuala Lumpur Composite Index due to declining market capitalization.
The KLCI, a rundown of the nation’s top 30 companies by full market cap, is reviewed semi-annually, according to the Malay Mail. Genting Malaysia is now ranked 37th on the list. Its parent company holds the 34th spot.
The changes will take effect Dec. 23, and the next review will occur in June 2025.
