Dennis Uy looks to develop second Cebu resort

Davao-based businessman Dennis Uy is looking to develop a second integrated resort in Cebu.

Uy will lease a four-hectare property near the Mactan Cebu International Airport from Megawide, which he plans to develop as a hotel and casino project.

Last month, it was reported that Uy’s Udenna Corp was considering an Initial Public Offering (IPO) or backdoor listing to fund its $341m Paul Steelman-designed Emerald Resort and Casino in Lapu-Lapu City, also in Cebu.

“Dennis Uy’s project near Mactan just may cannibalise his Lapu Lapu project and we are not sure if the market can sustain two projects of this magnitude,” said Eric Coskun, senior associate at IGamiX Management and Consulting.

Meanwhile, Hong Kong-listed casino operator Galaxy Entertainment Group has confirmed plans to develop a casino resort in the central Philippine island of Boracay, a move which will see the company expanding outside Macau for the first time.

Francis Lui Yiu Tung, the company’s vice chairman reportedly met with the Philippines president Rodrigo Duterte on 6 December, to discuss “potential business opportunities in the Philippines”.

“Galaxy’s $500m property in Boracay will be a totally new market that will have to be initially supported by many direct charter flights from China until a regular customer flow can be established,” Coskun added.

“It is a large gamble by Galaxy but given their track record, this gamble just may pay off.”