(Bloomberg) -- A unit of Japan’s Universal Entertainment Corp. will no longer invest in a Philippine casino project, in a fresh setback for tycoon Dennis Uy’s bid to find a partner for his unfinished integrated resort.

Tiger Resort Leisure & Entertainment Inc., which runs Okada Manila casino, has terminated plans to acquire majority stake in companies involved in the Emerald Bay project in central Philippines, Uy’s PH Resorts Group Holdings Inc. said in a stock exchange filing in Manila on Tuesday. 

Both groups did not provide a reason, with Universal citing confidentiality. PH Resorts shares fell as much as 29% in Manila trading, the biggest decline since November 2020.

Universal’s withdrawal deals another blow to Uy, who has been looking for a partner for his casino project. PH Resorts had previously discussed possible deals with Philippine ports and casino billionaire Enrique Razon and a local developer.

Uy has been trying to cut debt after he aggressively expanded from oil to telecom during the previous administration of Rodrigo Duterte, whom the tycoon supported as a presidential candidate in 2016.

PH Resorts is working toward another transaction, either acquisition or joint venture that will ensure project’s completion, PH Resorts President Raymundo Martin Escalona said.

“This development shall give PH Resorts the opportunity to engage with other parties which have already expressed their keen interest in the Emerald Bay Project, but have been unable to formalize due to the restrictions under the TRLEI deal,” he said.

The first phase of Emerald Bay, located in the central island of Cebu, is expected to have around 600 electronic gaming machines, 122 gaming tables and a five-star hotel, PH Resorts said its 2023 annual report.

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