Philippines-listed PH Resorts Group Holdings Inc, associated with the stalled Emerald Bay casino resort project in Mactan, Cebu, announced in a Thursday filing that neither the company nor its subsidiaries have “executed agreements” related to the project.
The Thursday statement clarified a news article from local media outlet Insider PH, which suggested a foreign group was considering potential deals involving the “energy and gaming assets” of Philippine entrepreneur Dennis Uy, who leads PH Resorts.
Insider PH identified the foreign group as Singapore-based Summit Telco Holdings and its affiliates, reporting their interest in gaining control of Mr. Uy’s telecommunications company, DITO CME Holdings. In a Tuesday filing to the Philippine Stock Exchange, DITO CME stated there had been no “definitive agreements” executed regarding a majority takeover of DITO CME.
On July 2, PH Resorts confirmed that Tiger Resort Leisure & Entertainment Inc (TRLEI), the controller of the Okada Manila casino complex in the Philippine capital, no longer intended to pursue an Emerald Bay acquisition.
PH Resorts had previously engaged in talks with Philippine casino operator Bloomberry Resorts Corp about possibly investing in several PH Resorts casino schemes, including the Emerald Bay project. These discussions ended without a deal.
PH Resorts, in the Thursday clarification filing, stated, “PH Resorts Group Holdings Inc and its subsidiaries Lapulapu Leisure Inc and Lapulapu Land Corp have been in various discussions with different investors interested in providing avenues for completing the Emerald Bay project.”
It also noted, “As disclosed on July 2, 2024, PH Resorts has the opportunity to engage with other parties interested in the Emerald Bay project.”
As of Thursday, PH Resorts had no “executed agreements” between the company or its subsidiaries involving the Emerald Bay casino resort project.
The company stated, “However, we will make the appropriate disclosure if such agreements are executed, in accordance with the rules of the Securities and Exchange Commission and the Philippine Stock Exchange.”
Having more integrated resorts outside on Manila can help meet the demands in other areas of the country for land based casinos. But online gaming and online casinos can be easily accessed anywhere and anytime. This convenience helps reach a far bigger market than traditional land based casinos.