
The operator of Okada Manila, Tiger Resorts, Leisure and Entertainment Inc. (TRLEI), has reached an agreement to acquire the development of Emerald Bay Resort from PH Travel and Leisure Holdings. TRLEI, a subsidiary of PH Resorts Group Holdings Inc., will acquire a majority stake in the partially developed Emerald Bay project in Cebu.
A preliminary agreement has been entered into between TRLEI and PH Travel, and the transaction is expected to be concluded by July 2024. The goal is to complete the unfinished Emerald Bay Resort and open it by 2026.
Emerald Bay Resort, envisioned as an iconic and luxurious five-star integrated resort in Cebu, is set to become the premier entertainment destination in the Philippines, rivaling Entertainment City in Metro Manila. Originally spearheaded by Davao businessman Dennis Uy, the project faced challenges in previous attempts to secure deals with Bloomberry Resorts Corp. and AppleOne Properties Inc.
The integrated resort will feature a five-star hotel along 300 meters of beachfront, two 15-story towers with 642 rooms, four pools, 18 food and beverage outlets, retail spaces, conference and exhibition facilities, and a large-scale gaming floor boasting over 700 electric gaming machines and more than 140 tables.
In 2017, PHR secured a provisional gaming license from the Philippine Amusement and Gaming Corporation for the Emerald Bay Resort, situated on Mactan Island in Lapu-Lapu City, Cebu.
The progress of the Emerald Bay Resort development was halted amid the COVID-19 pandemic.
Recently, Okada Manila successfully distanced itself from its former founder, Kazuo Okada. The Supreme Court lifted the Status Quo Ante Order (SQAO) that resulted from a lawsuit filed by the former head of the property.