Universal Entertainment moving forward with Emerald Bay

Universal Entertainment views its investment in Emerald Bay, based in Cebu, as the “next step,” according to the Chief Managing Director of Okada Manila. The group anticipates robust returns in the coming year.

Kenji Sugiyama, in discussions with the media, mentioned that there are still “several months to see the results of the negotiations” concerning the Emerald Bay project. He expressed optimism, stating that if the process proves successful, the group will be pleased.

The investment is seen by the group as “another opportunity” to expand its business, with several months earmarked for conducting due diligence. Emerald Bay has faced financial challenges, seeking investors for months after Bloomberry and, more recently, AppleOne withdrew their planned investments.

The planned acquisition is slated for July 2024, with the property expected to open in 2026. 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 with over 700 electronic gaming machines (EGMs) and more than 140 tables.

In 2017, PHR obtained a provisional gaming license from the Philippine Amusement and Gaming Corporation (PAGCOR) for the Emerald Bay Resort on Mactan Island, Lapu-Lapu City, Cebu. The development of the resort was put on hold during the COVID pandemic.

With Okada Manila recently resolving its legal issues, this could provide more investments in gaming in other locations. This could also bode well to generate revenues locally and help improve both the land based casinos and online gaming industries.

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