Universal Entertainment considers its investment in Emerald Bay in Cebu as the group’s next strategic step, according to Kenji Sugiyama, Chief Managing Director of Okada Manila. The company expects strong returns in the coming year as it moves forward with the project.
During a recent media briefing, Sugiyama confirmed that the group continues to negotiate terms for the Emerald Bay deal. “We still need several months to finalize the negotiations,” he said. “However, if the process moves forward successfully, we’ll be very pleased with the outcome.”
Universal Entertainment views the investment as a key opportunity to expand its business footprint in the Philippines. Over the next few months, the group will conduct due diligence to assess the full scope of the deal. Emerald Bay, which has faced financial hurdles, has actively searched for investors since Bloomberry and, more recently, AppleOne backed out of their planned involvement.
TRLEI (Tiger Resorts Leisure and Entertainment Inc.), which operates Okada Manila, aims to close the acquisition deal by July 2024. The company plans to open the integrated resort by 2026. Once completed, Emerald Bay will feature a luxury five-star hotel along a 300-meter beachfront, two 15-story towers with 642 rooms, four swimming pools, 18 food and beverage outlets, premium retail spaces, expansive conference and exhibition areas, and a massive gaming floor equipped with over 700 electronic gaming machines (EGMs) and more than 140 gaming tables.
In 2017, PH Resorts Group secured a provisional gaming license from the Philippine Amusement and Gaming Corporation (PAGCOR) for Emerald Bay. The resort, located on Mactan Island in Lapu-Lapu City, Cebu, saw its development pause during the COVID-19 pandemic as lockdowns and financial constraints disrupted construction.
Now that Okada Manila has resolved its leadership and legal issues, Universal Entertainment can pursue more investments in other Philippine locations. This renewed momentum could boost revenue generation and fuel growth across both the land-based casino sector and the country’s expanding online gaming industry.
