PH Resorts Group Holdings Inc firmly rejected a recent media report. The report claimed its talks with Okada Manila’s promoter were “on the verge of collapsing” over the stalled Emerald Bay gaming resort project in Mactan, Cebu. In a Monday filing to the Philippine Stock Exchange, PH Resorts clarified that the relevant parties still actively work on the transaction. The company emphasized that the process continues. It also confirmed that the target closing date remains set for July.
Furthermore, PH Resorts dismissed allegations that disagreements arose over “unrealistic terms” set by the selling party. The company stated that such claims are largely unfounded. It added that these issues are not part of ongoing discussions. Led by Filipino entrepreneur Dennis Uy, PH Resorts remains committed to finalizing the deal.
Universal Entertainment Corp, based in Japan, controls Tiger Resort, Leisure and Entertainment Inc (TRLEI), which operates Okada Manila in the Philippine capital. Industry insiders indicated the deal might collapse due to disagreements on commercial terms. The report added that the issue was not project viability but “unrealistic” demands by PH Resorts.
Specifically, the media outlet claimed that Mr. Uy sought a premium for his remaining stake and repurchase rights. This request came after he sold and leased back the project land to address significant debts owed to the Sy family-led China Banking Corp. However, PH Resorts directly refuted these claims.
In December, Universal Entertainment filed disclosures. These indicated that a subsidiary planned to acquire a majority stake in Emerald Bay. The same subsidiary also intended to complete the integrated resort project. The goal was to finalize the deal by July.
Supporting this, PH Resorts announced in April that one of its subsidiaries received an initial non-refundable payment. The amount totaled PHP300.1 million and went toward a stock subscription. This arrangement would transfer majority ownership of Emerald Bay’s operating interest to TRLEI.
Despite previous talks with Bloomberry Resorts Corporation regarding investment in PH Resorts’ casino projects, no deal materialized. Now, observers watch closely to see if PH Resorts can salvage the Emerald Bay agreement or if the casino plans will falter.
Overall, PH Resorts maintains that discussions with Okada’s group remain ongoing, firmly rejecting reports of breakdowns. The company aims to move forward with the transaction and bring Emerald Bay to completion.
