PH Resorts Group Holdings Inc., the company behind the long-delayed Emerald Bay casino resort in Mactan, Cebu, officially announced on Tuesday that it had terminated its term sheet with Tiger Resort Leisure & Entertainment Inc. (TRLEI). This deal, if completed, would have allowed TRLEI to invest in the Emerald Bay project.
TRLEI operates Okada Manila and functions as a subsidiary of Japan’s Universal Entertainment Corp. Meanwhile, Philippine businessman Dennis Uy leads PH Resorts.
During Tuesday’s disclosure to the Philippine Stock Exchange, PH Resorts President Raymundo Escalona confirmed the decision. He stated, “We understand that the Okada Manila operator no longer intends to pursue the Emerald Bay acquisition.”
Nevertheless, he emphasized that the development opens new doors for PH Resorts. “This shall give PH Resorts the opportunity to engage with other parties,” Escalona explained. “Several groups have already expressed keen interest in the Emerald Bay project. However, they could not formalize their offers due to the restrictions under the TRLEI deal.”
Furthermore, Escalona reassured shareholders and stakeholders that the company’s management has already taken action. “We are working towards another transaction,” he added. “Whether it takes the form of an acquisition, a joint venture, or another structure, our goal remains the same—to ensure the completion of the Emerald Bay project.”
In addition, PH Resorts confirmed that it will release more information as developments unfold. “We will make the necessary disclosures to the public at the appropriate time,” the company noted in its filing.
Universal Entertainment Corp. issued its own statement on Monday. The company said that TRLEI had notified PH Resorts about the deal’s termination. It cited unfulfilled or unfulfillable closing conditions as the reason. However, Universal declined to offer specific details, citing confidentiality obligations.
Earlier in June, PH Resorts addressed a Philippine media report regarding its negotiations with TRLEI. In its filing, the company clarified: “The report that there is a disagreement on commercial terms as there are ‘unrealistic terms’ set by the selling party is largely unfounded and not even part of the current discussions between the relevant parties.”
Universal Entertainment recalled that TRLEI had signed a preliminary agreement on December 8 to acquire a significant stake in the Emerald Bay resort. The agreement involved PH Resorts’ subsidiary, PH Travel and Leisure Holdings Corp. It targeted the acquisition of majority ownership in Lapulapu Leisure Inc. and Lapulapu Land Corp.—the two entities behind the Emerald Bay scheme.
Moreover, PH Resorts disclosed in April that one of its subsidiaries had already received a non-refundable payment of PHP300.1 million. This amount formed part of a stock subscription deal meant to transfer majority ownership of the Emerald Bay operating interest to TRLEI. Universal Entertainment’s Monday update stated that both sides had intended to finalize a definitive agreement this July.
PH Resorts initially secured a provisional gaming license from the Philippine Amusement and Gaming Corporation (PAGCOR) in 2017. Despite delays and changing partners, the company remains committed to completing Emerald Bay, which is envisioned as a luxury integrated resort along the Cebu coast.
