PH Resorts Group, the gaming and leisure brand of Philippines businessman Dennis Uy, has refuted reports that a deal with Okada Manila operator Tiger Resort, Leisure and Entertainment Inc (TRLEI) to sell off its stalled Cebu resort Emerald Bay is close to falling through.
TRLEI signed in December a preliminary agreement with a subsidiary of PH Resorts Group to acquire a majority interest and complete development of Emerald Bay, which stalled during the COVID-19 pandemic due to funding issues. The Okada Manila operator said at the time it hoped to open the integrated resort by 2026.
However, local media outlet InsidePH.com reported Friday that talks between the two companies are close to collapsing due to an alleged disagreement on commercial terms. This, the outlet explained, was due to the “unrealistic terms” set by the selling party with Uy said to be wanting a premium for his remaining stake in the project as well as repurchase rights.
In a Monday filing, PH Resorts Group rejected those claims, insisting it is “still working on the transaction with the Okada Group and the same is still ongoing since the target date to close … is still in July.
“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.”
PH Resorts Group had previously been in talks with Solaire owner and operator Bloomberry Resorts Corp over a similar deal but Bloomberry terminated the deal in early 2023.
Should a deal finally be done and Emerald Bay completed, the property – Cebu’s second integrated resort after NUSTAR – is slated to boast a five-star hotel adjacent to 300 meters of beachfront, with two 15-story towers accommodating 642 rooms, four pools, 18 food and beverage outlets, retail spaces, conference and exhibition facilities, and a large-scale gaming floor with more than 700 electric gaming machines and over 140 tables.
