PH Resorts Group, the embattled Philippine gaming entity of billionaire Dennis Uy, says it is in various discussions with investors for its stalled Cebu integrated resort project amid reports that such investors may include foreign entities.
Five weeks after a deal with the operator of Okada Manila to acquire a controlling interest in the Emerald Bay development fell through, PH Resorts Group responded to a report from InsiderPH around alleged foreign interest by confirming that it has resumed talks with other parties, although it did not provide any details on who those parties might be.
“PH Resorts Group Holdings Inc and its subsidiaries Lapulapu Leisure Inc and Lapulapu Land Corp have been in various discussions with different investors who are interested in providing avenues for the completion of the Emerald Bay project,” it said,
“Nevertheless, as of today, there are no executed agreements between PH Resorts Group or its subsidiaries involving the Emerald Bay project.”
The recent collapse of its takeover agreement with Okada Manila operator Tiger Resort, Leisure and Entertainment Inc (TRLEI) was the second such instance of a deal falling through after Solaire Resort operator Bloomberry Resorts Corp opted out of a similar agreement in early 2023.
Envisioned to become Cebu’s second integrated resort after NUSTAR, Emerald Bay is slated to include a five-star hotel featuring 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 more than 700 electronic gaming machines and over 140 tables.
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