PH Resorts Group says it is still in discussions with Philippine construction firm EEI Corporation over agreements that could see work recommence on its stalled Cebu integrated resort development, Emerald Bay.
The update was provided in the company’s 2024 Annual Report, filed with the Philippine Stock Exchange on Friday, in which it stated that, “As of 30 April 2025, the Group and EEI have ongoing discussions to determine and finalize the terms of the agreements. As of the same date, the Group is also working on a possible repurchase option following its expiration on 31 March 2025.”
PH Resorts Corp added that it received in January a Php300 million (US$5.4 million) advance from EEI which it has used to partially fund lease and interest payments to China Banking Corporation.
The company first revealed in December that its parent company, Udenna Corp, had executed a Memorandum of Understanding (MOU) with EEI regarding a potential partnership and paving the way for EEI to execute an agreement with PH Resorts Group and its subsidiaries Lapulapu Leisure, Inc and Lapulapu Land Corp “to finance, construct and complete the Emerald Bay Project, upon the execution of definitive documentation.”
Emerald Bay stalled during the pandemic due to a lack of sufficient funding.
In Friday’s filing, PH Resorts Corp also outlined its current going concern status, revealing it had in April received a letter of support from Udenna stating that it commits, is willing and has the ability to provide continuing support to the group. This support covers existing liabilities including a deposit payable to Solaire operator Bloomberry Resorts Corporation related to a collapsed investment deal, US Dollar loans to Chinabank and 8H Capital Growth Asia Fund, amounts payable to contractors a long-term loan with Landbank of the Philippines. Udenna also committed that to not collecting its outstanding receivables from the Group in the next 12 months from 30 April 2025 and will continue to cover operating and maintenance expenses.
The EEI disussions represent the third time PH Resorts Group has announced potential partnership or merger deals in relation to Emerald Bay.
An initial deal with Bloomberry fell through when Bloomberry opted out of the agreement in early 2023, while Okada Manila operator Tiger Resort, Leisure and Entertainment Inc (TRLEI) also cancelled a previously announced deal last year.
Envisioned to become Cebu’s second integrated resort after NUSTAR, Emerald Bay is, if completed, 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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