PH Resorts Group President Raymundo Martin M. Escalona said Tuesday that the company has “other parties” it will resume discussions with over the potential acquisition of some or all of its stalled Cebu integrated resort development Emerald Bay after a deal with Okada Manila operator Tiger Resort, Leisure and Entertainment Inc (TRLEI) fell through.
As reported by IAG, TRLEI this week pulled the plug on its planned acquisition of Emerald Bay, with parent company Universal Entertainment Corp stating in a filing that certain closing conditions under the Term Sheet “are not or cannot be fulfilled”.
This was the second time a deal with a major Manila integrated resort operator to acquire Emerald Bay has fallen through, with Solaire owner Bloomberry Resorts Corp having terminated a deal in similar circumstances in early 2023.
However, in a filing of its own, PH Resorts Group said it was confident of finding a new buyer or partner in the project given it had been in discussions with other companies before the TRLEI deal was struck last year.
“We understand that the Okada Manila operator no longer intends to pursue the Emerald Bay acquisition,” Escalona said.
“Nevertheless, this development shall give PH Resorts Group the opportunity to engage with other parties which have already expressed their keen interest in the Emerald Bay Project, but have been unable to formalize due to the restrictions under the TRLEI deal.
“We assure our shareholders and stakeholders that the company’s management is already working towards another transaction, be it an acquisition, joint venture, or otherwise, that will ensure the completion of the Emerald Bay project.”
Emerald Bay would, if completed, become Cebu’s second integrated resort after NUSTAR Resort & Casino, opened in 2022.
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