Troubled Philippines gaming firm PH Resorts Group says it is in the final stages of negotiations with two potential investors as it bids to resume construction of its Cebu integrated resort, The Emerald Bay.
Having earlier this week received shareholder approval to increase the company’s authorized capital stock from 8 billion to 15 billion – enough to generate around US$128 million in funding – PH Resorts Group issued a press release on Friday in which it claimed to have two investors ready to provide additional assistance.
“PH Resorts is … presently engaged in the final stages of negotiations with one foreign and one local investor to help it fulfil its commitment to complete and open its flagship Emerald Bay integrated resort at the soonest possible time,” the company said.
It also quoted President and CEO Raymundo Martin M. Escalona, who said, “We have faced many challenges before but we will succeed. We have already seen some good indicators that make us see a positive future.”
PH Resorts Group – the gaming and hospitality arm of Dennis Uy’s Udenna Group – had been negotiating with Solaire Resort owner Bloomberry Resorts Corp over a deal that would have seen Bloomberry acquire a substantial share in The Emerald Bay and another stalled project known as The Base Resort Hotel and Casino in Clark. Bloomberry ultimately withdrew from that deal in March.
Nevertheless, PH Resorts Group on Friday cited some positive steps in recent times, including the reopening in December 2022 of its Donatela Resort & Sanctuary in Bohol as well as “advanced discussions with other parties” in regard to monetizing some assets that are not currently generating any cash flows.
Its primary focus, however, remains The Emerald Bay which would, if complete, become the second integrated resort on Cebu following the 2022 opening of Nustar.
Phase 1 of The Emerald Bay is envisioned to include 146 gaming tables and 729 electronic gaming machines (EGMs) plus 780 hotel room bays and five villas.
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