Okada-PH Resorts buyout talks ongoing, target closing next month

MANILA, Philippines — Dennis Uy’s PH Resorts Group Holdings Inc., the group behind the unfinished Emerald Bay Resort in Cebu, said its deal with the Okada Group remains on the table, with negotiations still on track to be completed by next month.

In a stock exchange filing, PH Resorts said the relevant parties are still working on the transaction with the Okada Group.

“The same is still ongoing since the target date to close is still in July,” the company said.

PH Travel and Leisure Holdings in December last year executed a term sheet with Tiger Resort, Leisure and Entertainment Inc. (TRLEI) to acquire a significant majority ownership of LapuLapu Leisure Inc. (LLI) and LapuLapu Land Corp. (LLC) as operators of the Emerald Bay project.

The agreement, subject to various conditions, would allow Okada operator TRLEI to take over the development of the Emerald Bay Resort.

PH Travel, the immediate parent company of LLI and LLC, is a subsidiary of PH Resorts Group, the listed travel and leisure company of Uy, the Davao-based businessman.

The definitive agreements, which were subject to negotiation, were targeted to be finished by July 2024.

Pursuant to the provisions of the term sheet, PH Resorts Group earlier said LLI received partial nonrefundable payments from TRLEI totaling P300.1 million as of end-2023.

The Emerald Bay project is being planned to be an iconic and luxurious five-star integrated resort in Cebu and the premier entertainment destination in the Philippines outside of Entertainment City in Metro Manila.

If the transaction pushes through, it would allow TRLEI to expand in Cebu following its maiden casino project, Okada Manila in Parañaque.

PH Resorts secured a provisional gaming license from the Philippine Amusement and Gaming Corp. in 2017 for the Emerald Bay Resort.

Development of Emerald Bay Resort was suspended during the COVID-19 pandemic due to challenging environment and financial reasons.