MANILA, Philippines — Third time is still not the charm for Davao-based businessman Dennis Uy and his PH Resorts Group Holdings Inc. as another deal that could potentially save the unfinished Emerald Bay Resort in Cebu once again fell apart.
PH Resorts said the Okada Group’s Tiger Resort Leisure & Entertainment Inc. has terminated the term sheet signed in December 2023 with PH Travel and Leisure Holdings Corp., which would have allowed TRLEI to take over the development of the Emerald Bay Resort.
The term sheet was the basis for TRLEI to acquire a significant majority ownership of PH Travel’s subsidiaries Lapulapu Leisure Inc. and Lapulapu Land Corp., the entities that operate the Emerald Bay Project
The parties originally intended to execute the definitive agreements under the term sheet by July 2024.
Just last week, PH Resorts in a stock exchange filing said the relevant parties were still working on the transaction with the Okada Group, with the target date to close set in July.
Prior to the agreement with the Okada Group, PH Resorts was in talks for the Emerald Bay sale with Enrique Razon’s Bloomberry and later on with Cebu-based Apple One, both of which also did not materialize.
PH Resorts did not disclose further details as to why the term sheet with TRLEI was terminated.
“We understand that the Okada Manila operator no longer intends to pursue the Emerald Bay acquisition,” PH Resorts president Raymundo Martin Escalona said.
Escalona, however, said the development gives the company the opportunity to engage with other parties, which have already expressed their keen interest in the Emerald Bay project.
He said such interest was not formalized in the past due to the restrictions under the TRLEI deal.
“We assure our shareholders and stakeholders, however, that the company’s management is already working toward another transaction, be it an acquisition, joint venture or otherwise, that will ensure the completion of the Emerald Bay project,” Escalona said.
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.
In 2017, PH Resorts secured a provisional gaming license from the Philippine Amusement and Gaming Corp. for the project.
Development of Emerald Bay Resort was suspended during the COVID-19 pandemic due to the challenging environment and financial reasons.