MANILA, Philippines — PH Resorts Group Holdings Inc. of Davao-based businessman Dennis Uy is in talks with various investors to aid in the development of the unfinished Emerald Bay Resort in Cebu.
PH Resorts said the company and its subsidiaries Lapulapu Leisure Inc. (LLI) and Lapulapu Land Corp. (LLC) have been in various discussions with different investors who are interested in providing avenues for the completion of the Emerald Bay project.
The company said that it has the opportunity to engage with other parties who have expressed interest in the Emerald Bay project following the termination last week of a term sheet with the Okada Group’s Tiger Resort Leisure & Entertainment Inc. (TRLEI).
“Nevertheless, as of today, there are no executed agreements between PH Resorts or its subsidiaries involving the Emerald Bay project,” the company said.
PH Travel and Leisure Holdings in December last year executed a term sheet with TRLEI to acquire a significant majority ownership of LLI and LLC as operators of the Emerald Bay project, subject to various conditions, allowing TRLEI to take over the development of the Emerald Bay Resort.
The Okada Manila operator, however, decided to no longer pursue the Emerald Bay acquisition.
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 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.
PH Resorts secured a provisional gaming license from the Philippine Amusement and Gaming Corp. in 2017 for the project.
However, development of Emerald Bay Resort was suspended during the COVID-19 pandemic due to challenging environment and financial reasons.
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