MANILA, Philippines — Tiger Resorts, Leisure and Entertainment Inc. (TRLEI), operator of Okada Manila, is acquiring Dennis Uy’s PH Travel and Leisure Holdings, the company behind the unfinished Emerald Bay Resort in Cebu.
TRLEI said it has entered into a preliminary agreement with PH Travel, a subsidiary of PH Resorts Group Holdings Inc., the listed travel and leisure company of Uy, the Davao-based businessman.
The parties expect to conclude the transaction by July 2024.
“TRLEI and PHR have signed a Term Sheet under which TRLEI, subject to various conditions, will acquire a majority stake in the Emerald Bay project and complete the partially developed Emerald Bay Resort,” TRLEI said yesterday.
The project is currently 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, TRLEI said yesterday.
If the transaction pushes through, it also effectively allows TRLEI to expand in Cebu after its maiden casino project, Okada Manila in Parañaque.
In 2017, PH Resorts obtained a provisional gaming license from the Philippine Amusement and Gaming Corp. for the Emerald Bay Resort.
However, development of Emerald Bay Resort was suspended during the COVID-19 pandemic because of the challenging environment and financial reasons.
“The integrated resort will contain a five-star hotel adjacent to 300 meters of beachfront, with two 15-story towers accommodating 642 rooms, four pools, 18 food and beverage outlets, retail spaces, conference and exhibition facilities and a large-scale gaming floor with more than 700 electric gaming machines and over 140 tables,” TRLEI said.
Prior to the agreement, PH Resorts was in talks for the Emerald Bay sale with Enrique Razon’s Bloomberry and later on with Apple One, but these did not materialize.