A Memorandum of Understanding (MOU) has been signed addressing future investments in the delayed Emerald Bay integrated resort development in Cebu by AppleOne Properties Inc., a Cebu-based property developer, and PH Resorts Group Holdings Inc., a Philippines gaming corporation.
The non-exclusive and non-binding MOU highlights AppleOne’s possible participation in either acquiring a significant majority of the equity position in the subsidiaries or purchasing part or all of the assets associated with Emerald Bay and its land. The exact value of the investment, as well as AppleOne’s ownership position, have yet to be established.
PH Resorts Group further announced that its subsidiaries had signed contracts for the sale and leaseback of some “land and improvements” in order to restructure their debt with China Banking Corp. This restructuring concerns the 12.5 hectares of land in Mactan, Cebu that will become Emerald Bay.
The restructuring plan permits the subsidiaries to complete the Emerald Bay Project while maintaining possession of the property and repaying the Peso Bridge Loan Facility given by Chinabank in 2018. Furthermore, the option to repurchase the residences remains open.
Prior to the financial difficulties, PH Resorts Group was in negotiations with Bloomberry Resorts Corp to resume the construction of Emerald Bay. Bloomberry, however, backed out of the deal in March.
Emerald Bay’s Phase 1 plans include 146 gaming tables, 729 electronic gaming machines (EGMs), 780 hotel room bays, and five villas. When completed, Nustar will be Cebu’s second integrated resort after its debut in 2022.
Original story by: IAG
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