PH Resorts Group Seeks Partners for Emerald Bay

PH Resorts Group President Raymundo Martin M. Escalona stated Tuesday that the company plans to resume discussions with other parties regarding the potential acquisition of its stalled Cebu integrated resort development, Emerald Bay. This follows the collapse of a deal with Tiger Resort, Leisure, and Entertainment Inc. (TRLEI), operator of Okada Manila, as reported.

Universal Entertainment Corp., TRLEI’s parent company, cited unmet closing conditions in withdrawing from the Term Sheet agreement.

This marks the second failed acquisition attempt by a major Manila integrated resort operator, with Bloomberry Resorts Corp., owner of Solaire, terminating a similar deal in early 2023. Despite TRLEI’s withdrawal, PH Resorts Group remains optimistic about securing a new buyer or partner for the project, having already engaged in discussions with interested parties prior to the TRLEI agreement last year.

Escalona emphasized, “We understand that Okada Manila no longer intends to pursue the Emerald Bay acquisition,” affirming the company’s commitment to exploring alternative transactions such as acquisitions, joint ventures, or other partnerships to ensure the completion of the Emerald Bay project. If completed, Emerald Bay would be Cebu’s second integrated resort after the 2022 opening of NUSTAR Resort & Casino.

Original Story by: IAG