After Bloomberry dropout, PH Resorts Group’s in talks with new investors for completion of the Cebu Emerald Bay development

PH Resorts Group, the hospitality and gaming company of Dennis Uy’s Udenna Group, said that two investors, one foreign and the other, local, are in the ‘final stages to invest in The Emerald Bay IR development in Cebu province; this development comes after last week’s announcement of raising capital through new shares.

Original story by Ben Blaschke for Inside Asia Gaming

Philippines gaming firm PH Resorts Group says it is in the final stages of negotiations with two potential investors as it bids to resume construction of its Cebu integrated resort, The Emerald Bay.

Having earlier this week received shareholder approval to increase the company’s authorized capital stock from 8 billion to 15 billion – enough to generate around US$128 million in funding – PH Resorts Group issued a press release on Friday in which it claimed to have two investors ready to provide additional assistance.

“PH Resorts is … presently engaged in the final stages of negotiations with one foreign and one local investor to help it fulfill its commitment to complete and open its flagship Emerald Bay integrated resort at the soonest possible time,” the company said.

It also quoted President and CEO Raymundo Martin M. Escalona, who said, “We have faced many challenges before but we will succeed. We have already seen some good indicators that make us see a positive future.”

PH Resorts Group – the gaming and hospitality arm of Dennis Uy’s Udenna Group – had been negotiating with Solaire Resort owner Bloomberry Resorts Corp over a deal that would have seen Bloomberry acquire a substantial share in The Emerald Bay and another stalled project known as The Base Resort Hotel and Casino in Clark.

Ultimately, however, Bloomberry, terminated its partnership with PH Resorts Group for Emerald Bay. The move by Enrique Razon’s Bloomberry is borne out of the need to refocus its priorities towards Solaire North in Manila.
Nevertheless, PH Resorts Group on Friday cited some positive steps in recent times, including the reopening in December 2022 of its Donatela Resort & Sanctuary in Bohol as well as “advanced discussions with other parties” in regard to monetizing some assets that are not currently generating any cash flows.

To learn more about PH Resorts Group’s primary IR development in the province of Cebu. The Emerald Bay, read the original story by Ben Blaschke at https://www.asgam.com/index.php/2023/07/28/ph-resorts-group-says-negotiations-with-two-potential-investors-into-cebu-resort-the-emerald-bay-now-in-final-stages/