PH Resorts Group in “substantive discussions” with new parties for Cebu IR

PH Resorts Group Holdings Inc., the developer of the postponed Emerald Bay integrated resort in the Philippines, has announced that it is in “substantive discussions” with potential new partners.

As stated in an October Memorandum of Understanding (MOU), talks with local real estate developer AppleOne Properties Inc. have not yet resulted in a long-term agreement. The MOU stated that AppleOne will either purchase Emerald Bay real estate or make an undisclosed investment to acquire a full ownership position in PH Resorts Group subsidiaries. Owing to the contract’s non-exclusive character, the company said that it is now in talks with potential partners.

This comes after talks between PH Resorts Group and Bloomberry Resorts Corp., the owner of Solaire Resort, earlier this year. Bloomberry would purchase a sizable portion of Emerald Bay in addition to The Base Resort Hotel and Casino, another postponed project close to Clark. But in March, Bloomberry ultimately withdrew from the deal.

After Nustar opens in 2022, Emerald Bay will be Cebu’s second integrated resort if PH Resorts Group can get the required funding. Proposals for 780 hotel room bays, five villas, 146 gaming tables, and 729 electronic gambling machines are all included in Emerald Bay’s first phase.

Original story by: IAG