Universal Entertainment views investment in Cebu-based Emerald Bay as “next step”

Kenji Sugiyama, the chief managing director of Okada Manila, stated that Universal Entertainment considers its investment in Emerald Bay, a company headquartered in Cebu, to be the “next step,” and that the company expects to generate substantial profits within the following year.

The investment’s due diligence process is anticipated to take many months, but Universal Entertainment views it as an additional opportunity to expand its operations. Following the withdrawals of Bloomberry and, more recently, AppleOne from their intended investments, Emerald Bay has spent months seeking new investors.

It is envisaged that the facility will commence operations in 2026, and the acquisition is projected to be finalized by July 2024. The integrated resort features an extensive gaming floor with more than 700 electronic gaming machines (EGMs) and 140 tables, two 15-story structures with 642 rooms, four pools, retail establishments, conference and exhibition areas, and a five-star hotel with 300 meters of beachfront.

The Philippine Amusement and Gaming Corporation (PAGCOR) granted PH Resorts a provisional gaming license in 2017 for the Emerald Bay Resort, situated on Mactan Island in Lapu-Lapu City, Cebu. Due to the COVID-19 pandemic, the development of the resort was temporarily halted.

Notably, Okada Manila has achieved a successful separation from its founder, Kazuo Okada, subsequent to the Supreme Court’s reversal of the Status Quo Ante Order (SQAO) imposed in response to a lawsuit filed by the previous proprietor of the premises.

Original story by: Asia Gaming Brief