PH Resorts Group Holdings Inc. is denying reports that a deal to sell the unfinished Emerald Bay Resort has fallen apart.
According to GGRAsia, billionaire Dennis Uy’s company will sell the $300 million integrated resort in Cebu, Philippines to Tiger Resort, Leisure and Entertainment Inc. (TRLEI), operator of Okada Manila in the Philippine capital.
Speculation about the deal began with an article on InsiderPH.com that said it was “on the verge of collapsing, apparently due to a disagreement on commercial terms.” According to “one insider,” the issue was not “the viability of the project itself but the ‘unrealistic’ terms set by the selling party.”
In a June 24 filing to the Philippine Stock Exchange, PH Resorts responded, stating, “As of today, the relevant parties are still working on the transaction with the Okada group close” and disputed “a disagreement on commercial terms.”
According to the Philippine Star, if the deal goes through as planned this month, it would allow TRLEI to create a sister property in Cebu for its flagship IR in Parañaque, Manila.
Development of Emerald Bay Resort under Uy’s company came to a halt during the Covid-19 pandemic.
