Back in July, Philippines gaming company PH Resorts Group said it was close to finalizing a deal with investors enabling it to resume construction of its Emerald Bay integrated resort (IR) in Cebu Province.
At the time, the company said it was “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.”
According to an October 3 report in the Manila Standard, PH Resorts Group has signed a “non-exclusive and non-binding” memorandum of understanding with AppleOne Properties, which would see the latter gain either a majority of the equity interest in the subsidiaries or acquire some or all the assets for Emerald Bay.
According to Inside Asian Gaming, PH Resorts also said its subsidiaries have restructured debts owed to China Banking Corp. with agreements for the sale, leaseback and possible buyback of certain “land and improvements” of the subsidiaries.
The restructuring applies to the 12.5 hectares (31 acres) of land in Mactan, Cebu, where Emerald Bay is based.
“The restructuring also allows the subsidiaries to repay the Peso Bridge Loan Facility extended by China Bank in 2018, while, at the same time, grants them continued possession and use over the property in order to finish the construction and development of the Emerald Bay Project,” PH said. “In addition, the option to buyback … allows the subsidiaries or its nominees to reacquire the properties, if so desired.”
PH Resorts Group is the gaming and hospitality unit of billionaire Dennis Uy’s Udenna Group. The company once had a tentative deal with Solaire Resort owner Bloomberry Resorts Corp. to sell a substantial share in Emerald Bay and another stalled development, the Base Resort Hotel and Casino in Clark. But Bloomberry pulled out of that deal in March.
If completed, Emerald Bay would become the second IR on Cebu after Nustar, which opened last year. Phase 1 of the resort complex would include 146 gaming tables, 729 electronic gaming machines, 780 hotel room and five villas.
