Philippines gaming company PH Resorts Group says it hopes to finalize deals with investors enabling it to resume construction of its Emerald Bay integrated resort (IR) in Cebu Province.
In a July 28 news release, the company said it’s “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.”
PH President and CEO Raymundo Martin M. Escalona 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 is the gaming and hospitality arm of Dennis Uy’s Udenna Group. According to Inside Asian Gaming, it had been negotiating with Solaire Resort owner Bloomberry Resorts Corp. on a deal in which Bloomberry would acquire a stake in Emerald Bay and another stalled project, the Base Resort Hotel and Casino in Clark. Bloomberry pulled out of that deal in March.
On the plus side for PH Resorts, its Donatela Resort & Sanctuary in Bohol reopened in December. The company also cited “advanced discussions with other parties” to monetize assets that aren’t currently profitable.
If and when it opens, Emerald Bay would be the second integrated resort on Cebu, joining Nustar, which opened last year.
Phase 1 of Emerald Bay would include 146 gaming tables and 729 electronic gaming machines, as well as 780 hotel rooms and five villas.
