PH Resorts Group Holdings Inc., led by Davao-based businessman Dennis Uy, is actively seeking new investors to support the development of the unfinished Emerald Bay Resort in Cebu, Philippines. The company and its subsidiaries, Lapulapu Leisure Inc. (LLI) and Lapulapu Land Corp. (LLC) are currently in discussions with various interested parties to secure the necessary funding to complete the project.
In its latest stock exchange filing, the company said that there are no executed agreements between PHR or its subsidiaries involving the Emerald Bay Project. Last week, PH Resorts faced a setback when their agreement with the Okada Group’s Tiger Resort Leisure & Entertainment Inc. (TRLEI) was terminated. This agreement, established in December of the previous year, would have allowed TRLEI to take over a significant majority ownership of LLI and LLC and, consequently, oversee the development of the Emerald Bay Resort. However, TRLEI ultimately decided not to proceed with the acquisition.
Continued investor talks
Despite this setback, PH Resorts remains optimistic about finding new investors. The company acknowledged that while no formal agreements have been made yet, the discussions with potential investors are ongoing. This strategic move follows a similar scenario earlier in 2023 when Bloomberry Resorts Corp., the operator of Solaire Resort, also opted out of a potential agreement to acquire Emerald Bay.
Emerald Bay’s vision and challenges
The Emerald Bay Resort is envisioned to be a luxurious five-star integrated resort in Cebu, positioning itself as a premier entertainment destination outside of Entertainment City in Metro Manila. The project includes plans for a five-star hotel featuring two 15-story towers with 642 rooms, four pools, 18 food and beverage outlets, retail spaces, conference and exhibition facilities, and a large-scale gaming floor with over 700 electronic gaming machines and more than 140 tables.
Impact of COVID-19 on development
The development of Emerald Bay was significantly impacted by the COVID-19 pandemic, which caused a suspension of the project due to the challenging environment and financial constraints. Despite securing a provisional gaming licence from the Philippine Amusement and Gaming Corporation (PAGCOR) in 2017, the project faced numerous hurdles that stalled its progress.
PH Resorts’ commitment to completion
PH Resorts Group said it is determined to see the Emerald Bay project through to completion. The company recognises the strategic importance and potential of the resort, especially given its prime location in Cebu. As talks with potential investors continue, PH Resorts remains committed to finding the right partners to realise the vision for Emerald Bay.
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