Emerald Bay Resort
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MANILA, Philippines — PH Resorts Group Holdings Inc. of Davao-based businessman Dennis Uy is looking to team up with construction giant EEI Corp. for the development of the unfinished Emerald Bay Resort in Cebu.

In a stock exchange filing, PH Resorts said its parent company, Udenna Corp., has executed a memorandum of understanding (MOU) with EEI concerning the Emerald Bay Resort and Casino project.

PH Resorts said the MOU provides an avenue for a potential partnership between the company and EEI upon the execution of the definitive agreements as well as subject to the fulfillment of conditions precedent and regulatory approvals, if any.

The agreement also paves the way for EEI to execute an agreement with PH Resorts and its subsidiaries, Lapulapu Leisure Inc. (LLI) and Lapulapu Land Corp. (LLC), to finance, construct and compete the Emerald Bay Project, upon the execution of definitive documentation.

The company said that it had the opportunity to engage with other parties who have expressed interest in the Emerald Bay project following the termination of a term sheet with the Okada Group’s Tiger Resort Leisure & Entertainment Inc. (TRLEI) last July.

PH Travel and Leisure Holdings in December last year executed a term sheet with TRLEI to acquire a significant majority ownership of LLI and LLC as operators of the Emerald Bay project, subject to various conditions, allowing TRLEI to take over the development of the Emerald Bay Resort.

However, the Okada Manila operator decided not to pursue the Emerald Bay acquisition.

PH Travel, the immediate parent company of LLI and LLC, is a subsidiary of PH Resorts Group, the listed travel and leisure company of Uy.

Prior to the agreement with the Okada Group, PH Resorts was in talks for the Emerald Bay sale with Enrique Razon’s Bloomberry and later on with Apple One, both of which also did not materialize.

“It looks like PH Resorts finally found a white knight to save its Emerald Bay project. From the limited details disclosed, it appears that EEI might ultimately end up taking control and substantial ownership of the project, with PH Resorts probably left with a minor economic stake,” China Bank Capital Corp. managing director Juan Paolo Colet said.

“Naturally, one of the questions in the minds of public shareholders is whether this MOU will see the light of day, as attempts to do a deal with previous suitors all fell through. Hopefully this one will be realized to unlock the value of the Cebu property,” he said.

EEI’s principal stockholders are RYM Business Managment Corp. of House Speaker Martin Romualdez, House of Investments of the Yuchengco Group, Industry Holdings and Development Corp. of the Chua Group and Shenton Resources.

Tiger Resort makes initial $5.2M payment for Emerald Bay rescue.

PH Resorts Group has obtained an initial “non-refundable” payment of PHP300.1 million ($5.2 million) from Tiger Resort as it moves to relinquish majority ownership of Cebu-based Emerald Bay.

This payment is for a stock subscription, which, upon completion, would transfer majority ownership of the operating interest for the paused Emerald Bay casino resort project in Cebu to Tiger Resort, Leisure and Entertainment, Inc (TRLEI).

In December last year, TRLEI, under the umbrella of Japan’s Universal Entertainment, disclosed a preliminary agreement with PH Travel and Leisure Holdings Corp, a subsidiary of PH Resorts. This agreement outlines the acquisition of specific interests in Lapulapu Leisure Inc (LLI) and Lapulapu Land Corp (LLC), both subsidiaries of PH Travel responsible for developing Emerald Bay.

PH Resorts has been financially struggling, with the Cebu integrated resort (IR) operator revealing liabilities surpassing its current assets by PHP303 million ($5.24 million) and PHP1.97 billion ($34 million), respectively, in 2023 and 2022.

Source: https://agbrief.com/news/philippines/01/05/2024/tiger-resort-makes-initial-5-2m-payment-for-emerald-bay-rescue/



Image source: https://agbrief.com/news/philippines/01/05/2024/tiger-resort-makes-initial-5-2m-payment-for-emerald-bay-rescue/

Okada Manila operator Tiger Resort, Leisure and Entertainment Inc (TRLEI) has signed a preliminary agreement with a subsidiary of PH Resorts Group to acquire a majority interest and complete development of stalled Cebu integrated resort Emerald Bay.

The preliminary agreement, which comes just days after PH Resorts Group revealed talks with a local developer had failed to progress, will see TRLEI acquire “certain interests” in Lapulapu Leisure, Inc and Lapulapu Land Corp, the two entities that were developing Emerald Bay before construction was halted last year.

According to information from TRLEI’s ultimate parent firm Universal Entertainment Corp, a definitive agreement will be executed between TRLEI and PH Resorts Group by July 2024, after which time development and construction of Emerald Bay will resume.

The company aims to open the integrated resort by 2026.

https://www.asgam.com/index.php/2023/12/09/okada-manila-operator-trlei-to-acquire-and-complete-development-of-cebu-resort-emerald-bay/

Philippine casino resort investor PH Resorts Group Holdings Inc says two subsidiaries have signed a non-exclusive, non-binding memorandum of understanding (MoU) with Cebu-based property developer AppleOne Properties Inc.

It is with a view to AppleOne either obtaining “at least a majority of the equity interest in the subsidiaries, or an asset purchase of the land and improvements of the Emerald Bay project,” an unfinished casino complex (pictured in a file photo).

The PH Resorts units are Lapulapu Leisure Inc and Lapulapu Land Corp. Lapulapu Leisure has been developing the Emerald Bay Resort Hotel and Casino in Punta Engano, Lapu-Lapu City, Cebu.

PH Resorts said in its Monday filing to the Philippine Stock Exchange, that the consideration for the AppleOne investment and resulting percentage of ownership “are still subject to final negotiations by the parties, which are expected to be completed within 60 days, based on the memorandum of understanding”.

The announcement did not clarify if the AppleOne investment was with a view to continuing Emerald Bay as a casino scheme.

The Monday filing noted in relation to the overall proposed deal with AppleOne: “PH Resorts will make the necessary disclosures at the appropriate time when the deal terms are finalised and the definitive agreements are signed”.

PH Resorts also stated that Lapulapu Leisure and Lapulapu Land had been “able to successfully restructure their existing outstanding indebtedness with China Banking Corp,” a Philippine lender also known as Chinabank.

This was via “the execution of agreements for the sale, leaseback, with option to buy back certain land and improvements of the subsidiaries”.

PH Resorts added: “This restructuring covers the property of the subsidiaries in Lapulapu City, Mactan, Cebu, with an area of approximately 12.5 hectares [30.9 acres], plus improvements.”

PH Resorts also noted that the restructuring allows the subsidiaries to repay a peso bridge loan facility extended by Chinabank in 2018, and at the same time, grants the subsidiaries “continued possession and use over the property in order to finish the construction and development of the Emerald Bay project.

“In addition, the option to buy back… allows the subsidiaries or its nominees to re-acquire the properties, if so desired,” stated PH Resorts regarding the restructuring of the arrangements with Chinabank.

In its results for the quarter to June 30, issued in August, PH Resorts said it was “recasting its construction timetables and the opening date of the first phase” of Emerald Bay.

“Current construction activity is minimal on a deliberate basis due to potential changes in specifications,” it added at the time.

PH Resorts’ second-quarter loss ballooned to nearly PHP868.4 million (US$15.3 million), compared to a loss of PHP212.3 million in the first quarter.

It reiterated in its second-quarter filing that “material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern and, therefore, that the group may not be able to realise its assets and discharge its liabilities in the normal course of business”.

In March, Philippine casino resort operator Bloomberry Resorts Corp said it had terminated an initially non-binding agreement – known as a term sheet – to invest in a unit of PH Resorts developing two gaming resorts in respectively Cebu and Clark.

https://www.ggrasia.com/ph-resorts-units-in-mou-with-cebu-biz-for-emerald-bay/

Bloomberry Resorts Corp, the owner and operator of Manila’s Solaire Resort & Casino, is set to buy a stake in Emerald Bay. Initial details of the transaction were filed with the Philippine Stock Exchange on Wednesday by both Bloomberry and Emerald Bay’s parent company PH Resorts Group.

Also some construction details of the Emerald Bay Resort were revealed:

Designed by Steelman Partners, Phase 1 of the resort is planned to boast 4,154 square meters of gaming floor with 600 slot machines, 122 gaming tables, a 270-room five-star hotel, five food and beverage outlets and a “partially completed 300-meter-long beach front that will be open to resort guests.”

Phase 2, planned to be completed by 2027, is expected to add another 8,210 square meters of gaming floor, 729 slot machines, 146 gaming tables, 780 five-star hotel rooms, five villas, four pools, MICE facilities and 16 food and beverage outlets.

https://www.asgam.com/index.php/2022/05/11/solaire-owner-bloomberry-to-invest-in-cebus-new-emerald-bay-resort/

PH Resorts announced it was putting on hold the development of a separate casino investment in the Clark Freeport Zone, on the main island of Luzon. The company said that the country’s gaming regulator had approved the request from one of its units to suspend the provisional gaming license for that project “until further notice”.

The filing stated: “The voluntary suspension also allows PH Resorts to ramp up and focus all efforts for the construction and development of its flagship integrated resort and casino project, the Emerald Bay Resort and Casino, located in Mactan, Cebu.”

Source:
https://www.ggrasia.com/ph-resorts-says-emerald-bay-resort-delayed-to-2023/
https://www.ggrasia.com/ph-resorts-gets-pagcor-nod-to-suspend-clark-gaming-licence/

The same person who uploaded the aerial video of Emerald Bay which I posted before, just uploaded an update video on the aftermath of the Typhoon Rai (Odette) on the ongoing Mactan resort projects.

This is Emerald Bay as of today: Construction still hasn't been resumed since the start of the pandemic.

This is the current design.







https://www.steelmanpartners.com/pdf/viewer/pdf/2021_Steelman_Partners_Company_Profile.pdf

Latest aerial shots of the construction site from 13 days ago.

April 2021 Construction Update