Three times, Dennis Uy’s PH Resorts Group tried and failed to find an investor for its Emerald Bay casino resort in the Philippines.
Would-be saviours included Tiger Resort Leisure & Entertainment Inc, which operates Okada Manila; Enrique Razon’s Bloomberry Resorts; and Philippine developer AppleOne Group. Those deals all came and went.The lender has just announced it will sell the real estate under the idle development, putting the future of Emerald Bay in question.
According to the Philippine Inquirer, Chinabank Chairman Hans Sy said “a couple of interested parties” are looking at the 30-acre beachfront tract. He did not identify potential buyers.Source: https://igamingbusiness.com/casino/too-late-for-emerald-bay-philippines/Now, with the expiration of its leaseback deal with PHR, Chinabank is ready to dispose of the real estate.
“We gave Dennis a chance to redeem,” Sy told reporters. “Of course, they asked for an extension. But we already gave them more than a year. It’s already in our name.… We’re not renewing anymore.”