Emerald Bay Rescuers Tiger Resorts First Payment of US$5 Million

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Universal Entertainment said it had agreed in principle to invest in a company related to plans for an Emerald Bay casino resort (file photo) in Maktan, Cebu, the Philippines. "The development and construction of the resort project will take place with the goal of opening in 2026" once the deal is completed as expected by July 2024, the Japanese company said in a filing on Friday.

"We will acquire a majority stake in the Emerald Bay project and complete the partially developed Emerald Bay" Integrated Resort (IR)," a division of Universal Entertainment stated in the filing.

PH Resorts Group Holdings Inc, led by Philippine entrepreneur Denis Yui, filed paperwork on the move on Monday, citing officials from Tiger Resorts, Leisure and Entertainment Inc (TRLEI), the Universal Entertainment unit that operates Okada Manila Casino Resort.

"This new venture is consistent with our strategy to increase our footprint in the Philippines given our incredible success with Okada Manila," the PH Resorts file quoted Byron Yip, president and chief operating officer of TRLEI.

He was also quoted as saying that TRLEI was "delighted to deliver our signature level of hospitality and service excellence to a new and differentiated market."

CBRE Securities was the advisor to the alliance, according to a PH Resort filing with the Philippine Stock Exchange.

TRLEI entered into a preliminary agreement with PH Travel and Leisure Holdings Inc., a subsidiary of PH Resort Group, for the acquisition of certain shares in Lapulapu Leisure Inc. and Lapulapu Land Inc., a subsidiary of PH Travel and developing Emerald Bay.

PH Resorts received a provisional gaming license for the site from Philippine casino regulator Paccor in 2017

Emerald Bay will have a five-star hotel adjoining 300 meters (984 feet) of beach, with 642 rooms, four swimming pools, 18 food and beverage, retail space, conference and exhibition facilities, more than 700 electric game consoles and more than 140 tables, according to the announcement.

"In the partnership between PH Resort and Okada Manila, we hope to make the Emerald Bay Resort a symbol and catalyst for the development of Cebu as the center of the Philippine tourism market," PH Resort President Yui was quoted as saying in a statement on Monday

Raymondo Martin Escalona, President and Chief Executive Officer of PH Resorts, also noted: "We are very excited about the prospects that our partnership with TRLEI will bring. It will be a mutually beneficial relationship, with very strong and extensive synergies identified."

At one stage, PH Resorts was discussing the possibility of becoming an investor in several PH Resorts casino schemes with Filipino casino operator Bloomberry Resorts Corporation, but negotiations ended without a deal.

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