Tiger Resort, Leisure and Entertainment Inc., the parent company of Okada Manila, became the third company to withdraw from asset sale discussions with Dennis Uy’s PH Resorts (PHR) regarding the completion of the Emerald Bay project in Mactan, Cebu.
Dennis Uy is still searching for a company to fund the stalled development of the Emerald Bay Casino in Cebu, as the Japanese operator of Okada Manila, (which offers regular poker cash games and tournaments) has officially withdrawn from the negotiations.
PH Resorts disclosed this information on Tuesday, July 2, during a stock exchange filing. It confirmed that Tiger Resorts sent a letter terminating the term sheet agreement signed on December 8, 2023.
PH Resorts also confirmed that Tiger Resorts was in discussions to acquire a significant majority ownership of its subsidiaries, Lapulapu Leisure, and Lapulapu and Corporation, which operate the Emerald Bay Project. Both companies intend to finalize the definitive agreements under the term sheet in July 2024.
PH Resorts president Raymundo Escalona commented that the current developments will allow the company to engage with other parties that have already shown an interest in the Emerald Bay Project. But they couldn’t move forward with it because of the restrictions under the Tiger Resorts deal.
Mr Escalona assured shareholders that the Cebu casino Project would be completed, as the company explored other transactions — whether an acquisition, joint venture, or another arrangement — to ensure the completion of the Emerald Bay Project.
PH Resorts has been searching for companies to fund their project since 2022, and Tiger Resorts became the third company to exit the project.
In 2022, Enrique Razon’s Bloomberry Resorts signed a term sheet with the PH Resorts, which included projects in Clark, Pampanga. However, it couldn’t materialize and ended after 10 months.
After the failed deal with Razon, PH Resorts talked with AppleOne Properties, which also didn’t work and ended in December 2023.
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