PH RESORTS Group Holdings Inc. (PHR), the hospitality and gaming arm of Udenna Corp. has announced a potential collaboration with EEI Corp. for the completion of the Emerald Bay Resort and Casino in Mactan, Cebu.
In a disclosure to the Philippine Stock Exchange on Monday, Dec. 9, 2024, two companies have signed a Memorandum of Understanding (MOU) to outline a framework for a possible partnership. The MOU sets the stage for EEI to finance, construct and complete the Emerald Bay Project, subject to the execution of definitive agreements, fulfillment of conditions precedent and regulatory approvals.
This strategic move involves EEI Corp. entering into agreements with PHR and its subsidiaries, Lapulapu Leisure Inc. and Lapulapu Land Corp., to advance the development of the resort and casino project.
Emerald Bay, envisioned as a premier gaming and resort destination, is a key component of PHR’s portfolio and a significant venture for Udenna Corp.
PH Resorts told the local bourse that further disclosures will be made once deal terms are finalized and definitive agreements are executed. This partnership, it said, marks another step forward in bringing the much-anticipated Emerald Bay Resort and Casino to fruition.
Emerald Bay is a US$300 million project envisaged to be the premier integrated resort in the Visayas-Mindanao region.
To be developed by Lapulapu Leisure Inc. the 13.5- hectare Emerald Bay Resort Hotel and Casino, is located in Punta Engaño, Lapu-Lapu City, Cebu.
The first phase of Emerald is expected to have approximately 7,585 square meters of aggregate gaming floor area, with approximately 1,186 electronic gaming machines, approximately 146 gaming tables, a five-star hotel, with approximately 838 rooms, including five villas, a retail complex covering an approximate area of 8,000 square meters, a convention center and 18 restaurants.
Owned by Davao-based businessman Dennis Uy, PHR has since been looking for investors to complete the Emerald Bay project.
The most recent partner to withdraw from an agreement with PHR was Tiger Resort Leisure & Entertainment Inc., the operator of Okada Manila. PHR also explored potential partnerships with Cebu-based property developer AppleOne Properties Inc. and billionaire Enrique Razon Jr.’s Bloomberry Resorts Corp., but these negotiations ultimately did not materialize. / Koc