Tiger Resort Leisure and Entertainment Inc. (TRLEI), one of the parent companies of Okada Manila, has ended its talks with Dennis Uy’s PH Resorts (PHR) to acquire the latter’s unfinished development of Emerald Bay casino in Mactan in Lapu-Lapu City, Cebu.
In a disclosure to the Philippine Stock Exchange on Tuesday, PHR confirmed that the two companies were in talks for TRLEI to acquire “significant majority ownership” of its subsidiaries, namely Lapulapu Leisure Inc. and Lapulapu Land Corporation, the companies that operate the Emerald Bay Project.
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Originally, the parties intended to execute the definitive agreements under the term sheet in July 2024.
“We understand that the Okada Manila operator no longer intends to pursue the Emerald Bay acquisition,” PHR president Raymundo Martin Escalona said in the disclosure. TRLEI is the third company to back out from the deal after Enrique Razon’s Bloomberry Resorts and AppleOne Properties.
Emerald Bay, located on Mactan Island in Lapu-Lapu City, was originally envisioned to be a premier integrated resort casino in the Visayas. /csl