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PH Resorts Group Holdings Inc, which is overseeing the stalled Emerald Bay Resort Casino project in Cebu Mactan, has officially ended its contract with Tiger Resort Leisure & Entertainment Inc TRLEI. The suspension of the contract, which was disclosed in Tuesday’s filing, indicates TRLEI will no longer invest in the project.

TRLEI Withdraws Emerald Bay Deal:

Japan’s Universal Entertainment Corp. subsidiary TRLEI manages the Okada Manila Casino Resort in the Philippine capital. Dennis Uy, a well-known Filipino entrepreneur, leads PH Resorts.

In an announcement to the Philippine Stock Exchange on Tuesday, Raimundo Escalona, president of PH Resorts, said: “We understand that the Okada Manila operator will no longer be pursuing the acquisition of Emerald Bay. Nevertheless, this development will give PH Resorts an opportunity to engage with other parties [who have] been unable to formalize such an interest due to restrictions under the TRLEI transaction, although they have already expressed deep interest in the Emerald Bay project.”

According to GGRAsia, Escalona added, “However, we are confident to shareholders and stakeholders that the company’s management is already working towards another transaction, either through acquisitions, joint ventures or otherwise, that will ensure the completion of the Emerald Bay project.”

The filing highlighted that PH Resorts will provide the public with necessary updates on further developments.

Universal Entertainment confirmed in a statement on Monday that TRLEI had notified PH Resorts of the termination because certain closing conditions had not been met. The Japanese company said: “Due to confidentiality obligations, the company does not provide specifics on this matter.”

“Reports of disagreements on commercial conditions are largely unfounded and not part of current discussions between the parties involved,” PH Resorts said in a Philippine media article about talks with TRLEI in late June

TRLEI signed a preliminary agreement to acquire the Emerald Bay Resort project on Dec. 8, according to an update on Monday from Universal Entertainment. The term sheet was joined by PH Travel and Leisure Holdings Corp., a subsidiary of PH Resorts, and aimed to gain significant majority ownership of the PH Travel subsidiary behind the Emerald Bay scheme, Lapulapu Leisure and Lapulapu Land Corp.

Financial Transactions and Plans:

In April, PH Resorts said one of its subsidiaries had received an initial non-refundable payment of 300.1 million PHP ($5.2 million) for share subscription costs, intended for TRLEI to gain majority ownership of Emerald Bay’s operating profits. A final contract was due to be signed this month, according to a recent update from Universal Entertainment.

PH Resorts acquired a provisional gaming license from the Philippines Amnesty and Gaming Corporation in 2017. Bloombury Resorts Corporation also discussed the possibility of investing in the PH Resorts’ casino plans, but those discussions ended without a deal.

This marks the second time a major consolidated resort operator in Manila has struck a deal to acquire Emerald Bay from PH Resorts. Earlier, Soler owner Bloombury Resorts terminated its contract in early 2023 in a similar situation.

Last week, PH Resorts denied media reports that the TRLEI deal was on the verge of collapse due to “unrealistic terms” set by the parties to the sale. Dennis UY reportedly sought a premium on the project’s remaining stake and repurchase rights on the condition that TRLEI was not willing to meet.

As reported by Inside Asian Gaming, the future of the Emerald Bay project remains uncertain. The development was envisioned to be Cebu’s second integrated resort after NUSTAR with a five-star hotel plan with two 15-story towers, 642 rooms, four pools, 18 food and beverage stores, retail space, conference and exhibition facilities, and a large gaming floor with more than 700 electronic game consoles and 140 tables. 바카라사이트