Okada Manila operator Tiger Resort, Leisure and Entertainment Inc (TRLEI) said Monday it had terminated an agreement to acquire a controlling interest in stalled Cebu integrated resort Emerald Bay.
In a filing by parent firm Universal Entertainment Corp, TRLEI said it had informed Emerald Bay owner PH Resorts Group of the termination because certain Closing Conditions under the Term Sheet “are not or cannot be fulfilled”.
It did not provide any further details, citing confidentiality obligations, but said the cancellation will have no impact on the company’s consolidated financial results for the year ending 31 December 2024.
This is the second time a deal with a major Manila integrated resort operator to acquire Emerald Bay from PH Resorts Group has fallen through, with Solaire owner Bloomberry Resorts Corp having terminated a deal in similar circumstances in early 2023.
PH Resorts Group only last week denied local media reports that the TRLEI deal was on the brink of collapse due to “unrealistic terms” set by the selling party. Those reports claimed that owner Dennis Uy wanted a premium for his remaining stake in the project as well as repurchase rights, with TRLEI unwilling to meet such terms.
This latest development leaves the future of Emerald Bay very much in limbo. The stalled project had been envisioned to become Cebu’s second integrated resort after NUSTAR, with plans for a five-star hotel featuring two 15-story towers with 642 rooms, four pools, 18 food and beverage outlets, retail spaces, conference and exhibition facilities, and a large-scale gaming floor with more than 700 electric gaming machines and over 140 tables.
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