PH Resorts Group Holdings Inc said Monday that its parent company, Udenna Corp, has executed a Memorandum of Understanding (MOU) with Philippine construction firm EEI Corporation that could finally see work recommence on its stalled Cebu integrated resort, Emerald Bay.
According to information filed with the Philippine Stock Exchange, the MOU provides an avenue for a potential partnership between EEI and PHR, pending the execution of definitive agreements and subject to the fulfillment of conditions precedent and regulatory approvals.
The MOU also paves the way for EEI to execute an agreement with PH Resorts Group and its subsidiaries Lapulapu Leisure, Inc and Lapulapu Land Corp “to finance, construct and complete the Emerald Bay Project, upon the execution of definitive documentation.”
More information will be made public once terms of the deal are finalized and definitive agreements executed, PH Resorts Group said.
This is the third time PH Resorts Group has announced potential partnership or merger deals in relation to Emerald Bay, which stalled during COVID-19 due to a lack of financing.
An initial deal with Solaire Resort operator Bloomberry Resorts Corp fell through when Bloomberry opted out of the agreement in early 2023, while Okada Manila operator Tiger Resort, Leisure and Entertainment Inc (TRLEI) also cancelled a previously announced deal earlier this year.
Envisioned to become Cebu’s second integrated resort after NUSTAR, Emerald Bay is, if completed, to include 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 electronic gaming machines and over 140 tables.
