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Wednesday, May 29, 2024

PH Resorts in talks with new investors for Cebu casino

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PH Resorts (PHR), a company led by businessman Dennis Uy, is in talks with new investors for its
casino project after negotiations with a Cebu-based property developer failed to close.

PHR said in a disclosure to the stock exchange Monday its subsidiaries Lapulapu Leisure and Lapulapu
Land have yet to enter into a definitive agreement with AppleOne, two months after signing a
memorandum of understanding (MOU).

Under the MOU, AppleOne could make an investment in PH Resorts’ subsidiaries, with the intention of
obtaining at least a majority of the equity interest or purchasing the land and improvements of the 13.5-
hectare Emerald Bay Resort Hotel and Casino in Cebu.

“As of today, Dec. 4, 2023, the subsidiaries and AppleOne have not entered into a definitive agreement
with regard to the abovementioned transaction,” PHR said.

“Nevertheless, considering that the MOU was a non-exclusive engagement, PHR is having substantive
discussions with other parties,” it said.

PH Resorts has been looking for new investors for Emerald Bay after negotiations with Bloomberry
Resorts Corp., a company owned by ports and gaming tycoon Enrique Razon Jr., were terminated earlier
this year.

Emerald Bay, the flagship project of PH Resorts, is envisioned to be the premier integrated resort in the
Visayas and Mindanao. It will have a total of 146 gaming tables and 729 electronic gaming machines, as
well as 780 hotel rooms and five villas.

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