Japan’s Tiger Resorts, Leisure and Entertainment Inc., (TRLEI) the operator of Okada Manila, signed an agreement to acquire businessman Dennis Uy’s hotel and casino project in Cebu.
TRLEI said in statement posted on its website Friday it entered into a preliminary agreement to acquire a majority stake in Emerald Bay Resort, an integrated hotel and casino owned by Uy’s PH Resorts Group Holdings Inc. (PHR).
“TRLEI and PHR have signed a term sheet under which TRLEI, subject to various conditions, will acquire a majority stake in the Emerald Bay and complete the partial development of Emerald Bay Resort,” TRLEI said.
This will be the third attempt of PHR to get a white knight for its casino and hotel project.
PHR earlier failed to close a deal with Bloombery Resorts Corp. and Cebu-based property firm AppleOne Properties Inc.
Emerald Bay Resort is a 12.4-hectare property that is envisioned to be a premier entertainment destination in Cebu. It will have a luxury five-star hotel, offering 642 rooms and gaming floor with more than 700 electric gaming machines and 140 gaming tables.
Based on the agreement, both parties expect to close the deal by July 2024 after which it will start the unfinished development and construction of the project.
TRLEI plans to open Emerald Bay Resort by 2026.
Initially slated to open in the first quarter of 2022, the completion of Emerald Bay Resort was delayed amid the COVID-19 pandemic and because of funding problems.
PHR obtained a provisional gaming license from Philippine Amusement and Gaming Corp. for Emerald Bay Resort during the Duterte administration.