Tiger Resort Leisure & Entertainment Inc. (TRLEI), the operator of integrated resort and casino Okada Manila, is bullish on the Philippine gaming market as it looks to expand its operations to Cebu province.
TRLEI president and chief operating officer Byron Yip said the recent venture with PH Resorts Group Holdings Inc. (PHR) of businessman Dennis Uy is aligned with the group’s strategy to expand its presence in the Philippines.
“This new venture is aligned with our strategy to increase our footprint in the Philippines, given our remarkable success with Okada Manila,” said Yip.
“We are excited to bring our signature level of hospitality and service excellence to a new and discerning market,” he said.
TRLEI on Friday announced that it signed a preliminary agreement to acquire a majority stake in Emerald Bay Resort—an integrated hotel and casino owned by PHR.
The project on Mactan Island is planned to be an integrated resort with a five-star hotel adjacent to 300 meters of beachfront, two 15-story towers accommodating 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.
“In PH Resorts’ partnership with Okada Manila, we hope to turn Emerald Bay Resort into a symbol for, and a catalyst of the development of Cebu as the center of the Visayan tourism market in the Philippines,” said Uy, chairman of PHR.
PHR president and chief executive Raymundo Martin Escalona said the group is also excited to team up with Okada group, citing “strong and broad synergies that have been identified which will result in a very mutually beneficial relationship.”
Both parties expect to finalize the deal by July 2024. Initially slated to open in the first quarter of 2022, the completion of Emerald Bay Resort was delayed due to the COVID-19 pandemic and funding problems.
PHR obtained a provisional gaming license from Philippine Amusement and Gaming Corp. for Emerald Bay Resort during the Duterte administration.
The partnership was advised by CBRE Securities.