In a determined bid to revive the stalled Emerald Bay Resort and Casino in Mactan, Cebu, Dennis Uy’s PH Resorts Group Holdings Inc. (PHR) has announced a potential lifeline through a memorandum of understanding (MoU) with construction giant EEI Corp. led by the Yuchengco family.
PHR disclosed that its parent company, Udenna Corp., signed the MoU to explore a partnership between EEI and PHR for the completion of the ambitious Emerald Bay Project.
The deal hinges on the execution of definitive agreements, compliance with conditions precedent, and necessary regulatory approvals.
If finalized, EEI could step in to finance, construct, and complete the long-delayed luxury casino and resort through agreements with PHR and its subsidiaries, Lapulapu Leisure Inc. and Lapulapu Land Corp.
“PHR will make the necessary disclosures at the appropriate time when the deal terms are finalized and the definitive agreements are executed,” the company said.
False starts
Emerald Bay has had its share of false starts. PHR previously held talks with three potential partners, including Bloomberry Resorts, led by billionaire Enrique K. Razon, Jr., and AppleOne Properties, headed by Cebu-based contractor Ray Manigsaca. However, negotiations with these parties fell through after due diligence reviews.
The initial plan for Emerald Bay’s first phase envisioned approximately 4,514 square meters of aggregate gaming floor area, featuring around 600 electronic gaming machines, 122 gaming tables, a five-star hotel with 270 hotel bays, an open-air promenade, and five food and beverage outlets.