PH Resorts Group Holdings, Inc. (PSE: PHR), a key player in the gaming and tourism sector under the Udenna Group, has recently announced a significant development.
Its subsidiaries, Lapulapu Leisure, Inc and Lapulapu Land Corp, have entered into a preliminary agreement with Tiger Resort Leisure & Entertainment, Inc (TRLEI). This move is aimed at completing the Emerald Bay Resort and Casino in Mactan, Cebu, a project that has remained partially developed until now.
TRLEI, renowned for operating the Okada Manila integrated casino, hotel, and entertainment complex in Metro Manila, is set to bring its expertise to this venture.
Byron Yip, President and COO of TRLEI, expressed his enthusiasm for the partnership, highlighting it as a strategic move to expand their presence in the Philippines following the success of Okada Manila. Yip is optimistic about introducing their acclaimed hospitality and service standards to a new market in Mactan.
The ambitious project on Mactan Island is designed to be a comprehensive integrated resort. It will feature a five-star hotel adjacent to a 300-meter beachfront, comprising two 15-storey towers with a total of 642 rooms.
Additional amenities include four pools, 18 food and beverage outlets, retail spaces, and expansive conference and exhibition facilities. The highlight of the resort will be a large-scale gaming floor, equipped with over 700 electronic gaming machines and more than 140 tables.
Dennis A. Uy, Chairman of PH Resorts, sees this partnership as a transformative opportunity for Cebu, envisioning the Emerald Bay Resort as a symbol and catalyst for the region’s tourism industry.
PH Resorts’ President and CEO, Raymundo Martin M. Escalona, also expressed optimism about the synergy between the two companies, foreseeing a mutually beneficial relationship.
The preliminary agreement between TRLEI and PH Resorts’ subsidiaries involves TRLEI acquiring majority ownership of the Emerald Bay project, contingent on several conditions. These include the finalization of a definitive agreement and potential approvals from relevant government authorities.
The specifics of the transaction will be disclosed following the execution of the definitive agreements, which are expected to be completed by July 2024, with a possibility of extension.
CBRE Securities played a pivotal role as the advisor for this partnership, marking a significant step forward for PH Resorts and TRLEI in their venture to redefine luxury and entertainment in the Philippine tourism landscape.