Late-stage talks to invest in unfinished Cebu casino: report

Jul 27, 2023 Newsdesk Latest News, Philippines, Top of the deck  

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Philippine casino resort promoter PH Resorts Group Holdings Inc is in the “final stages” of talks with “one foreign and one local investor” to complete its unfinished Emerald Bay Resort Hotel and Casino in Cebu, reported local media outlet the Manila Standard. It cited a company statement said to have  been issued on Wednesday, the same day as its annual stockholder meeting.

If talks are successful the backing would enable PH Resorts launch the property “at the soonest possible time”, added the statement. The parties concerned were not named.

The launch date for Emerald Bay – in Punta Engano, Lapu-Lapu City – has changed a number of times in recent years. Philippine casino developer and operator Bloomberry Resorts Corp had talks about investing in PH Resorts’ projects – including another slated for Clark – but the discussions concluded without a deal.

The Manila Standard’s report cited PH Resorts saying it was in “advanced discussions” with other parties for the possible disposal of some assets that are “not generating any cash flows”. The assets were not identified.

At Wednesday’s shareholder meeting, approval was given to increase PH Resorts’ authorised capital stock from PHP8 billion (US$146.6 million) to PHP15 billion, according to a Thursday filing by the Philippine Stock Exchange-listed group.

Subscription details for the increase in authorised capital stock are yet to be finalised, said the announcement.

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