GGRAsia – No Emerald Bay deal as yet, talks still on: PH Resorts

No Emerald Bay deal as yet, talks still on: PH Resorts

Jul 11, 2024 Newsdesk Latest News, Philippines, Top of the deck

Philippines-listed PH Resorts Group Holdings Inc, linked to the stalled Emerald Bay casino resort project (pictured in file photo) in Mactan, Cebu, said in a Thursday filing that there are “no executed agreements” between the company or its subsidiaries involving that scheme.

The Thursday statement was described as a clarification in response to a news article from a local media outlet, Insider PH, that suggested a foreign group is “weighing potential deals” involving the “energy and gaming assets” of Philippine entrepreneur Dennis Uy, who leads PH Resorts.

The news outlet identified the foreign group as the Singapore-based Summit Telco Holdings and its affiliates, which was reported to have an interest in gaining control of Mr Uy’s telecommunications company, DITO CME Holdings. In a Tuesday filing to the Philippine Stock Exchange, DITO CME said that there had been no “definitive agreements” executed regarding a majority takeover of DITO CME.

Mr Uy’s PH Resorts had, on July 2, confirmed that Tiger Resort Leisure & Entertainment Inc (TRLEI) – the latter the controller of the Okada Manila casino complex in the Philippine capital – no longer intended to pursue an Emerald Bay acquisition.

Previously, PH Resorts was in talks with Philippine casino operator Bloomberry Resorts Corp about the latter possibly becoming an investor in several PH Resorts casino schemes, including the Emerald Bay project. The discussions ended without a deal.

“…PH Resorts Group Holdings Inc… and its subsidiaries Lapulapu Leisure Inc and Lapulapu Land Corp, have been in various discussions with different investors who are interested in providing avenues for the completion of the Emerald Bay project,” PH Resorts stated in the Thursday clarification filing.

It also stated: “As previously disclosed last July 2, 2024, PH Resorts has the opportunity to engage with other parties who have expressed interest in the Emerald Bay project.”

As of Thursday, PH Resorts had no “executed agreements” between the company or its subsidiaries involving the Emerald Bay casino resort project.

“The company, however, will make the appropriate disclosure if such is executed, in accordance with rules of the Securities and Exchange Commission and the Philippine Stock Exchange,” PH Resorts stated.