Philippines-listed PH Resorts Group Holdings Inc says its ultimate parent, Udenna Corp, has signed a memorandum of understanding (MoU) with local construction company EEI Corp, concerning the Emerald Bay Resort and Casino (pictured in a rendering), a stalled project in Mactan, Cebu.
“The MoU provides an avenue for a potential partnership between EEI and PH Resorts, upon the execution of the definitive agreements and subject to the fulfilment of conditions precedent and regulatory approvals, if any,” stated PH Resorts in a Monday filing.
It added: “The MoU also paves the way for EEI to execute an agreement with PH Resorts and/or its subsidiaries, Lapulapu Leisure Inc and Lapulapu Land Corp, to finance, construct, and complete the Emerald Bay project, upon the execution of definitive documentation.”
PH Resorts said it would make the “necessary disclosures at the appropriate time when the deal terms are finalised, and the definitive agreements are executed”.
In early July, PH Resorts confirmed the termination of a term sheet with Tiger Resort, Leisure & Entertainment Inc (TRLEI) that would have seen the latter invest in the scheme.
TRLEI, a unit of Japan’s Universal Entertainment Corp, controls the Okada Manila casino resort in the Philippine capital.
At one stage 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, but the talks ended without a deal.
In mid-November, PH Resorts said Udenna had “the ability and willingness to support the group in its financial obligations”.
PH Resorts reported a third-quarter net loss of PHP101.3 million (US$1.7 million), and a loss for the calendar year to September 30, of nearly PHP392.9 million.
