Businessman Dennis Uy’s PH Resorts Group Holdings Inc. is in talks with Cebu-based property developer AppleOne Properties Inc. for possible investment in its casino venture.
PH Resorts said in a disclosure to the stock exchange Tuesday it signed a non-exclusive and non-binding memorandum of understanding (MoU) with AppleOne owned by couple Ray and Venus Manigsaca.
Under the MoU, AppleOne can make an investment in PH Resorts’ subsidiaries, with the intention of obtaining at least a majority of the equity interest or an asset purchase of the land and improvement of the 13.5-hectare Emerald Bay Resort Hotel and Casino in Cebu.
“The consideration for the investment and resulting percentage of ownership are still subject to final negotiations by the parties, which are expected to be completed within 60 days,” PH Resorts said.
PH Resorts has been looking for new investors for Emerald Bay after negotiation with Bloombery Resorts Corp. of ports and gaming tycoon Enrique Razon Jr. was terminated early this year.
Emerald Bay, the flagship project of PH Resorts, is envisioned to be the premier integrated resort in the Visayas and Mindanao. It will have a total of 146 gaming tables and 729 electronic gaming machines (EGMs) as well as 780 hotel room bays and five villas.