Tiger Resort, Leisure and Entertainment Inc. (TRLEI), the Japanese operator of Okada Manila, has terminated its agreement to acquire Dennis Uy’s hotel and casino project in Cebu.
PH Resorts Group Holdings Inc. (PHR) said in a disclosure to the stock exchange Tuesday that it received a letter from TRLEI terminating the term sheet agreement dated Dec. 8, 2023.
“We understand that the Okada Manila operator no longer intends to pursue the Emerald Bay acquisition,” PHR president Raymundo Martin Escalona said in a statement. Nevertheless, this development shall give PHR the opportunity to engage with other parties which have already expressed their keen interest in the Emerald Bay Project, but have been unable to formalize due to the restrictions under the TRLEI deal.”
“We assure our shareholders and stakeholders, however, that the company’s management is already working towards another transaction, be it an acquisition, joint venture, or otherwise that will ensure the completion of the Emerald Bay Project,” he said.
Escalona said the company’s management is “working towards another transaction” to ensure the completion of the Emerald Bay project.
TRLEI is the third company to abandon plans for PHR’s casino property. Earlier deals with Bloombery Resorts Corp. and Cebu-based developer AppleOne Properties Inc. also fell through.