PH Resorts Group Holdings Inc. (PHR), the gaming firm led by businessman Dennis Uy, said Monday it signed a memorandum of understanding with EEI Corp. for the latter’s potential investment in Emerald Bay, the stalled Cebu integrated casino and resort development.
“The MOU provides an avenue for a potential partnership between EEI and PHR, upon the execution of the definitive agreements and subject to the fulfillment of conditions precedent and regulatory approvals, if any,” PHR said in a disclosure to the stock exchange.
PHR said EEI would help finance, construct and compete the Emerald Bay project upon the execution of definitive agreement.
No other details were provided including the timetable for the execution of definitive agreements and terms and conditions of the agreement.
PHR said in July that it was in talks with another investor for Emerald Bay, after its most recent negotiation fell through.
The company had been negotiating with several investors including Bloomberry Resorts Corp., which operates Solaire Resorts and Casino; Tiger Resort, Leisure and Entertainment Inc. (TRLEI), the Japanese operator of Okada Manila; and Cebu-based AppleOne Properties Inc.
Negotiations with these investors also bogged down.
PHR obtained in 2017 a provisional gaming license from the Philippine Amusement and Gaming Corp. for the 12.4-hectare Emerald Bay Resort on Mactan Island in Lapu-Lapu City, Cebu.
The completion of the project was delayed over funding requirements.
Phase 1 of Emerald Bay is envisioned to include 146 gaming tables and 729 electronic gaming machines (EGMs), plus 780 hotel room bays and five villas.
If completed, Emerald Bay would become the second integrated resort in Cebu following the 2022 opening of Nustar of the Gokongwei Group.
