Okada Manila describes Emerald Bay project as “next step” expansion
TRLEI is going through due diligence on a deal with PH Travel and Leisure Holdings Corporation.
The Philippines.- Okada Manila chief managing officer Kenji Sugiyama has told media that the group sees its investment into Emerald Bay as its “next step”. He said Universal Entertainment Corporation’s Tiger Resort, Leisure, and Entertainment (TRLEI) was still going through due diligence following a preliminary deal with PH Travel and Leisure Holdings Corporation, a subsidiary of Dennis Uy’s PH Resorts Group Holdings (PHR), to acquire a majority stake in the stalled resort.
“We just started to negotiate with them,” he said. It will take several months to see the result of the negotiations. We are excited for the process of the negotiation. We are going through due diligence.”
“If the negotiation is successful, then we will be very happy,” he added.
TRLEI, which manages the Okada Manila resort, intends to buy stakes in two of PH Travel and Leisure Holdings’ subsidiaries – Lapulapu Leisure and Lapulapu Land. Subject to the agreed conditions, a definitive agreement will be made by July 2024. The development and construction of the resort will proceed with the aim of opening in 2026.
In 2017, PHR obtained a provisional gaming licence from the Philippine Amusement and Gaming Corporation (PAGCOR) for the Emerald Bay Resort, which is located on Mactan Island, Lapu Lapu City, Cebu. Development was suspended during the Covid pandemic.
