The company says certain closing conditions were not fulfilled.<\/p>\n\n\n\n\n\n\n\n
The Philippines.- PH Resorts<\/strong> and the Okada Group<\/strong> have announced that the sale of the Emerald Bay Resort and Casino project<\/a> will not proceed. This decision comes a week after PH Resorts (PHR) denied that negotiations had halted<\/a>.<\/p>\n\n\n\n Universal Entertainment <\/strong>has issued a company filing announcing that Tiger Resort, Leisure, and Entertainment (TRLEI)\u00a0has decided to terminate the preliminary agreement to buy a majority stake in the property. It said closing conditions under the Term Sheet “are not or cannot be fulfilled” and that it could not give more details due to confidentiality obligations<\/p>\n\n\n\n Universal Entertainment said the cancellation will not impact on the company’s consolidated financial results for the year ending December 31, 2024.<\/p>\n\n\n\n PHR issued a statement confirming that it received a letter from TRLEI terminating the Term Sheet dated December 8, 2023 yesterday (1 July) <\/p>\n\n\n\n PHR president Raymundo Martin M. Escalona<\/strong> said: “We understand that the Okada Manila operator no longer intends to pursue the Emerald Bay acquisition. 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.<\/p>\n\n\n\n “We assure our shareholders and stakeholders, however, that the Company\u2019s 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.\u201d<\/p>\n\n\n\n PHR obtained a provisional gaming licence from the\u00a0Philippine Amusement and Gaming Corporation (PAGCOR)<\/strong> for the Emerald Bay Resort, located on Mactan Island, Lapu Lapu City, Cebu, in 2017. Development was suspended during the Covid pandemic. It was hoped that, once TRLEI and PHR sealed the sale, work would be reactivated with the aim of opening in 2026.<\/p>\n","protected":false},"excerpt":{"rendered":" The company says certain closing conditions were not fulfilled.<\/p>\n","protected":false},"author":176,"featured_media":777006346,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The proposed acquisition of a majority stake in PH Resorts' Emerald Bay Resort and Casino project by Tiger Resort, Leisure, and Entertainment (TRLEI), a subsidiary of Universal Entertainment, has been terminated due to unfulfilled closing conditions. PH Resorts will now pursue alternative strategic transactions, including potential acquisitions or joint ventures, to ensure the project's completion. Universal Entertainment states the cancellation will not impact its 2024 consolidated financial results.","focusai_entities":"PH Resorts, Okada Group, Universal Entertainment, Tiger Resort, Leisure, and Entertainment, Raymundo Martin M. Escalona, Philippine Amusement and Gaming Corporation","focusai_location":"Philippines, Mactan Island, Lapu Lapu City, Cebu","focusai_target_profile":"ceo_executive (0.9), regulator (0.8), compliance_legal (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Impact on PHR Valuation?","query":"What are the immediate and long-term implications for PH Resorts' valuation and capital structure given the termination of the TRLEI deal and the stated intent to seek alternative strategic partners for Emerald Bay?"},{"label":"Regulatory Implications?","query":"How will PAGCOR's provisional gaming license for Emerald Bay be affected by the termination of this acquisition, and what are the regulatory requirements for PH Resorts to secure new partners or continue development?"}],"footnotes":""},"categories":[157,16333],"tags":[22872,23807,24149,23686],"class_list":["post-777016894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-emerald-bay","tag-ph-resorts","tag-tiger-resorts-and-leisure-and-entertainment","tag-universal-entertainment"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777016894","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777016894"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777016894\/revisions"}],"predecessor-version":[{"id":777016908,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777016894\/revisions\/777016908"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/777006346"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777016894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777016894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777016894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}