PH Resorts denies collapse of Emerald Bay deal with Okada Manila
PH Resorts claimed the rumours had been “largely unfounded.”
Philippines-based PH Resorts Group Holdings, owner of Emerald Bay Resort and Casino, has denied rumours stating that talks with Okada Manila regarding the sale of Emerald Bay have fallen through.
The clarification statement was released in response to an article published in InsiderPH.com recently, which claimed that the discussion with Okada Group to “rescue the Emerald Bay Resort and Casino Project” has “collapsed due to a disagreement on commercial terms” and “unrealistic terms set by the seller.”
PH Resorts has refuted said claims, stating that “the relevant parties are still working on the transaction with the Okada Group and the same is still ongoing since the target date to close, as stated in the article, is still in July.”
The company also clarified that the report saying “there is a disagreement on commercial terms as there are ‘unrealistic terms’ set by the selling party” has been “largely unfounded and not even part of the current discussions between the relevant parties.”
Emerald Bay was projected to launch in 2022, as PH Resorts’ flagship casino-hotel in Lapu-Lapu city, Cebu. However, PH Resorts saw losses that amounted to PHP 109.1m ($2.1m) for 2022.
Okada Manila also has its fair share of challenges, with a failed merger deal in 2023 and a legal saga involving Kazuo Okada, Universal Entertainment and the management of Okada Manila in 2022. It also partially contributed to its parent company Universal Entertainment’s 2024 Q1 revenue decrease of 3%.
The deal, in which Okada Manila would purchase Emerald Bay from PH Resorts, might benefit both parties in the near future.
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