Emerald Bay's operator, PH Resorts Group Holdings (PHR), has confirmed that its sales deal with Okada Manila regarding the project has been terminated. The update was announced in PH Resorts' disclosure on the Philippines Stock Exchange.
According to the disclosure, PH Resorts received a letter from Tiger Resort Leisure & Entertainment (TRLEI), Okada Manila’s operator, on 1 July 2024, terminating the deal which was initially signed on 8 December 2023.
PH Resorts President Raymundo Martin M. Escalona 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 formalise 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.”
The deal, if signed, was for Tiger Resort (TRELI) to “acquire a significant majority ownership of PH Travel's subsidiaries, namely, Lapulapu Leisure, Inc. and Lapulapu Land Corp," subsidiaries "which are the entities that operate the Emerald Bay Project, located in Mactan, Cebu.”
Interestingly, not long ago PH Resorts denied rumours that talks with Okada Manila regarding the sale of Emerald Bay have fallen through.
Emerald Bay was projected to launch in 2022, but was delayed due to PH Resorts' losses in 2022.
