Universal Entertainment sees its investment into Cebu-based Emerald Bay as its “next step”, according to the Chief Managing Director of Okada Manila, as the group is expecting even stronger returns next year.

Tiger Resorts, Leisure and Entertainment Inc. (TRLEI), operator of Okada Manila, will acquire PH Travel and Leisure Holdings, the company behind the unfinished Emerald Bay Resort in Cebu.

Despite the attractiveness of the Cebu market, Emerald Bay is flailing in shallow waters, as financing dries up for the envisioned project. After financier AppleOne pulled out, in the wake of Bloomberrry's similar rejection, Dennis Uy faces an uphill battle with banks and potential foreign investors who are limited by the nation's local-majority financing laws.

Funding issues have plagued PH Resorts’ Emerald Bay project, suffering another setback as its most recent investor, AppleOne, has pulled out. In this week’s Under the Scope, IGamiX Managing Partner Ben Lee points out how politics trumped business acumen, with banks holding all the cards.

PH Resorts, the developer of the Emerald Bay project in Cebu, has now entered into a MOU with Cebu-based property developer AppleOne Properties for a majority interest in its Emerald Bay project.

Shine bright like…..an Emerald. That's what PH Resorts is looking to do, as the group's COO says the company is confident it will be able to open the under-construction Emerald Bay project in Clark, as talks continue with possible investors or partners.

PH Resorts remains firm in its belief that it will be able to open its flagship property, Emerald Bay, despite recent complications, including Bloomberry Resorts pulling out its proposed investment. AGB sat down with the group’s COO, Angel Sueiro, ahead of the group’s annual general meeting, to get more insights on the project and its progress.

PH Resorts Group has announced that ‘has ongoing strategic investor discussions with several parties relating to much-needed investment in its planned Emerald Bay integrated resort in Cebu.

Solaire Resort operator Bloomberry Resorts has informed investors that it has terminated its plans for a proposed investment in Cebu – namely the Emerald Bay Project ‘after considering the results of due diligence on the target companies and the projects’.

PH Resorts, has pushed back the expected completion date of its Emerald Bay Resort property in Cebu to the first quarter of 2023.