PH Resorts Group has denied reports suggesting that the deal with Okada Manila operator Tiger Resort, Leisure and Entertainment Inc. (TRLEI) to purchase its Cebu resort, Emerald Bay, is on the verge of collapse. 

According to a report, the company behind Okada Manila, Universal Entertainment Corp, is planning to list the entity on the Philippine Stock Exchange via an Initial Public Offering worth between $500 million and $750 million by 2025.

Gaming revenue at Okada Manila fell by nearly a quarter in the first three months of the year, as gross gaming revenue from the VIP segment tumbled 42.61 percent year-on-year.

In a remarkable display of sustained excellence, Okada Manila proudly announces its fifth consecutive Forbes 5-star rating, affirming its leadership in luxury hospitality.

Casino gross gaming revenue (GGR) at Okada Manila recorded a noticeable drop on both a quarterly and yearly basis, according to the latest financial update.

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.

Okada Manila has finally managed to separate itself from former founder Kazuo Okada, with the Supreme Court lifting the Status Quo Ante Order (SQAO) brought about by a lawsuit from the former head of the property.

Universal Entertainment's Okada Manila saw a strong revamp in gross gaming revenue during the third quarter, rising to PHP12.35 billion, up some 29.7 percent yearly, as VIP, mass and gaming machines saw increases year-on-year.

Universal Entertainment, the operator of Okada Manila, says that its major subsidiary which operates the property saw a 29 percent increase in yearly revenue during the third quarter of the year, topping PHP13.36 billion ($235.64 million), while adjusted segment EBITDA was up 45.6 percent yearly to PHP3.55 billion ($62.61 million).