Good Morning. A waiting game. That’s what potential investors and bankers are playing as they look at the issues that Emerald Bay, in Cebu, is facing as its most recent investor (and lifeline) has pulled out. Expert Ben Lee points out how ownership laws limit potential foreign interest, despite the property’s potential. In Japan, issues around the Osaka 2025 expo cause concerns over the opening date of MGM’s new casino. And in Macau, analysts at JP Morgan peg GGR at $2.2 billion for December, anticipating a green Christmas.
What you need to know
- Emerald Bay suffering from heady foreign investment issues, as latest investor pulls out. Expert Ben Lee points out what went wrong.
- Issues causing delays to the construction of a pavilion for the Osaka 2025 expo could also impact the construction of the MGM-Orix integrated resort.
- JP Morgan predicts a 10 percent quarterly increase in Macau’s 4Q23 mass GGR, with December’s GGR estimated to be $2.2 billion.
On the radar
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AGB Intelligence
UNDER THE SCOPE
Emerald Bay facing a financing crisis
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. IGamiX’s Managing Partner Ben Lee breaks down the situation in this week’s Under the Scope.
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