PH Resorts, in its bid to complete its Emerald Bay property in Cebu, is still facing issues over funding, as its latest agreement with financier AppleOne Properties has failed to materialize.
According to a Monday filing by the company, AppleOne has ‘not entered into a definitive agreement’. The group notes that it will be pursuing other investment parties however, as the agreement with the company was non-exclusive.
Back in July, the company’s COO expressed optimism that the property would be able to open within 18 months or more, after securing its new partnerships or investment.
Fellow Philippine gaming operator Bloomberry had initially announced a plan to invest within the project, but later withdrew its offer, leaving the company to search for new investment income.
PH Resorts now notes that it is ‘having substantive discussions with other parties’.
The group remains confident in the Clark market, with COO Angel Sueiro previously telling AGB that “it’s in a strategic place to ensure the future development of the company”.
The group was initially planning to open a casino with around 120 tables and 700 slots, with construction commencing in late 2017.
The property is expected to also boast over 780 hotel rooms and MICE space, as well as F&B and retail.
