PH Resorts has announced that has not yet signed any agreements with potential investors for the completion of its Emerald Bay project in Mactan, Philippines.
According to a stock exchange filing on Thursday, responding to a newspaper article, the group notes that ‘as of today, there are no executed agreements between PHR or its subsidiaries involving the Emerald Bay Project.’
The statement comes after a July 2nd notice that the group’s projected sale of the property to Okada Manila operator Tiger Resort, Leisure and Entertainment (TRLEI) had fallen through.
The Thursday filing clarifies that PH Resorts and its subsidiaries ‘have been in various discussions with different investors who are interested in providing avenues for the completion of the Emerald Bay Project’.
The group furthers that it ‘has the opportunity to engage with other parties who have expressed interest in the Emerald Bay Project’.
Speaking to AGB previously, PAGCOR Chairman Alejandro H. Tengo called Emerald Bay a ‘failed’ project, despite noting its advantages due to its location.
