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.
Speaking to media, Kenji Sugiyama noted that there were still “several months to see the results of the negotiations” regarding the Emerald Bay project, but that if the process proves successful “we will be happy”.
The group regards the investment as “another opportunity” to expand its business, expecting several months to conduct due diligence.
Emerald Bay has been struggling with financial issues, seeking investors for months, after both Bloomberry and (more recently) AppleOne pulled out their planned investment in the project.
According to previous announcements, the planned acquisition is expected to take place by July of 2024, with the property expected to open by 2026.
The integrated resort will contain a five-star hotel adjacent to 300 meters of beachfront, with two 15-story towers accommodating 642 rooms, four pools, 18 food and beverage outlets, retail spaces, conference and exhibition facilities, and a large-scale gaming floor with more than 700 electronic gaming machines (EGMs) and over 140 tables.
In 2017, PHR obtained a provisional gaming license from the Philippine Amusement and Gaming Corporation (PAGCOR) for the Emerald Bay Resort, which is located on Mactan Island, Lapu-Lapu City, Cebu.
The development of the Emerald Bay Resort was suspended during the COVID pandemic.
Okada Manila recently 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.
