With relation to the abandoned Emerald Bay casino resort project in Mactan, Cebu, PH Resorts Group Holdings Inc. has made it clear that no agreements have been reached on the plan. This declaration, which was made on Thursday, attempts to allay recent rumors that were sparked by an Insider PH story. According to the post, Dennis Uy, the head of PH Resorts, was selling off some of his “energy and gaming assets” to a foreign company.
This foreign company was identified by Insider PH as Summit Telco Holdings, based in Singapore, raising the possibility that it is interested in taking over Uy’s telecom company, DITO CME Holdings. Nonetheless, it was revealed in a filing made by DITO CME to the Philippine Stock Exchange on Tuesday that no “definitive agreements” had been signed in relation to a majority acquisition.
Failed Negotiations and Future Prospects
Earlier in July, PH Resorts disclosed that Tiger Resort Leisure & Entertainment Inc. (TRLEI), which controls the Okada Manila casino, had withdrawn from plans to acquire Emerald Bay. Furthermore, discussions with Bloomberry Resorts Corp regarding potential investments in several PH Resorts casino projects, including Emerald Bay, concluded without any agreements.
Despite these setbacks, PH Resorts remains optimistic. “PH Resorts Group Holdings Inc. and its subsidiaries Lapulapu Leisure Inc and Lapulapu Land Corp have been in various discussions with different investors interested in providing avenues for the completion of the Emerald Bay project,” the company clarified in its Thursday filing. The firm reiterated, “As previously disclosed last July 2, 2024, PH Resorts has the opportunity to engage with other parties who have expressed interest in the Emerald Bay project.”
As of Thursday, PH Resorts emphasized that no agreements had been executed involving the Emerald Bay casino resort project. The company assured stakeholders that it would promptly disclose any executed agreements following the rules of the Securities and Exchange Commission and the Philippine Stock Exchange.
Bringing clarity to recent speculation, PH Resorts remains open to future collaborations to advance the Emerald Bay project, signaling continued interest and potential future developments.
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