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Japan’s Tiger Resort, Leisure and Entertainment Inc. , the operator of Okada Manila, canceled its agreement to acquire Dennis Uy’s unfinished hotel and casino project in Cebu.
“We understand that the Okada Manila operator no longer intends to pursue the Emerald Bay acquisition,” PHR president Raymundo Martin Escalona said in a statement. “We assure our shareholders and stakeholders, however, that the company’s management is already working towards another transaction, be it an acquisition, joint venture, or otherwise that will ensure the completion of the Emerald Bay Project,” he said.
Emerald Bay, the flagship project of PH Resorts, is envisioned to be the premier integrated resort in the Visayas and Mindanao. It will have a total of 146 gaming tables and 729 electronic gaming machines as well as 780 hotel room bays and five villas.
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