Okada Manila operator terminates deal to acquire Cebu’s Emerald Bay
Wednesday 03 de July 2024 / 12:00
⏱ 1 min read
(Manila).- Okada Manila operator Tiger Resort, Leisure and Entertainment Inc (TRLEI) said Monday it had terminated an agreement to acquire a controlling interest in stalled Cebu integrated resort Emerald Bay.
In a filing by parent firm Universal Entertainment Corp, TRLEI said it had informed Emerald Bay owner PH Resorts Group of the termination because certain Closing Conditions under the Term Sheet “are not or cannot be fulfilled”.
It did not provide any further details, citing confidentiality obligations, but said the cancellation will have no impact on the company’s consolidated financial results for the year ending 31 December 2024.
This is the second time a deal with a major Manila integrated resort operator to acquire Emerald Bay from PH Resorts Group has fallen through, with Solaire owner Bloomberry Resorts Corp having terminated a deal in similar circumstances in early 2023.
PH Resorts Group only last week denied local media reports that the TRLEI deal was on the brink of collapse due to “unrealistic terms” set by the selling party. Those reports claimed that owner Dennis Uy wanted a premium for his remaining stake in the project as well as repurchase rights, with TRLEI unwilling to meet such terms.
This latest development leaves the future of Emerald Bay very much in limbo. The stalled project had been envisioned to become Cebu’s second integrated resort after NUSTAR, with plans for a five-star hotel featuring two 15-story towers with 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 electric gaming machines and over 140 tables.
Categoría:Casino
Tags: Sin tags
País: Philippines
Región: Asia
Event
GAT EXPO CARTAGENA 2026
24 de March 2026
Win Systems wraps up a successful presence at GAT Expo Cartagena 2026
(Barcelona).- Global technology provider for the gaming and entertainment industry, Win Systems, successfully concluded its participation at GAT Expo Cartagena 2026, one of the most important events in the Latin American sector. On March 25 and 26, the company turned its Stand A7 into a prominent meeting point for operators, clients, and industry professionals, showcasing its latest technological innovations and gaming solutions.
Monday 06 Apr 2026 / 12:00
GAT Expo Cartagena: The Right Product for Every Client is Novomatic’s main goal, according to Manuel Del Sol
(Cartagena, SoloAzar Exclusive).- NOVOMATIC Gaming Colombia highlighted its latest innovations and strategic vision during GAT Expo Cartagena 2026. In an exclusive interview, CEO Manuel Del Sol discussed the company’s regional expansion, product launches, and commitment to meeting the diverse needs of operators across Latin America.
Monday 06 Apr 2026 / 12:00
NOVOMATIC drives the growth of the Colombian market at GAT Cartagena 2026
(Cartagena).- Following a standout participation at GAT Cartagena 2026, NOVOMATIC Gaming Colombia reaffirmed its leadership in the Latin American gaming industry by combining a strong technological showcase with the launch of linked progressive jackpots and active involvement in regulatory discussions shaping the future of the slot machine sector in the country.
Thursday 02 Apr 2026 / 12:00
SUSCRIBIRSE
Para suscribirse a nuestro newsletter, complete sus datos
Reciba todo el contenido más reciente en su correo electrónico varias veces al mes.