Tiger Resort, Leisure and Entertainment Inc (TRLEI), the operator of Okada Manila, has entered into a preliminary agreement with a subsidiary of PH Resorts Group to acquire a majority interest and resume the development of the dormant Cebu integrated resort, Emerald Bay. The signing of this agreement follows unsuccessful talks between PH Resorts Group and a local developer, signaling a renewed effort to bring life to the stalled project. The deal involves TRLEI acquiring specific interests in Lapulapu Leisure, Inc, and Lapulapu Land Corp, the entities responsible for Emerald Bay’s development, with plans to finalize the agreement by July 2024.
Key Points of the Agreement:
Development Resumption: The preliminary agreement outlines TRLEI’s commitment to acquiring a majority stake and restarting the development and construction of Emerald Bay. The objective is to breathe new life into the integrated resort, which faced a halt in construction last year.
Definitive Agreement: The companies plan to execute a definitive agreement by July 2024, formalizing the terms and conditions of TRLEI’s majority interest acquisition. This will pave the way for the seamless resumption of development activities.
Targeted Opening Date: With the acquisition and resumption of construction, the company aims to open Emerald Bay by 2026. The integrated resort is envisioned as a prominent destination featuring a five-star hotel, extensive beachfront, multiple towers, pools, dining outlets, retail spaces, conference facilities, and a substantial gaming floor.
Project Overview: Emerald Bay’s features include two 15-story towers housing 642 rooms, four pools, 18 food and beverage outlets, retail spaces, and conference facilities. The gaming floor is anticipated to host over 700 electronic gaming machines and more than 140 tables.
Background and Previous Interest:
Bloomberry Resorts Corp, the operator of Solaire Resort Entertainment City, had expressed interest in acquiring Emerald Bay previously. However, the deal with Bloomberry Resorts Corp was terminated earlier this year, making way for the current agreement with TRLEI.
The collaboration between TRLEI and PH Resorts Group signifies a renewed commitment to realizing the full potential of Emerald Bay. With the preliminary agreement in place, the path is set for the definitive agreement by mid-2024, unlocking the doors for the resumption of development activities and the eventual opening of the integrated resort by 2026. This strategic move aligns with TRLEI’s vision to expand its portfolio and contribute to the growth of the hospitality and gaming sector.