Okada operator to acquire majority stake in Dennis Uy's Emerald Bay Resort

A subsidiary of Japan’s Universal Entertainment Corporation, which operates Okada Manila, is acquiring a majority stake in Davao businessman Dennis Uy's company, which is developing an integrated casino-resort project in Cebu.

In a statement posted on its website, Universal Entertainment announced its unit, Okada operator Tiger Resort, Leisure and Entertainment Inc. (TRLEI), signed a preliminary agreement with PH Travel and Leisure Holdings Corp. (PHT) for the acquisition of certain interests in Lapulapu Leisure Inc. and Lapulapu Land Corp., which are developing the Emerald Bay Resort.

PHT is a subsidiary of Uy’s PH Resorts Group Holdings Inc. (PHR).

Universal Entertainment said TRLEI and PHR have signed a term sheet under which TRLEI, subject to various conditions, will acquire a majority stake in the Emerald Bay project and complete the partially developed integrated resort project.

Emerald Bay Resort, located on Mactan Island in Lapu-Lapu City, obtained a provisional gaming license from the Philippine Amusement and Gaming Corporation (PAGCOR) in 2017.

“The project is currently planned to be an iconic and luxurious five-star integrated resort in Cebu and the premier entertainment destination in the Philippines outside of Entertainment City in Metro Manila,” Universal Entertainment said.

“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 electric gaming machines and over 140 tables,” the Japanese firm said.

Emerald Bay Resort’s development, however, was suspended during the COVID-19 pandemic.

Universal Entertainment said the definitive agreement between TRLEI and PHR will be executed by July 2024, and the development and construction of the Emerald Bay Resort project will proceed with the aim of opening it in 2026. —VBL, GMA Integrated News