Okada Manila operator Tiger Resort, Leisure and Entertainment Inc (TRLEI) has signed a preliminary agreement with a subsidiary of PH Resorts Group to acquire a majority interest and complete development of stalled Cebu integrated resort Emerald Bay.
The preliminary agreement, which comes just days after PH Resorts Group revealed talks with a local developer had failed to progress, will see TRLEI acquire “certain interests” in Lapulapu Leisure, Inc and Lapulapu Land Corp, the two entities that were developing Emerald Bay before construction was halted last year.
According to information from TRLEI’s ultimate parent firm Universal Entertainment Corp, a definitive agreement will be executed between TRLEI and PH Resorts Group by July 2024, after which time development and construction of Emerald Bay will resume.
The company aims to open the integrated resort by 2026.
Universal confirmed Emerald Bay will boast 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.
Bloomberry Resorts Corp, operator of Okada Manila rival Solaire Resort Entertainment City, had previously expressed an interest in acquiring Emerald Bay but terminated the deal earlier this year.