So far, PH Resorts Group Holdings has been facing some setbacks in developing its latest property in the Philippines. However, this course of events may be changing, because the company revealed that it has recently signed a non-binding agreement with AppleOne Properties.
The deal is considered a significant step forward in bringing new life to the gambling company’s stalled Cebu-based Emerald Bay integrated resort.
The Emerald Bay project, which has been dealing with certain difficulties that eventually put its development under question, is now preparing for a potential revival thanks to the fresh investment infusion that is expected by AppleOne Properties. The company would be given the chance to make an investment and acquire either a majority of the equity interest in the integrated casino resort-associated subsidiaries or purchase some or all of the assets which the Emerald Bay resort and its associated land are comprised of.
So far, the amount that is set aside for investment has been confidential but the money is expected to bring some much-needed capital to the project, especially if the investment reaches the final stage. It would allow for the construction works to resume and the project, which has been struggling to become a reality for about six years now, would be able to develop its potential as a premier integrated resort in the Philippines.
Emerald Bay Could Become the Second Cebu Integrated Resort
If successfully completed, the Emerald Bay resort could become one of the two integrated resorts in Cebu, along Nustar. This would further help the region establish its position as a world-class leisure and entertainment destination.
Previously, Cebu was on its way to becoming the go-to destination in the Philippines, with plans to offer a number of hospitality options. At the time he was in office, the former President of the country, Rodrigo Duterte, suspended those plans but market experts now believe that a change is coming.
For the time being, the specific details of the investment remain undisclosed but shareholders are optimistic that the partnership is set to contribute to the realization of the full potential of the integrated casino resort. According to investors, the completion of the project would have a positive impact on the local economy and would establish it as a significant player in Cebu’s thriving gaming and entertainment landscape.
Now, it is important for the company to make sure the investment remains unbroken. Then, PH Resorts Group Holdings expects to open a gaming facility featuring 149 casino table games and 729 gaming machines in the first phase. In addition, five villas and 780 hotel rooms will be available to the guests of the Emerald Bay casino resort.
Philippine-based PH Resorts Group Holdings was forced to overcome a number of obstacles to facilitate the potential investment, and hence, the future of the integrated casino resort project. Currently, two of its subsidiaries – Lapulapu Land Corp. and Lapulapu Leisure Inc. – are having negotiations with AppleOne as they are seeking help for the restructuring of other financial aspects of the property, such as an outstanding debt held by China Banking Corp. Finding support will help the gambling operator free some resources that can be used by the company to continue the development of Emerald Bay.
Although the worth of the new agreements has so far been undisclosed, reports claiming the deal carries a buyback clause have emerged. Such a clause will allow the subsidiaries to buy out the agreements in case everything goes according to plan.