PH Resorts Group Holdings, Inc, the gaming and tourism holding company of the Udenna Group, announced that its subsidiaries, Lapulapu Leisure, Inc and Lapulapu Land Corp, have entered into a tentative agreement for an exclusive partnership with Tiger Resort Leisure & Entertainment, Inc to complete PH Resorts’ partially developed Emerald Bay Resort and Casino in Mactan, Cebu.

TRLEI is the operator of the Okada Manila integrated casino, hotel and entertainment complex located in Entertainment City, Metro Manila.

“This new venture is aligned with our strategy to increase our footprint in the Philippines, given our remarkable success with Okada Manila,” said Byron Yip, President and Chief Operating Officer of TRLEI. “We are excited to bring our signature level of hospitality and service excellence to a new and discerning market,” he added.

The project on Mactan Island is currently planned to be an integrated resort with a five-star hotel adjacent to 300 meters of beachfront, with two 15-storey 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 electronic gaming machines and over 140 tables.

“In PH Resorts’ partnership with Okada Manila, we hope to turn Emerald Bay Resort into a symbol for, and a catalyst of, the development of Cebu as the center of the Visayan tourism market in the Philippines,” said PH Resorts chairman Dennis Uy.

PH Resorts President and CEO Raymundo Martin M. Escalona further added, “We are very excited about the prospects that our partnership with TRLEI will bring. There are very strong and broad synergies that have been identified which will result in a very mutually beneficial relationship.”

The Okada Manila operator executed a preliminary agreement with PH Resorts’ operating subsidiaries to acquire majority ownership of the Emerald Bay project, subject to various conditions, allowing them to take over the development of the Emerald Bay Resort. The conditions include among others, the execution of a definitive agreement and the approval from the relevant governmental authorities, if any.

The terms and conditions of the transaction will be further disclosed once the parties have executed the definitive agreements, which is targeted to finish by July 2024, unless otherwise extended.

The partnership was advised by CBRE Securities.