PH Resorts Group Holdings Inc. (PHR) said its mother company Udenna Corp. is exploring partnership opportunities with the Yuchengco Group’s construction affiliate EEI Corp. to develop its Emerald Bay Resort and Casino project in Mactan, Cebu.
The casino development firm of Davao-based businessman Dennis Uy said Udenna has signed a memorandum of understanding (MOU) with EEI for the plan.
“In particular, the MOU provides an avenue for a potential partnership between EEI and PHR, upon execution of definitive agreements and subject to the fulfillment of conditions precedent and regulatory approvals, if any,” PHR said.
“The MOU also paves the way for EEI to execute an agreement with PHR and/or its subsidiaries, Lapulapu Leisure Inc. (LLI) and Lapulapu Land Corp. (LLC), to finance, construct, and complete the Emerald Bay Project, upon execution of definitive documentation,” it added.
The signing of the MOU follows the termination last July of a term sheet between PHR and the Okada Group’s Tiger Resort Leisure and Entertainment Inc. (TRLEI) for the shelved plan to take over the Emerald Bay project by acquiring a significant majority ownership of LLI and LLC. TRLEI is the third investor to drop out after Cebu-based developer AppleOne Properties Inc. and tycoon Enrique Razon Jr.’s Bloomberry Resorts Corp.
