PH Resorts and EEI Join Forces to Complete Emerald Bay Resort
PH Resorts Group Holdings Inc announced on Monday that its parent company, Udenna Corp, has entered into a Memorandum of Understanding (MOU) with the Philippine construction company EEI Corporation.
Project for Emerald Bay Cebu. Partnership may see Emerald Bay Cebu resort finished.
LISTEN TO THIS ARTICLE:The agreement could lead to the resumption of work on the long-delayed Emerald Bay integrated resort in Cebu. Details submitted to the Philippine Stock Exchange show that the MOU outlines a potential collaboration between EEI and PH Resorts. It is dependent on the finalization of definitive agreements and the satisfaction of regulatory conditions.
Partnership Aims for Financing and Construction of Resort
The agreement also enables EEI Corporation to establish a contract with PH Resorts Group and its subsidiaries, Lapulapu Leisure, Inc and Lapulapu Land Corp. The aim is to secure financing, construction, and eventual completion of the Emerald Bay project, once all required documentation is in place.
Emerald Bay, envisioned as Cebu’s second integrated resort after NUSTAR, faced significant setbacks during the COVID-19 pandemic due to financing challenges.
PH Resorts Group has said that further information will be shared once terms are finalized and binding agreements have been signed.
Related: Okada Manila No Longer Interested in Emerald Bay Resort
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Aiming for Third Time Lucky
This marks the third announcement of potential partnership efforts for the project. Earlier attempts included a deal with Bloomberry Resorts Corp, the operator of Solaire Resort, which was called off in early 2023. Another agreement with Okada Manila operator Tiger Resort, Leisure and Entertainment Inc (TRLEI) also fell through earlier this year.
Once completed, Emerald Bay is set to feature a five-star hotel with two 15-story towers housing 642 rooms. The resort’s expansive amenities will include four pools, 18 dining outlets, retail spaces, conference and exhibition facilities, and a gaming floor with over 700 electronic gaming machines and 140 gaming tables.
PH Resorts remains committed to delivering this landmark project, with the new MOU potentially breathing fresh life into its long-delayed construction.
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