PH Resorts Group Holdings Inc., the gaming and tourism holding company of Dennis A. Uy’s Udenna Group, reported that it has failed to seal a deal for the sale of its Mactan resort and casino project to AppleOne Properties Inc.
In a disclosure to the Philippine Stock Exchange (PSE), PH Resorts said its subsidiaries and AppleOne “have not entered into a definitive agreement."
Last October, a Memorandum of Understanding was signed by PHR’s subsidiaries, Lapulapu Leisure Inc. and Lapulapu Land Corp. and AppleOne which intended to obtain at least a majority of the equity interest in the subsidiaries, or an asset purchase of the land and improvements of the Emerald Bay Project.
“Nevertheless, considering that the MOU was a non-exclusive engagement, PHR is having substantive discussions with other parties. We shall update the Exchange and the investing public when there is an agreement in place,” the company said.
During the firm’s annual stockholders’ meeting, PH Resorts President and CEO Raymundo Martin M. Escalona claimed they were engaged in the final stages of negotiations with the two prospective investors.
These investors will hopefully agree to help the company fulfill its commitment to complete and open its flagship Emerald Bay integrated resort at the soonest possible time.
Located in Mactan, Cebu, Emerald Bay is envisaged to be the premier integrated resort in the Visayas-Mindanao region. It will have a total of 146 gaming tables and 729 electronic gaming machines (EGMs) as well as 780 hotel room bays and five villas.
In his President’s Report, Escalona said that, that while 2022 continued to be a challenging time for the Company, there were some bright spots that PH Resorts will focus on to maintain positive momentum.
Among these were the reopening of the Donatela Resort & Sanctuary in Bohol last December as well as having advanced discussions with other parties in monetizing some assets that are currently not generating any cash flows.
Despite still posting net losses as recently as first quarter of 2023, Escalona remains hopeful for the company’s future.
“We have faced many challenges before but we will succeed -- we have already seen some good indicators that make us see a positive future,” he added.