The construction of an integrated resort in the Philippines has stalled again because terms of the deal “are not or cannot be fulfilled.”
Tiger Resort, Leisure and Entertainment (TRLEI) has therefore terminated the preliminary agreement it struck in December 2023 to complete the development of Emerald Bay Resort.
The terms of the deal between TRLEI and PH Travel and Leisure (PHT) saw TRLEI acquire interests in Lapulapu Leisure and Lapulapu Land, part of PHT, which is building the resort on Mactan Island, Lapu Lapu City, Cebu, the Philippines.
TRLEI acquired the resort as part of the deal and was tasked with completing its construction in the December 2023 preliminary deal, which it was hoped would push the project on after it was suspended during the coronavirus pandemic. It was hoped that the deal would be finalised by July this year.
However, TRLEI, which is a subsidiary of Universal Entertainment Corporation, said in a statement on Monday, July 1, that “certain closing conditions under the Term Sheet are not or cannot be fulfilled.”
“Due to confidentiality obligations, the company does not provide specific details of this matter,” TRLEI said.
PH Resorts Group, PHT’s parent company, obtained a licence for the Emerald Bay Resort in 2017.
As reported by Asia Gaming Brief, in May, PHR Resorts Group obtained an initial non-refundable payment of PHP300.1m (US$5.2m) from Tiger Resort as part of the deal. The payment was for a stock subscription which, upon completion of the deal, would allow TRLEI to acquire majority ownership of the operating interest in the resort.
Universal Entertainment had said it hoped to open the Emerald Bay Resort in 2026, but it remains unclear if that timeline is still achievable.
