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As the resort opens the other amenities, people arrive to visit its Entertainment City in Okada Manila, Pasay. November 17, 2018. Jonathan Cellona, ABS-CBN News

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Okada Manila

ABS-CBN News

<p>MANILA — The operator of Okada Manila has terminated of planned acquisition of Dennis Uy&#x27;s unfinished Emerald Bay Resort.</p><p>Philippine Resorts Group Holdings told the Philippine Stock Exchange on Tuesday that its subsidiary, PH Travel and Leisure Holdings Corp, received a letter from Tiger Resort Leisure Entertainment saying the latter no longer plans to buy the Emerald Bay project in Mactan, Cebu. </p><p>The letter cancelled a December 2023 term sheet, which allowed Tiger Resort to acquire a significant majority ownership of PH Travel subsidiaries Lapulapu Leisure Inc. and Lapulapu Land Corp, which operate the Emerald Bay project.</p><div><span id="isPasted" style="color:rgb(65, 65, 65);letter-spacing:normal;orphans:2;text-align:left;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">Philippine Resorts Group <span id="isPasted" style="color:rgb(0, 0, 0);letter-spacing:normal;orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">is the leisure and gaming arm of Uy&#x27;s Udenna Corp.</span></span></div><div><span id="isPasted"><span id="isPasted"><a href="https://news.abs-cbn.com/business/05/11/22/razons-bloomberry-invests-in-dennis-uys-cebu-clark-projects">Razon&#x27;s Bloomberry to invest in Dennis Uy&#x27;s PH Resorts group projects</a></span></span></div><style type="text/css" id="isPasted">
p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 13.0px 'Helvetica Neue'}
</style><p>Philippine Resorts president Raymundo Martin Escalona said this gives the company an opportunity to engage with other parties that expressed interest in the Emerald Bay Project.</p><p>&quot;We assure our shareholders and stakeholders, however, that the Company’s management isalready working towards another transaction, be it an acquisition, joint venture, or otherwise, that will
ensure the completion of the Emerald Bay Project,&quot; he said. </p><div><strong>RELATED VIDEO:</strong></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/XshAHePorE4?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div><div><br/></div>

<p>The operator of Okada Manila has terminated it's planned acquisition of Dennis Uy's unfinished Emerald Bay Resort.</p>

The operator of Okada Manila has terminated it's planned acquisition of Dennis Uy's unfinished Emerald Bay Resort.

Okada Manila operator stops planned acquisition of Dennis Uy's Emerald Bay Resort

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Okada Manila operator stops planned acquisition of Dennis Uy's Emerald Bay Resort

ABS-CBN News

Published Jul 02, 2024 10:21 AM PHT

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Emerald Bay Resort

Okada Manila

Dennis Uy

Philippine Resorts Group Holdings

PH Travel and Leisure Holdings

Tiger Resort Leisure

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