PH Resorts Group In Talks With New Investors To Complete Cebu Emerald Bay Development After Bloomberry Dropout
PH Resorts Group, the hospitality and gaming company of Dennis Yui's Udenna Group, said two investors, foreign and local, were in the 'last stage' of investing in the development of Emerald Bay IR in Cebu. The development came after the announcement last week of capital raising through new shares.
PH Resorts Group, a Philippine gaming company, said it was in the final stages of negotiations with two potential investors to resume construction of its Cebu comprehensive resort, Emerald Bay.
PH Resorts Group, which received shareholder approval earlier this week to increase the company's accredited capital stock from $8 billion to $15 billion, released a press release on Friday, claiming two investors were ready to provide additional support.
"PH Resorts is currently in the final stages of negotiations with one foreign and one local investor to help fulfill its commitment to completing and opening the flagship Emerald Bay Integrated Resort as soon as possible," the company said.
It also said, "We have faced many challenges before, but we will succeed. We've already seen some good indicators that make us see a positive future," said Raymondo M. Escalona, president of the company
Dennis Udenna Group's gaming and hospitality unit, PH Resorts Group, was negotiating with Solar Resorts owner Bloomberg Resorts Corp on a significant stake in Emerald Bay and another project known as The Base Resort Hotel and Casino in Clark, which was suspended.
But ultimately Bloomberry ended its partnership with PH Resorts Group for Emerald Bay. Enrique Rajon's Bloomberry move stems from the need to refocus its priorities on Manila's Solaire North.
Nevertheless, PH Resorts Group on Friday cited several recent positive steps, including the resumption of Donala Resorts & Sanctuary in Bohol in December 2022 and "pre-discussion with other parties" regarding the monetization of some assets that currently generate no cash flow. 슬롯