A major casino deal in Cebu has fallen through, as PH Resorts Group Holdings Inc. announces that the operator of Okada Manila has backed out of a $300-million agreement for the Emerald Bay project. In a stock exchange filing, PH Resorts revealed that Tiger Resort Leisure and Entertainment Inc. terminated the deal on July 1. The agreement would have seen TRLEI acquire a majority ownership stake in PH Travel subsidiaries Lapulapu Leisure Inc. and Lapulapu Land Corp., the operators of the Mactan casino project. PH Resorts president Raymundo Martin Escalona expressed disappointment but also mentioned that the termination has opened up opportunities for engagement with other interested parties. While he did not disclose the names of these parties, Escalona assured stakeholders that the company is working towards another transaction to ensure the completion of the Emerald Bay project. This development comes after an announcement in December that Japan-based Universal Group, operator of Okada Manila through TRLEI, would acquire a majority stake in the casino bay project.

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