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PH Resorts Group Holdings Inc. reported that its parent company, Udenna Corp, has inked a memorandum of understanding (MoU) with EEI Corp, a local construction firm, which could lead to new developments in the stalled Emerald Bay Resort and Casino project in Mactan, Cebu. The goal of this collaboration is to fund and finish the eagerly awaited project, which has seen numerous setbacks.
In a recent filing, PH Resorts revealed that the MoU establishes a framework for collaboration between the two companies. “The MoU provides an avenue for a potential partnership between EEI and PH Resorts, upon the execution of the definitive agreements and subject to the fulfilment of conditions precedent and regulatory approvals, if any,” the company stated.
The agreement sets the stage for EEI to partner with PH Resorts’ subsidiaries, Lapulapu Leisure Inc and Lapulapu Land Corp, to finalize the Emerald Bay project. Specific terms and conditions will be disclosed once definitive agreements are in place.
This development follows a series of challenges for PH Resorts. In early July, the company terminated a term sheet with Tiger Resort, Leisure & Entertainment Inc (TRLEI), the operator behind Okada Manila, which had planned to invest in Emerald Bay. Prior to this, talks with Bloomberry Resorts Corp, another potential investor, also ended without a deal.
Despite setbacks, PH Resorts remains optimistic. In mid-November, the company stated that Udenna Corp expressed “the ability and willingness to support the group in its financial obligations.” However, the group reported a third-quarter net loss of PHP101.3 million (approximately US$1.7 million) and a year-to-date loss of PHP392.9 million.