There was disappointing news for tycoon Dennis Uy and his ambitions to secure investment and accelerate the finalisation of the Philippine casino project as Japan’s Universal Entertainment Corp, Tiger Resort, Leisure and Entertainment Inc (TRLEI).
It means plans for the Emerald Bay Resort casino project continue to be met with friction as progress slows amid an inability to find a second investor to join Uy.
According to a stock exchange filing in Manila on Tuesday, plans for investment into Tiger Resorts were abandoned, as the progress of the Philippines location continues to face challenges.
Nonetheless, the Resort’s President Raymundo Martin Escalona provided a positive outlook – looking ahead ambitiously to the potential of the venue.
He stated: “This development shall give PH Resorts the opportunity to engage with other parties which have already expressed their keen interest in the Emerald Bay Project, but have been unable to formalise due to the restrictions under the TRLEI deal.”
There had been speculation that a difference in valuation between the two parties was causing disruption to the deal being made, these however, were denied prior to the deal falling through.
It marks the third time that a key investor withdrawal has led to a setback for the resort – after due diligence checks previously saw Bloomberry and AppleOne step back from the venue, which is touted to be a key landmark for the region.
PHR president Raymundo Martin M. Escalona sought to assure other investors that there are still parties eyesing potential investment in the firm, with the latest developments opening the door to fresh talks with other parties.
He added that the “company’s management is already working towards another transaction, be it an acquisition, joint venture or otherwise, that will ensure the completion of the Emerald Bay Project”.
