Operator News
Philippines – Emerald Bay moves a step closer with funding for the first phase secured
By Phil - 22 September 2020
The completion of the beach front Emerald Bay, a new integrated resort in Mactan, Cebu, in the Philippines, has moved a step closer following approval for developer PH Resorts Group Holdings to kick on with a Php1.125bn (US$23.2m) follow-on offer of common share which will be used by mother company Udenna Corporation to fund the project’s first phase.
Designed by world renowned Steelman Partners, it is expected to open by the second quarter of 2022, with a soft launch towards the end of 2021. Emerald Bay’s first phase will boast 122 gaming tables offering mass, premium mass and junkets, plus 600 EGMs and 270 hotel rooms.
PH Resorts Group Chairman Dennis Uy said: “This is another milestone on the way to completing Emerald Bay and continuing on our journey to further put the Philippines on the regional and international gaming map. Despite the ongoing COVID‐19 pandemic, we are confident that the Philippine tourism and gaming industry will be on the road to recovery when Emerald Bay opens.”
Chief Operating Officer José Angel Sueiro added: “Our location in the largest urbanized area in the Visayas‐Mindanao region, close to a major international airport, the 7‐year exclusivity and the offering of a high‐quality vacation beach experience creates the perfect scenario for a successful integrated resort.”
PH Resorts Group Holdings, Inc. (formerly known as Philippine H2O Ventures Corp.) is the parent company of PH Travel and Leisure Holdings Corp., the holding company for the gaming and hospitality arm of the Udenna Group, which includes LapuLapu Leisure, Inc., The Base Corp., and Donatela Hotel Panglao Corp.
LapuLapu Leisure is the developer of Emerald, an integrated tourism resort to be located on a prime beachfront area on Mactan Island, Lapu-Lapu City, Cebu. Emerald will be located on a 13.5-hectare site located on the Punta Engaño peninsula of Mactan Island. The first phase of Emerald is expected to have approximately 7,585 square meters of aggregate gaming floor area, with approximately 1,186 electronic gaming machines, approximately 146 gaming tables, a five-star hotel, with approximately 838 rooms, including five villas, a retail complex covering an approximate area of 8,000 square meters, a convention center, and 18 restaurants.
CGLC is the developer of The Base, an integrated tourism resort to be located in Clark Freeport Zone, Luzon, Philippines. DHPC is the owner of the Donatela Hotel, a boutique-style, upscale hotel in Tawala, Panglao Island, Bohol. The Donatela Hotel has 12 upscale villas with pools, fine-dining restaurants and a wine cellar. It is located on a 7.5 hectare property approximately a 14-minute drive from the Bohol International Airport.
