PGasia | Entering a new chapter, the previously beleaguered Emerald Bay venture is on the brink of a remarkable resurgence thanks to the infusion of capital from AppleOne. AppleOne now holds the strategic choice to channel their investment towards acquiring a significant stake in the subsidiaries linked to the Emerald Bay project, or alternatively, to secure ownership over select assets integral to the integrated resort and its accompanying land.
While the precise investment figure remains undisclosed, this financial infusion holds the promise of revitalizing the project, assuming the investment proceeds as planned. This injection of capital is anticipated to reinvigorate construction efforts and unlock the immense potential that the project harbors as a top-tier integrated resort destination in the Philippines.
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PGasia | Cebu’s Revival Takes Center Stage
Emerald Bay’s potential success comes as a beacon of hope after six challenging years of striving to materialize. This project, should it prosper, is poised to stand shoulder to shoulder with Nustar as one of the two prominent integrated resorts (IRs) in Cebu. Such an achievement would not only rejuvenate the region but also firmly establish it as a premier hub for world-class entertainment and leisure.
Previously, Cebu was on a trajectory to become the Philippines’ ultimate destination, with ambitious plans encompassing a diverse range of hospitality offerings. However, these plans were thwarted during the tenure of former President Rodrigo Duterte. Now, a resurgence is on the horizon, rekindling Cebu’s prospects as a thriving and sought-after destination.
Though the intricate particulars of this investment endeavor remain shrouded in confidentiality, stakeholders are brimming with optimism regarding the alliance’s potential. They anticipate that this partnership will play a pivotal role in unlocking the integrated resort’s complete potential. Furthermore, it holds the promise of fostering a favorable ripple effect within the local economy, positioning it as a noteworthy contender in the thriving realm of gaming and entertainment within Cebu.
The initial priority is to safeguard the investment’s stability. Subsequently, PH Resorts, which came close to securing financing from Bloomberry Resorts led by Enrique Razon, Jr., anticipates the inauguration of a gaming establishment as the inaugural phase, equipped with 729 gaming machines and 146 tables. In tandem with this, Emerald Bay aims to offer a total of 780 hotel rooms complemented by five villas, propelling it into a prominent position within the region’s gaming and hospitality landscape.
PH Resorts Forges Ahead with Restructuring Efforts
In preparation for the prospective investment and the impending resurgence of the Emerald Bay venture, PH Resorts has navigated a complex web of challenges. Key subsidiaries, namely Lapulapu Leisure, Inc. and Lapulapu Land Corp., are currently engaged in negotiations with AppleOne. Concurrently, they are diligently working to restructure various financial facets associated with the property. These multifaceted efforts are critical steps in the journey towards the revitalization of the project.
One of the significant challenges is the outstanding debt held by China Banking Corp. In response to this, the subsidiaries have successfully undertaken a strategic financial maneuver. This has culminated in the establishment of sale/leaseback agreements for the properties in question.
This strategic move has effectively alleviated a portion of the debt burden that PH Resorts has grappled with over the past five years. It also holds the potential to unlock valuable resources that the company can channel towards the ongoing development of Emerald Bay.
Although the precise value of these new agreements remains undisclosed, PH Resorts has indicated the presence of a buyback clause. This provision offers flexibility, allowing the subsidiaries the option to repurchase the agreements should all developments progress favorably.
