PH Resorts Group Holdings Inc., the gaming and tourism holding company of the Udenna Group, said Friday it may soon close a deal with at least one investor that will help complete and open Emerald Bay, its premier integrated resort development in Cebu.
Raymundo Martin Escalona, president and chief executive officer of PH Resorts, said in a statement after the company’s annual meeting that while times remain challenging, there are bright spots that could sustain the company’s positive momentum.
He said that PH Resorts has entered the final stages of negotiations with a foreign investor and one local investor that would assist it in completing and opening Emerald Bay. He neither identified who these investors were nor the details of the proposed transaction.
Emerald Bay is envisaged to be the premier integrated resort in the Visayas-Mindanao region. It will have a total of 146 gaming tables and 729 electronic gaming machines as well as 780 hotel room bays and 5 villas.
Escalona said the company is also looking at selling several idle assets to generate extra cash flow.
In December, PH Resorts opened Donatela Resort & Sanctuary in Bohol, which was recently ravaged by a typhoon.
Even with the net losses recorded in the first quarter, Escalona remains hopeful.
“We have faced many challenges before but we will succeed–we have already seen some good indicators that make us see a positive future,” he said.
Udenna is owned by Davao-based businessman Dennis Uy.
