PH Resorts Group Holdings—controlled by Davao-based businessman Dennis Uy—said it has agreed to sell a majority stake in its stalled casino resort project in the central Philippine island of Cebu to the owner of Okada Manila.
The tentative agreement signed with Okada Manila parent Tiger Resort Leisure and Entertainment last week will enable PH Resorts to complete the project being undertaken by Emerald Bay Resort and Casino in Mactan, Cebu, the company said in a statement. The integrated resort includes a five-star beachfront hotel, comprising 642 rooms across two 15-story towers, retail outlets and a gambling area, which will have 700 electronic gaming machines and 140 tables.
