Okada Manila operator Tiger Resort, Leisure and Entertainment Inc (TRLEI) said Monday it had terminated an agreement to acquire a controlling interest in stalled Cebu integrated resort Emerald Bay.
In a filing by parent firm Universal Entertainment Corp, TRLEI said it had informed Emerald Bay owner PH Resorts Group of the termination because certain Closing Conditions under the Term Sheet having not been “are not or cannot be fulfilled”.
It did not provide any further details, citing confidentiality obligations, but said the cancellation will have no impact on the company’s consolidated financial results for the year ending 31 December 2024.
