Emerald Bay under construction as of September 2020/ Handout

MANILA -- Dennis Uy's Udenna Corporation has signed a memorandum of understanding with construction firm EEI Corporation for the Emerald Bay Resort and Casino Project in Mactan, Cebu.

In a disclosure to the Philippine Stock Exchange, Philippine Resorts Group Holdings--Udenna's leisure and gaming arm--said the memorandum "provides an avenue for a potential partnership between EEI andPHR, upon the execution of the definitive agreements and subject to the fulfillment of conditions precedent and regulatory approvals."

"The MOU also paves the way for EEI to execute an agreement with PHR and/or its subsidiaries, Lapulapu Leisure, Inc. and Lapulapu Land Corp., to finance, construct, and compete the Emerald Bay Project, upon the execution of definitive documentation," PH Resorts Group added.

In July, the operator of Okada Manila terminated the planned acquisition of Dennis Uy's unfinished Emerald Bay Resort.

Philippine Resorts Group Holdings told the Philippine Stock Exchange then that its subsidiary, PH Travel and Leisure Holdings Corp, received a letter from Tiger Resort Leisure Entertainment saying the latter no longer planned to buy the Emerald Bay project in Mactan, Cebu.

The letter cancelled a December 2023 term sheet, which allowed Tiger Resort to acquire a significant majority ownership of PH Travel subsidiaries Lapulapu Leisure Inc. and Lapulapu Land Corp, which operate the Emerald Bay project.

In May 2022, PH Travel and Leisure Holdings Corp. signed a Term Sheet with Enrique Razon's Bloomberry Resorts for the latter's proposed investment in the developer of Emerald Bay Resort Hotel.