The news was not good for the tycoon Dennis Uy and the plans he had to attract investment and speed up the completion of his casino project in the Philippines as Japan’s Universal Entertainment Corp, Tiger Resort, Leisure and Entertainment Inc (TRLEI).
The project for an Emerald Bay Resort Casino is still being met with friction, as the progress has slowed due to Uy’s inability to secure a second investor.
A stock exchange filing on Tuesday in Manila stated that plans to invest into Tiger Resorts had been abandoned as progress at the Philippines site continues to be challenged.
The Resort’s president, Raymundo Martin Escalona, provided an optimistic outlook. He looked ahead to the future potential of this venue.
The statement read: “This will allow PH Resorts to reach out to other parties who have expressed their interest in the Emerald Bay Project but were unable to do so due to restrictions in the TRLEI agreement.”
The deal fell through despite speculations that the valuation difference between the parties would cause a disruption.
The resort has suffered a third setback after a major investor pulled out. Prior to this, AppleOne and Bloomberry had withdrawn from the venue. It is hailed as a landmark in the area.
PHR President Raymundo Martin M. Escalona reassured other investors there were still other parties interested in investing. The latest developments have opened the way for new talks.
The CEO added, “the company’s management has already begun working on another transaction, whether it is an acquisition, joint-venture or other, which will ensure that the Emerald Bay Project is completed”.
