Uy’s PH Resorts Group in talks with AppleOne as Cebu casino investor

PH Resorts said in a disclosure to the stock exchange Tuesday it signed a non-exclusive and non-binding memorandum of understanding with AppleOne owned by couple Ray and Venus Manigsaca.Under the MoU, AppleOne can make an investment in PH Resorts’ subsidiaries, with the intention of obtaining at least a majority of the equity interest or an asset purchase of the land and improvement of the 13.5-hectare Emerald Bay Resort Hotel and Casino in Cebu.

“The consideration for the investment and resulting percentage of ownership are still subject to final negotiations by the parties, which are expected to be completed within 60 days,” PH Resorts said. PH Resorts has been looking for new investors for Emerald Bay after negotiation with Bloombery Resorts Corp. of ports and gaming tycoon Enrique Razon Jr. was terminated early this year.

Emerald Bay, the flagship project of PH Resorts, is envisioned to be the premier integrated resort in the Visayas and Mindanao. It will have a total of 146 gaming tables and 729 electronic gaming machines as well as 780 hotel room bays and five villas.International Tourism receipts reached P344 billion from January to September this year, as arrivals topped the 4-million mark, Department of...

Manila Standard website , launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry.

Philippines Latest News, Philippines Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Cebu developer investing in Uy’s casino firmBusinessman Dennis Uy’s PH Resorts Group Holdings Inc. is in talks with Cebu-based property developer AppleOne Properties Inc. for possible
Source: MlaStandard - 🏆 20. / 55 Read more »

An epicurean’s guide to a world of culinary excellence at Newport World ResortsGood food makes the world go round and in its mastery of the Filipino palate, cuisines that span across oceans, and world-renowned hospitality, Newport World Resorts has firmly established itself as a hub of global gastronomy.
Source: manilabulletin - 🏆 25. / 51 Read more »

From Cebu to Davao, moms enjoy exciting activities, giveaways from SurfSurf invaded VisMin moms to reintroduce their favorite Surf bar, with its 'Power Puti' and 'Power Bula” formulas and Surf powder with its 'Instant Bango' and 'Instant Puti' strengths.
Source: PhilstarNews - 🏆 1. / 94 Read more »

Cebu’s green revolution: 100 electric vehicles to transform city transportTO FOSTER greener and more sustainable land transportation, the Cebu City Government plans to have 100 electric vehicles plying major roads in the city by 2024.Cebu City Councilor...
Source: sunstaronline - 🏆 18. / 59 Read more »

Cebu vet skeptical of dog killing owner claimA CEBU City veterinarian said that the reported incident of a dog killing its owner in Talisay did not likely occur.Dr. Jessica Maribojoc, head of Cebu City’s Department of...
Source: sunstaronline - 🏆 18. / 59 Read more »