Philippines-listed PH Resorts Group Holdings said in a filing on Thursday regarding its Emerald Bay Casino Resort project in Mactan, Cebu, that there were no "executed contracts" related to the scheme between the company or its subsidiaries.
Thursday's statement was described in response to a news story from local media insider PH suggesting a foreign group was making "potential deals" related to "energy and gaming assets" by Philippine entrepreneur Dennis UY, who heads PH Resorts.
The outlet identified the foreign group as Singapore-based Summit Telco Holdings and its affiliates, which are reportedly interested in gaining control of UY's telecoms firm Dito CME Holdings. In a filing with the Philippine Stock Exchange on Tuesday, Dito CME said there was no "final agreement" implemented regarding Dito CME's majority takeover.
UY's PH Resorts confirmed on July 2 that Tiger Resorts Leisure & Entertainment Inc TRLEI, the controller of the Philippine capital's Okada Manila casino complex, will no longer pursue the acquisition of Emerald Bay.
Previously, PH Resorts was in talks with Philippine casino operator Bloombury Resorts Corporation about the possibility of becoming an investor in several PH Resorts casino schemes, including the Emerald Bay project. Discussions ended without a deal.
"…PH Resorts Group Holdings..."We and its subsidiaries, Lapulapu Leisure Inc. and Lapulapu Land Inc., have held various discussions with a range of investors interested in providing a pathway to the completion of the Emerald Bay project," PH Resorts said in a clarification filing on Thursday.
It also stated, "As disclosed on July 2, 2024, PH Resorts has the opportunity to engage with other parties who have expressed interest in the Emerald Bay project."
As of Thursday, PH Resorts had no "executed agreements" between the companies or subsidiaries related to the Emerald Bay Casino Resort project.
PH Resort said, "However, the Company will make an appropriate disclosure in accordance with the Securities and Exchange Commission and the Philippine Stock Exchange regulations.
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