PH Resorts Group Holdings (PHR) announced recently that they provided a $42.5 million advance on the Emerald Bay Resorts and Casino project in Cebu. It will help to get the $341 million project back on course which will become their showcase property.
The game resort developer that is owned by the Udenna Corporation issued a statement on October 18 via President Raymundo Martin Escalana as part of their filing with the Philippine Stock Exchange.
The President stated in the statement:
“This advance represents a significant step in realizing the completion of the Emerald Bay Resort and Casino.”
“We are very excited to finish the first integrated resort in the Philippines outside of Entertainment City in Metro Manila.”
The project is set to start in 2022 on a 33 acre piece of land in Mactan and has some challenge already. It will require Udenna to sell 25% of the stake to Phoenix Patrolling Philippines for $80 million.