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PH Resorts Group Holdings described Friday’s media reports that negotiations with Okada Manila Casino Resort organizers were “on the verge of collapse” regarding investing in a suspended Emerald Bay Games Resort scheme (file photo) in Mactan, Cebu, as “inaccurate”.

PH Resorts said in a filing with the Philippine Stock Exchange on Monday: “The parties involved are still working on a deal with Okada Group at the moment, and the same contract is ongoing as the target deadline is still July, as stated in the article.”

PH Resorts added: “Reports of disagreements over commercial conditions are largely unfounded and are not currently part of discussions between the parties involved, as there are ‘unreal terms’ set by the selling party.”

PH Resort is led by Filipino entrepreneur Dennis Uy. 에볼루션 바카라사이트

Japan-based Universal Entertainment operates Tiger Resort, Leisure and Entertainment (TRLEI), which operates the Okada Manila complex in the Philippine capital.

An article posted by InsiderPHcom stated: “A few weeks before the targeted deal was completed in July, industry insiders said Okada Group was on the verge of collapse in negotiations to rescue the $300 million UY PH Resort Group’s Emerald Bay Casino, which has been stalled by disagreements over commercial conditions.”

The report added: “The issue is not the viability of the project itself, but the ‘unrealistic’ conditions set by the selling party,” one insider said

InsiderPHcom said Mr UY “wanted to receive a premium on the remaining project shares and repurchase rights after selling and leasing the project land to address the huge debt owed to the [family-led] Bank of China.”

“It will acquire a majority stake in the Emerald Bay project and complete the partially developed Emerald Bay Integrated Resort (IR),” Universal Entertainment said in a December filing. The goal was to close the deal in July this year.

PH Resorts said in April that one of its subsidiaries had received an initial “non-refundable” payment of $310.1 million ($5.2 million) in PHP for a share subscription that would see majority ownership of Emerald Bay’s operating stake go to TRLEI.

“Observators are watching closely to see if a deal can be struck or if UY’s casino plans fall through,” the outlet said.

At one stage, PH Resorts was in discussions with Philippine casino operator Bloombury Resorts Corporation that it could be an investor in several PH resort casino schemes, but negotiations ended without agreement.