UNIVERSAL ENTERTAINMENT CORPORATION December 8, 2023 | |
Company Name: | Universal Entertainment Corporation |
Representative: | Jun Fujimoto |
Representative Director and | |
President, CEO and CIO | |
(TSE STANDARD Code: 6425) | |
Contact: | Nobuki Sato |
Corporate Planning Office | |
(https://uct.universal-777.com/m/contact-en) |
Notice of Signing of Preliminary Agreement for the Acquisition of
Emerald Bay Resort Project
The Company hereby announces that at the meeting of the board of directors, it has resolved that the Company's subsidiary, TIGER RESORT, LEISURE AND ENTERTAINMENT, INC.("TRLEI"), which operates Okada Manila integrated resort facility in the Philippines, entered into a preliminary agreement with PH TRAVEL AND LEISURE HOLDINGS COR. ("PHT"), a subsidiary of PH RESORTS GROUP HOLDINGS, INC. ("PHR"), which is listed on the Philippines Stock Exchange, for the acquisition of certain interests in Lapulapu Leisure, Inc. and Lapulapu Land Corp., which are subsidiaries of PHT and are developing an integrated resort in Cebu, Philippines ("Emerald Bay Resort").
1. Background and Purpose of the Acquisition
In 2017, PHR obtained a provisional gaming license from the Philippine Amusement and Gaming Corporation ("PAGCOR") for the Emerald Bay Resort, which is located on Mactan Island, Lapu Lapu City, Cebu. The development of the Emerald Bay Resort was suspended during the COVID pandemic.
TRLEI and PHR have signed a Term Sheet under which TRLEI, subject to various conditions, will acquire a majority stake in the Emerald Bay project and complete the partially developed Emerald Bay Resort.
The project is currently planned to be an iconic and luxurious five-star integrated resort in Cebu and the premier entertainment destination in the Philippines outside of Entertainment City in Metro Manila. The integrated resort will contain a five-star hotel adjacent to 300 meters of beachfront, with two 15-story towers accommodating 642 rooms, four pools, 18 food and beverage outlets, retail spaces, conference and exhibition facilities, and a large-scale gaming floor with more than 700 electric gaming machines and over 140 tables.
2. Method and Procedure of the Acquisition
Subject to agreed conditions, a definitive agreement will be executed between TRLEI and PHR by July 2024,
and the development and construction of the resort project will proceed with the aim of opening in 2026.
3. Description of TRLEI
（1）Name | TIGER RESORT, LEISURE AND ENTERTAINMENT, INC. |
（2）Address | Okada Manila, New Seaside Drive, Entertainment City Barangay Tambo, |
Paranaque City 1701, Metro Manila, Philippines | |
（3）Title/name of representative | President and Chief Operating Officer, Byron Yip |
（4）Description of business | Integrated resort business |
（5）Paid in capital | 8,699,745 thousand Philippine Peso (1PHP=2.65yen, as of November 2023) |
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4. Description of building holding company and operator of resort project (as of September 2023)
（1）Name | Lapulapu Leisure, Inc. |
（2）Address | Punta Engano Road, Lapulapu City, Mactan, Cebu |
（3）Title/name of representative | Chairman, Dennis A. Uy |
（4）Description of business | Hotel, gaming, and entertainment business |
（5）Paid in capital | 1,500,000 thousand Philippine Peso (1PHP=2.65yen, as of November 2023) |
（6）Date of incorporation | 2017 年 1 月 25 日 |
（7）Parent company | PH TRAVEL AND LEISURE HOLDINGS COR. |
4. Description of land holding company of resort project (as of September 2023) | |
（1）Name | Lapulapu Land Corp. |
（2）Address | Punta Engano Road, Lapulapu City, Mactan, Cebu |
（3）Title/name of representative | Chairman, Dennis A. Uy |
（4）Description of business | Land and real estate business |
（5）Paid in capital | 1,500,000 thousand Philippine Peso (1PHP=2.65yen, as of November 2023) |
（6）Date of incorporation | 2017 年 2 月 14 日 |
（7）Parent company | PH TRAVEL AND LEISURE HOLDINGS COR. |
5. Content of the resolution
（1）Date to be resolved in the board of directors | December 8, 2023 |
（2）Execution date of Term Sheet | December 8, 2023 |
（3）Execution date of the definitive agreements | Scheduled in July 2024, unless otherwise extended |
（4）Closing date of the definitive agreement | Promptly after execution of the definitive agreement |
（5）Opening of Emerald Bay Resort | Scheduled in the 2027 fiscal year |
6. Outlook
This acquisition will have no impact on the Company's consolidated financial results for the year ending December 31, 2023, as the project development subsidiaries will be consolidated after the completion of this acquisition process. The detail of the transaction will be further disclosed once the parties have executed the definitive agreements which is targeted to finish by July 2024.
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Universal Entertainment Corporation published this content on 08 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 December 2023 08:48:23 UTC.
