UNIVERSAL ENTERTAINMENT CORPORATION July 1, 2024 | |
Company Name: | Universal Entertainment Corporation |
Representative: | Hajime Tokuda |
Representative Director & President | |
(TSE STANDARD Code: 6425) | |
Contact: | Nobuki Sato |
Corporate Planning Office | |
(https://uct.universal-777.com/m/contact-en) |
(Cancellation of Disclosure) Notice of Cancellation of the Acquisition of
Emerald Bay Resort Project
As announced in the "Notice of Signing of Preliminary Agreement for the Acquisition of Emerald Bay Resort Project" dated December 8, 2023, 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"). TRLEI has decided to terminate the preliminary agreement as follows.
1. Background
In 2017, PHR (through subsidiaries) 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.
Subsequently, TRLEI and PHT entered into a preliminary agreement or Term Sheet dated December 8, 2023, whereby TRLEI would acquire the Emerald Bay Resort project, subject to various conditions, and complete the already partially developed Emerald Bay Resort, with a final agreement to be signed by July 2024.
2. Reason of Termination
On July 1, 2024, TRLEI notified PHR of the termination of the Term Sheet as certain Closing Conditions under
the Term Sheet are not or cannot be fulfilled. Due to confidentiality obligations, the Company does not provide specific details of this matter.
3. Outlook
This cancellation will have no impact on the Company's consolidated financial results for the year ending December 31, 2024.
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Universal Entertainment Corporation published this content on 01 July 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 July 2024 08:07:08 UTC.
