THE subsidiary that operates Okada Manila, Japan's Universal Entertainment Corporation, has decided to acquire a majority stake in Davao businessman Dennis Uy's company, so as to develop an integrated casino-resort project in Cebu.

According to Universal Entertainment, the Okada operator Tiger Resort, Leisure and Entertainment Inc. (TRLEI), has decided to conduct a preliminary agreement with PH Travel and Leisure Holdings Corp. (PHT).

This is for the acquisition of interests in Lapulapu Leisure Inc. and Lapulapu Land Corp., 

It is being developed by the Emerald Bay Resort.

PHT is a subsidiary of Uy’s PH Resorts Group Holdings Inc. (PHR).

Meanwhile, Universal Entertainment noted that the TRLEI and PHR signed a term sheet under which TRLEI.

It is subject though to various conditions, to which they will acquire a majority stake in the Emerald Bay project and complete the partially developed integrated resort project.

Emerald Bay Resort, located on Mactan Island in Lapu-Lapu City, obtained a provisional gaming license from the Philippine Amusement and Gaming Corporation (PAGCOR) in 2017.