Universal Entertainment: (Disclosure Cancellation) Notice of Cancellation of Acquisition of Emerald Bay Resort Project

(Cancellation of disclosure) Notice of cancellation of 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 in the Philippines, has entered into a preliminary agreement with PH TRAVEL AND LEISURE HOLDINGS COR. (“PHT”), a subsidiary of PH RESORTS GROUP HOLDINGS, INC. (“PHR”), listed on the Philippine 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, the Philippines (“Emerald Bay Resort”). TRLEI has decided to terminate the preliminary agreement as follows.

1. Origins

In 2017, PHR (through subsidiaries) was granted a provisional gaming license by the Philippine Amusement and Gaming Corporation (“PAGCOR”) for Emerald Bay Resort, located on Mactan Island, Lapu Lapu City, Cebu. Development of 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, pursuant to which TRLEI would acquire the Emerald Bay Resort Project, subject to various conditions, and complete the already partially developed Emerald Bay Resort Project, with a final agreement to be signed by July 2024.

2. Reason for termination

On July 1, 2024, TRLEI notified PHR of the termination of the Term Sheet because certain closing conditions under

the general conditions are not or cannot be met. Due to confidentiality obligations, the Company does not provide specific details on this subject.

3. Perspectives

This cancellation will have no impact on the Company’s consolidated financial results for the financial year ending December 31, 2024.