Bloomberry Resorts Corp., a Philippine gaming and resort operator, has signed a preliminary, non-binding agreement to invest in PH Travel and Leisure Corp., an affiliate of fellow Philippine developer PH Resorts Group Holdings Inc.
News of the agreement was made public via filings from the Philippine Stock Exchange—the exact terms of the proposed investment have yet to be released.
According to the filings, the deal is subject to numerous conditions, such as government and creditor approvals as well as financial audits.
PH Travel and Leisure Corp. and its affiliates are currently developing multiple integrated resorts throughout the Philippines, most notably in the popular tourist destinations Cebu and Clark.
Bloomberry is also continuing to develop their own resort-casino in Quezon City, which is slated to open near the end of 2023.
The Philippine gaming industry is poised for substantial growth in the rest of 2022 and beyond, due in large part to the loosening of Covid-19 restrictions and the revitalization of international travel, especially amongst Asian countries.
According to U.S.-based investment firm Morgan Stanley, Philippine gross gaming revenue is expected to reach up to 85 percent of pre-Covid averages, which is much higher than other nearby markets such as Macau.
