Bloomberry Resorts Corp., owners of the Solaire Resort & Casino in Manila, has come to terms with PH Resorts Group to buy a stake in their integrated resort project Emerald Bay, which is set to open in Cebu in early 2023.
Neither company has yet to comment on the amount of the stake being purchased, but confirmation of the agreement has been filed with the Philippine Stock Exchange. According to the filing, Bloomberry has invested in two entities via PH Resorts Group affiliate PH Travel and Leisure Corp. Those entities include Lapulapu Leisure, Inc., the developer for Emerald Bay, as well as another developer called Clark Grand Leisure Corp.
There are several conditions still to be met before the deal can be finalized, including approvals from creditors and government regulators, financial audits, corporate stipulations and other forms of due diligence.
The Emerald Bay resort will be constructed in two phases–Phase 1, which will debut sometime in the first quarter of 2023 according to previous statements from PH Resorts Group, will feature over 44,000 square feet of casino floor, complete with 600 slots, over 100 table games and even a section of beach front that will be available to guests.
The second phase (Phase 2) is expected to be completed before 2027, and it will add an additional 88,000 square feet of gaming floor along with 150 more tables and nearly 800 additional hotel rooms.
