Last week, Philippine casino company Bloomberry Resorts terminated an agreement to invest in PH Resorts Group’s integrated resort (IR) plans in Cebu and Clark.
In a statement, Bloomberry, owned by Philippine billionaire Enrique Razon, said its board of directors made the decision “after considering the results of due diligence on the target companies and the projects.”
PH Resorts, controlled by Dennis Uy, said the termination of the deal will enable it to talk to other potential investors.
“While it is unfortunate that a deal was not closed, this now allows both parties to pursue their own plans,” said PH Resorts President Raymundo Martin Escalona said. “This development gives PHR the opportunity to reenter into discussions with other parties that were previously put into the backburner due to the contemplated investment by Bloomberry.”
Last May, Bloomberry signed an interim agreement with PH Travel and Leisure Corp. to invest in Uy’s Emerald Bay Resort Hotel and Casino in Punta Engano, Cebu, as well as the Clark Grand Leisure Corp., which is building the Base Resort Hotel and Casino in Pampanga.
Phase 1 of Emerald Bay will include a casino with 600 electronic gaming machines, 122 gaming tables and a five-star, 270-room hotel.
According to the Manila Standard, the Base Resort Hotel and Casino, located on 4.4 hectares (11 acres) in Clark Global City, will be an “adventure-themed” IR.
Bloomberry is completing its second casino in Vertis North, Quezon City. Known as Solaire North, it will offer a hotel tower with 550 rooms and a gaming area with up to 200 gaming tables and 3,000 slot machines. It is due to be completed in early 2024.
Inside Asian Gaming reported that Bloomberry’s exit “throws the immediate future of Emerald Bay… into question.” Development on the IR is currently suspended, though it was supposed to open sometime this year.
