PH Resorts Group, the gaming and hospitality arm of Philippines business conglomerate Udenna Group, is talking to multiple investors who may help it resume construction on a suspended Cebu integrated resort (IR). The IR, originally supposed to open sometime this year, was hampered by the Covid-19 pandemic.
It hit another obstacle in March when Solaire operator Bloomberry Resorts terminated an agreement to invest in the company’s IR plans in both Cebu and Clark.
“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 at the time. “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.”
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.
According to Inside Asian Gaming, in its annual report, PH Resorts said Bloomberry’s exit has opened the door for “other parties that were previously put on hold due to the contemplated investment by Bloomberry.”
The company didn’t disclose the names of would-be investors, but said, “Due diligence is ongoing and in various stages of completion.
“Management believes that, considering the progress of the steps undertaken to date, these financing and capital-raising plans are feasible and will generate sufficient cash flows to enable the group to meet its obligations when they fall due and address the group’s liquidity requirements to support its operations and the completion of its projects,” the company said.
