Bloomberry Resorts Corporation (BLOOM), the gaming firm of the country’s second richest man Enrique Razon Jr., is investing in the delayed Mactan and Clark casino project of Dennis A. Uy’s PH Resorts Group Holdings Inc. (PHR).
In a disclosure to the Philippine Stock Exchange, Bloomberry said it has signed a Term Sheet with PH Travel and Leisure Corporation (PHT), a subsidiary of PHR.
**media**
“The Term Sheet covers the proposed investment of Bloomberry into Lapulapu Leisure, Inc. which is developing the Emerald Bay Resort Hotel and Casino in Punta Engano, Lapu-Lapu City, Cebu, and into Clark Grand Leisure Corporation, which is developing The Base Resort Hotel and Casino in Clark in Pampanga,” the firm said.
It added, The Term Sheet is subject to several Conditions to Closing including: (a) the execution of mutually acceptable definitive agreements; (b) approval of regulators; (c) approval of creditors; (d) completion of audited financial statements; (d) corporate approvals, and cooperation on due diligence, among others.
Bloomberry said certain terms and conditions of the transaction, including the method of payment and timing of closing, are still to be finalized.
PHR is currently focusing on raising funds for the completion of the Cebu casino, which has been moved to the first quarter of next year, after having shelved earlier its Clark project and voluntarily suspending the license for the Pampanga casino.
Emerald Bay will be constructed in two phases, the first phase is expected to be completed in the first quarter of 2023.
The first phase of Emerald Bay is expected to have approximately 4,514 square meters of aggregate gaming floor area, with approximately 600 electronic gaming machines, approximately 122 gaming tables, a five-star hotel, with approximately 270 hotel bays, an open-air promenade, and five F&B outlets.
The second phase is expected to have approximately 8,210 square meters of aggregate gaming floor area, with approximately 729 electronic gaming machines, approximately 146 gaming tables, a five-star hotel with approximately 780 hotel bays, including five villas, four pools, approximately 16 F&B outlets covering an area of approximately 11,186 square meters, and MICE facilities of approximately 1,558 square meters.