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Manila Bulletin devider Business devider The Stock Market devider PH Resorts' financial woes continue: ₱301-million debt to Bloomberry delayed again

PH Resorts' financial woes continue: ₱301-million debt to Bloomberry delayed again

Published Mar 6, 2025 05:31 am

Davao tycoon Dennis A. Uy’s PH Resorts Group Holdings Inc. still owes Bloomberry Resorts Corp. of Enrique K. Razon Jr. ₱301 million from the ₱1-billion deposit made for the cancelled investment in shelved casino projects in Cebu and Clark.

In a disclosure to the Philippine Stock Exchange, Bloomberry said it has collected ₱699 million from the deposit for the contemplated investments.

“The parties agreed that the remaining ₱301-million deposit shall be returned to Bloomberry before the end of March 2025,” the firm said. They had previously agreed to return the deposit by the end of 2024.

On May 6, 2022, Bloomberry signed a term sheet with PH Resorts’ subsidiary, PH Travel and Leisure Holdings Corp., which covers the proposed investment of Bloomberry into Lapulapu Leisure Inc. (LLI) and Clark Grand Leisure Corp.

LLI is developing the Emerald Bay Resort and Casino in Punta Engano, Lapu-Lapu City, Cebu, while Clark Grand Leisure is developing The Base Resort Hotel and Casino in Clark, Pampanga.

However, Bloomberry terminated the term sheet on March 22, 2023, “after considering the results of the due diligence.” Since then, Bloomberry has been trying to collect the ₱1-billion deposit it made for the deal.

Uy may have found a new partner in the Yuchengco Group’s construction affiliate EEI Corp. for the development of its Emerald Bay Resort.

PH Resorts said its parent firm, Uy’s holding company Udenna Corp., has executed a memorandum of understanding (MOU) with EEI concerning the Emerald Bay project.

The Yuchengco Group had recently whittled down its stake in EEI to 30.85 percent by selling minority interests to various investors, including 20 percent of EEI to House Speaker Martin Romualdez’s RYM Business Management Corp.

“In particular, the MOU provides an avenue for a potential partnership between EEI and PH Resorts, upon the execution of the definitive agreements and subject to the fulfillment of conditions precedent and regulatory approvals, if any,” PH Resorts said.

It added that, “The MOU also paves the way for EEI to execute an agreement with PH Resorts and/or its subsidiaries, LLI and Lapulapu Land Corp. (LLC), to finance, construct, and complete the Emerald Bay project, upon the execution of definitive documentation.”

This follows the termination last July of a term sheet between PH Resorts and the Okada Group’s Tiger Resort Leisure and Entertainment Inc. (TRLEI), which had planned to take over the Emerald Bay project by acquiring a significant majority ownership of LLI and LLC.

TRLEI is the third investor to drop out after Cebu-based developer AppleOne Properties Inc. and Bloomberry. Aside from its gaming license, PH Resorts’ Emerald Bay project will benefit from a seven-year exclusivity period in Lapu-Lapu City upon completion.

Last December, PH Resorts received a letter of financial support from Udenna stating that it shall extend its full and continuing support for PH Resorts with regard to the ₱1-billion deposit from Bloomberry “until such time that the group is in the position to repay this amount without impairing its liquidity position.”

Related Tags

Bloomberry Resorts Corporation PH Resorts Group Holdings Inc. Dennis A. Uy Enrique K. Razon Jr. Emerald Bay
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