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Bloomberry Resorts Corp., the gaming company led by businessman Enrique Razon, is investing in Dennis Uy’s hotel and casino projects in Cebu and Pampanga provinces.
Bloomberry said in a disclosure to the stock exchange Wednesday it signed a term sheet agreement with PH Travel and Leisure Corp. over the proposed investment in Emerald Bay Resort Hotel and Casino in Punta Engano, Lapu-Lapu City, Cebu and in Clark Grand Leisure Corp. which is developing The Base Resort Hotel and Casino in Clark, Pampanga.
PH Travel and CGLC are owned by PH Resorts Group Holdings Inc., the gaming and hospitality arm of Uy’s Udenna Corp.
The proposed investment is subject to several conditions, including execution of mutually-acceptable definitive agreements, the approval of regulators and approval of creditors, completion of audited financial statements, corporate approvals and cooperation on due diligence.
“Certain terms and conditions of the transaction, including the method of payment and timing of closing, are still to be finalized,” Bloomberry said.
Bloomberry operates Solaire Casino and Resorts within the government-sponsored Entertainment City in Paranaque. It is also constructing another hotel and casino in Vertis North in Quezon City, which is set to open in 2023.
Emerald Bay Resort Hotel and Casino started construction on a 12.4-hectare property in Lapu-Lapu in December 2017. As of end-September 2021, the project was 40-percent completed, with the main building 98.6-percent finished.
The whole project will be constructed in two phases, with the first phase of Emerald Bay expected to be completed by the first quarter of 2023.
The first phase is expected to have 4,514 square meters of aggregate gaming floor area, with 600 electronic gaming machines, 122 gaming tables, a five-star hotel with 270 hotel keys.
Meanwhile, the second phase is expected to have 8,210 sq. m. of aggregate gaming floor area, with 729 electronic gaming machines, 146 gaming tables, a five-star hotel with about 780 hotel rooms, including five villas and MICE facilities of 1,558 sq. m.
The Base Resort Hotel and Casino sits on a 4.4-hectare property within Clark Global City.
The Base in Clark is envisioned to be a premier adventure-themed integrated resort. PH Resorts, however, asked the government to suspend the license of its casino project in Clark in October, citing uncertainties surrounding the casino gaming industry and stiff competition in the area.
