Bloomberry backs out of Cebu and Clark casinos in the Philippines
Bloomberry Resorts has withdrawn its proposed investment in the Emerald Bay project and Clark casino project after conducting due diligence tests.
The Philippines.- Bloomberry Resorts, the operator of Solaire Resort, has announced that it has terminated its plans to invest in the Emerald Bay project in Cebu and a casino project in Clark. It said the reason for the decision was the results of due diligence on the target companies and projects. It has not provided further details.
Last May, Bloomberry had entered into a term sheet with a PH Resorts Group subsidiary, PH Travel and Leisure Holdings Corp, to consider a possible investment in Lapulapu Leisure Inc, the company behind the two projects. Its decision to back out casts doubts over the future of the Emerald Bay Project, which was originally slated to open this year.
PH Resorts Group has announced plans for over 120 gaming tables, 600 electronic gaming machines, and 270 hotel rooms in the project’s initial phase, with further expansion planned. Bloomberry’s decision could be a setback for the company, which had to delay the opening of Emerald Bay due to the pandemic and construction issues.