Bloomberry Resorts Corporation has signed a term sheet with PH Travel and Leisure Corp for proposed investment in Lapulapu Leisure Inc.
The Philippines.- Bloomberry Resorts Corporation has announced it has signed a non-binding agreement (term sheet) with PH Travel and Leisure Corp. (PHT). It plans to invest in Lapulapu Leisure, which is developing the Emerald Bay Resort Hotel and Casino in Punta Engano, Lapu-Lapu City, Cebu, and Clark Grand Leisure Corp, which is developing The Base Resort Hotel and Casino in Clark in Pampanga.
According to Bloomberry, the term sheet is subject to several conditions including the execution of mutually acceptable definitive agreements, the approval of regulators and creditors, the completion of audited financial statements, corporate approvals, and cooperation on due diligence, among others.
Last October, PH Resorts pushed back the launch date for Emerald Bay, mainly due to the Covid-19 pandemic. It now hopes to launch the first phase of the IR by the first quarter of 2023 instead of the third quarter of 2022.
Delivering Bloomberry’s annual report, CEO Enrique Razon Jr said the company’s Solaire North integrated resort development in Quezon City remains on track to open in the second half of 2023. Razon said he has high hopes for the company’s online gaming business and expects revenue to continue to grow as the company expands.
In its fourth-quarter results released in March, Bloomberry Resorts reported a total GGR of PHP27.6bn (US$527.2m) for Solaire in 2021, an increase of 21.7 per cent from 2020. The company posted a net loss of PHP4.2bn for the full year, an improvement from a PHP8.3bn loss in 2020.