PH Resorts seeks funding for two casinos

PH Resorts Group Holdings has resumed talks with potential investors after Bloomberry Resorts terminated an agreement.

The Philippines.- PH Resorts Group Holdings has re-entered discussions with potential backers for its two gaming resorts in the Philippines after Bloomberry Resorts terminated an agreement to invest in the projects.

PH Resorts is currently developing the Emerald Bay Resort Hotel and Casino in Punta Engano, Lapu-Lapu City, Cebu. The company previously said the IR was expected to be completed in the first quarter of 2023, but it has not issued any update on the timetable. The company is also developing the Base Resort Hotel and Casino in Clark, Pampanga.

Bloomberry Resorts Corp, a Philippine business that controls Solaire Resort and Casino at Entertainment City in Manila, had signed a non-binding agreement to invest in the two projects. However, in a letter dated March 22, 2023, the company terminated the term sheet, prompting PH Resorts to resume talks with other potential backers.

PH Resorts is a subsidiary of the Philippine conglomerate Udenna Corp, which is owned by local entrepreneur Dennis Uy. The company posted a net loss of PHP801.9m (US$14.5m) for the full year 2022, according to its annual report. 

Bloomberry, meanwhile, is currently building a new IR near Manila, in Quezon City, which is scheduled to open in the first quarter of 2024. According to sources, Bloomberry Resorts has already acquired 2.8m square meters of land in the Paniman area for PHP7.5bn (US$136.95m). It aims to develop the property into an integrated resort and entertainment complex with a hotel, casino, golf course residential and mixed-use development.