Bloomberry Resorts Corp, the owner and operator of Manila’s Solaire Resort & Casino, is set to buy a stake in Emerald Bay – a new integrated resort being developed in Cebu and due to open in 2023.
Initial details of the transaction were filed with the Philippine Stock Exchange on Wednesday by both Bloomberry and Emerald Bay’s parent company PH Resorts Group. Although neither party revealed the size of the stake in question, they confirmed that Bloomberry has signed a term sheet with PH Resorts Group subsidiary PH Travel and Leisure Corp covering the proposed investment in two entities – Lapulapu Leisure, Inc, which is developing Emerald Bay, and Clark Grand Leisure Corp, which is developing The Base Resort Hotel and Casino in Clark.
The term sheet is subject to several conditions to closing, the parties said, including the 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.
PH Resorts Group, the gaming and hospitality arm of Philippines business giant Udenna Group, revealed late last year that it expects to open Emerald Bay in the first quarter of 2023.
Designed by Steelman Partners, Phase 1 of the resort is planned to boast 4,154 square meters of gaming floor with 600 slot machines, 122 gaming tables, a 270-room five-star hotel, five food and beverage outlets and a “partially completed 300-meter-long beach front that will be open to resort guests.”
Phase 2, planned to be completed by 2027, is expected to add another 8,210 square meters of gaming floor, 729 slot machines, 146 gaming tables, 780 five-star hotel rooms, five villas, four pools, MICE facilities and 16 food and beverage outlets.
Bloomberry is also due to open its second Manila IR, Solaire North, next year.